American Well Corporation 401(k) Review & Grade
American Well Corporation 401(k) Plan
Boston, MAProfessional, Scientific & Technical Services908 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$3,425Employer $ per active participant
$11,615Employee $ saved per active participant
0.24%Direct admin cost, % of plan assets
$108.4MNet plan assets, end of year
$100,150Average balance per account
Score breakdown
- Employer generosity28.3 / 5057th percentile for employer $ per participant
- Low cost12.1 / 2548th percentile for low admin cost vs. same-size plans
- Employee saving10.7 / 1571th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score41 / 100 · Grade D
This plan vs. peers
Peers: Professional, Scientific & Technical Services plans with 500–2,499 active participants (1,469 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 57th |
| Lower admin cost | 48th |
| Employee saving | 71th |
| Peers that auto-enroll | 48% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($132,423 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $15,202 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- American Well put in about $3,425 per active participant, more than the typical peer ($3,082). 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 reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $3,108,631 |
| Participant (employee) contributions | $10,540,291 |
| Other contributions (incl. rollovers in) | $1,320,173 |
| Administrative expenses paid from the plan | $243,903 |
| Investment advisory & management fees | $44,804 |
| Other admin expenses | $57,699 |
| Benefits paid out | $15,418,063 |
| Net assets, start / end of year | $93.8M / $108.4M |
| Active participants, start / end of year | 1,047 / 768 |
| Participants with account balances | 1,082 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Caron & Bletzer, PLLC |
Largest service providers (Schedule C)
| Fiducient Advisors LLC | $56,250 reported compensation |
| Strategic Advisors, Inc. | $44,804 reported compensation |
| Fidelity Investments Institutional | $38,848 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250616080938NAL0000399987001, received 2025-06-16, EIN 20-5009396, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.