Newtekone, Inc. 401(k) Review & Grade
Newtekone, Inc. 401k Plan
Lake Success, NYManagement of Companies558 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$844Employer $ per active participant
$7,096Employee $ saved per active participant
0.36%Direct admin cost, % of plan assets
$41.6MNet plan assets, end of year
$58,217Average balance per account
Score breakdown
- Employer generosity6.7 / 5013th percentile for employer $ per participant
- Low cost8.6 / 2535th percentile for low admin cost vs. same-size plans
- Employee saving9.5 / 1563th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score32 / 100 · Grade D
This plan vs. peers
Peers: Management of Companies plans with 500–2,499 active participants (172 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 13th |
| Lower admin cost | 35th |
| Employee saving | 63th |
| Peers that auto-enroll | 58% |
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Red flags from the filing
Corrective distributions: the plan refunded $1,329 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Newtekone put in about $844 per active participant, below the typical peer ($2,492). Any match is still an instant return, so contribute enough to get all of it.
- 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 (0.36% 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.
- 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 | $470,459 |
| Participant (employee) contributions | $3,956,026 |
| Other contributions (incl. rollovers in) | $2,019,830 |
| Administrative expenses paid from the plan | $138,711 |
| Investment advisory & management fees | $73,781 |
| Benefits paid out | $6,289,364 |
| Net assets, start / end of year | $36.5M / $41.6M |
| Active participants, start / end of year | 519 / 596 |
| Participants with account balances | 715 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Uhy LLP |
| Employer stock held by plan | $752,127 |
Largest service providers (Schedule C)
| RBC Wealth Management | $73,781 reported compensation |
| Fidelity Investments Institutional | $64,930 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251006143812NAL0006324208001, received 2025-10-06, EIN 46-3755188, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.