Wex Inc. 401(k) Review & Grade
Wex Inc. Employee Savings Plan
Portland, MEInformation5,346 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$4,000Employer $ per active participant
$6,532Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$521.7MNet plan assets, end of year
$111,785Average balance per account
Score breakdown
- Employer generosity28.0 / 5056th percentile for employer $ per participant
- Low cost18.8 / 2575th percentile for low admin cost vs. same-size plans
- Employee saving5.3 / 1536th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score52 / 100 · Grade C
This plan vs. peers
Peers: Information plans with 2,500–9,999 active participants (60 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 56th |
| Lower admin cost | 75th |
| Employee saving | 36th |
| Peers that auto-enroll | 63% |
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Red flags from the filing
Corrective distributions: the plan refunded $3,111 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Wex put in about $4,000 per active participant, more than the typical peer ($3,691). 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 | $21,380,871 |
| Participant (employee) contributions | $34,916,101 |
| Other contributions (incl. rollovers in) | $8,402,827 |
| Administrative expenses paid from the plan | $267,876 |
| Benefits paid out | $40,013,904 |
| Net assets, start / end of year | $435.0M / $521.7M |
| Active participants, start / end of year | 5,608 / 5,083 |
| Participants with account balances | 4,667 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Caron & Bletzer, PLLC |
Largest service providers (Schedule C)
| Merrill Lynch, Pierce, Fenner and S | $245,947 reported compensation |
| Verrill Dana LLP | $21,930 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014081354NAL0001104627001, received 2025-10-14, EIN 01-0526993, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.