Workwave LLC 401(k) Review & Grade
Workwave LLC 401(k) Retirement Plan
Holmdel, NJInformation744 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,793Employer $ per active participant
$7,863Employee $ saved per active participant
0.13%Direct admin cost, % of plan assets
$89.6MNet plan assets, end of year
$89,327Average balance per account
Score breakdown
- Employer generosity33.2 / 5066th percentile for employer $ per participant
- Low cost17.0 / 2568th percentile for low admin cost vs. same-size plans
- Employee saving6.6 / 1544th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score67 / 100 · Grade B
This plan vs. peers
Peers: Information plans with 500–2,499 active participants (310 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 66th |
| Lower admin cost | 68th |
| Employee saving | 44th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Workwave put in about $3,793 per active participant, more than the typical peer ($2,829). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $2,823,895 |
| Participant (employee) contributions | $5,854,113 |
| Other contributions (incl. rollovers in) | $877,870 |
| Administrative expenses paid from the plan | $105,093 |
| Investment advisory & management fees | $18,750 |
| Benefits paid out | $8,071,816 |
| Net assets, start / end of year | $75.9M / $89.6M |
| Active participants, start / end of year | 772 / 717 |
| Participants with account balances | 1,003 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Caron & Bletzer, PLLC |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $77,146 reported compensation |
| Da Davidson & Company | $18,750 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250904111326NAL0016060881001, received 2025-09-04, EIN 20-5794859, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.