Waystar, Inc. 401(k) Review & Grade
Waystar, Inc Retirement Plan
Louisvile, KYProfessional, Scientific & Technical Services1,484 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$3,151Employer $ per active participant
$8,745Employee $ saved per active participant
0.12%Direct admin cost, % of plan assets
$161.8MNet plan assets, end of year
$80,314Average balance per account
Score breakdown
- Employer generosity25.7 / 5051th percentile for employer $ per participant
- Low cost17.4 / 2570th percentile for low admin cost vs. same-size plans
- Employee saving7.1 / 1547th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score50 / 100 · Grade C
This plan vs. peers
Peers: Professional, Scientific & Technical Services plans with 500–2,499 active participants (1,469 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 51th |
| Lower admin cost | 70th |
| Employee saving | 47th |
| Peers that auto-enroll | 48% |
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Red flags from the filing
Corrective distributions: the plan refunded $32,707 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Waystar put in about $3,151 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.
- 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 | $4,675,056 |
| Participant (employee) contributions | $12,972,975 |
| Other contributions (incl. rollovers in) | $2,218,196 |
| Administrative expenses paid from the plan | $175,474 |
| Investment advisory & management fees | $73,362 |
| Benefits paid out | $7,399,707 |
| Net assets, start / end of year | $130.1M / $161.8M |
| Active participants, start / end of year | 1,458 / 1,509 |
| Participants with account balances | 2,014 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Cherry Bekaert LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $102,112 reported compensation |
| Strategic Advisors, Inc. | $73,362 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251012190347NAL0000467377001, received 2025-10-12, EIN 61-1358935, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.