Welllife Network Inc. 401(k) Review & Grade
401(k) Profit Sharing Plan for Employees of Welllife Network Inc.
New Hyde Park, NYOther Services2,480 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$242Employer $ per active participant
$871Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$41.2MNet plan assets, end of year
$18,805Average balance per account
Score breakdown
- Employer generosity8.6 / 5017th percentile for employer $ per participant
- Low cost21.6 / 2586th percentile for low admin cost vs. same-size plans
- Employee saving3.1 / 1521th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score43 / 100 · Grade D
This plan vs. peers
Peers: Other Services plans with 500–2,499 active participants (333 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 17th |
| Lower admin cost | 86th |
| Employee saving | 21th |
| Peers that auto-enroll | 40% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Welllife Network put in about $242 per active participant, below the typical peer ($1,257). 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.
- 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 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 | $601,126 |
| Participant (employee) contributions | $2,159,382 |
| Other contributions (incl. rollovers in) | $195,580 |
| Administrative expenses paid from the plan | $20,789 |
| Other admin expenses | $20,789 |
| Benefits paid out | $3,165,711 |
| Net assets, start / end of year | $37.1M / $41.2M |
| Active participants, start / end of year | 2,405 / 2,555 |
| Participants with account balances | 2,189 |
| Auto-enrollment (feature code 2S) | Yes |
Largest service providers (Schedule C)
| Mutual of America Investment Corp | $20,789 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260401091504NAL0000567843001, received 2026-04-01, EIN 11-2542430, plan #002, plan year 2024-07-01 to 2025-06-30. Verify at efast.dol.gov.