Dailypay, Inc. 401(k) Review & Grade
Dailypay, Inc. 401(k) Retirement Plan
New York, NYFinance & Insurance686 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$5,459Employer $ per active participant
$9,908Employee $ saved per active participant
0.45%Direct admin cost, % of plan assets
$41.5MNet plan assets, end of year
$44,644Average balance per account
Score breakdown
- Employer generosity35.3 / 5071th percentile for employer $ per participant
- Low cost6.7 / 2527th percentile for low admin cost vs. same-size plans
- Employee saving11.3 / 1575th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score50 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 71th |
| Lower admin cost | 27th |
| Employee saving | 75th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($340,412 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $6,492 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Dailypay put in about $5,459 per active participant, more than the typical peer ($3,606). 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.
- Direct plan expenses (0.45% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $3,747,356 |
| Participant (employee) contributions | $6,802,006 |
| Other contributions (incl. rollovers in) | $1,040,522 |
| Administrative expenses paid from the plan | $157,032 |
| Investment advisory & management fees | $79,194 |
| Benefits paid out | $3,363,210 |
| Net assets, start / end of year | $29.0M / $41.5M |
| Active participants, start / end of year | 663 / 710 |
| Participants with account balances | 929 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Withum Smith and Brown |
Largest service providers (Schedule C)
| Forest Capital Management LLC | $79,193 reported compensation |
| Fidelity Investments Institutional | $77,838 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015141900NAL0002437635001, received 2025-10-15, EIN 47-5035714, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.