The Pay-O-Matic Corp. 401(k) Review & Grade
The Pay-O-Matic Corp. 401(k) Retirement Plan
Syosset, NYFinance & Insurance1,547 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$0Employer $ per active participant
$455Employee $ saved per active participant
1.77%Direct admin cost, % of plan assets
$12.4MNet plan assets, end of year
$14,851Average balance per account
Score breakdown
- Employer generosity0.6 / 501th percentile for employer $ per participant
- Low cost0.4 / 252th percentile for low admin cost vs. same-size plans
- Employee saving0.1 / 150th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
- Red-flag deductions-10 pts1 issue reported on the filing
Total score0 / 100 · Grade F
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 1th |
| Lower admin cost | 2th |
| Employee saving | 0th |
| 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 ($78,646 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Pay-O-Matic put in about $0 per active participant, below the typical peer ($3,606). 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 (1.77% 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 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 | $82 |
| Participant (employee) contributions | $703,915 |
| Other contributions (incl. rollovers in) | – |
| Administrative expenses paid from the plan | $207,239 |
| Contract administrator fees | $207,239 |
| Benefits paid out | $557,525 |
| Net assets, start / end of year | $11.0M / $12.4M |
| Active participants, start / end of year | 1,523 / 1,571 |
| Participants with account balances | 838 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Pension Assurance LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $148,071 reported compensation |
| Aggregate Retirement | $86,108 reported compensation |
| Towers Watson Investment Services | $27,719 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260107194845NAL0010871538001, received 2026-01-07, EIN 13-2651875, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.