Day Pitney LLP 401(k) Review & Grade
Day Pitney Profit Sharing and 401(k) Plan
Parsippany, NJProfessional, Scientific & Technical Services636 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$7,822Employer $ per active participant
$14,005Employee $ saved per active participant
0.08%Direct admin cost, % of plan assets
$375.6MNet plan assets, end of year
$361,111Average balance per account
Score breakdown
- Employer generosity43.1 / 5086th percentile for employer $ per participant
- Low cost19.9 / 2579th percentile for low admin cost vs. same-size plans
- Employee saving12.7 / 1584th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score83 / 100 · Grade A
This plan vs. peers
Peers: Professional, Scientific & Technical Services plans with 500–2,499 active participants (1,469 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 86th |
| Lower admin cost | 79th |
| Employee saving | 84th |
| Peers that auto-enroll | 48% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
Red flags from the filing
Corrective distributions: the plan refunded $714 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Day Pitney LLP put in about $7,822 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.
- 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 | $4,970,598 |
| Participant (employee) contributions | $8,900,235 |
| Other contributions (incl. rollovers in) | $2,970,485 |
| Administrative expenses paid from the plan | $283,375 |
| Investment advisory & management fees | $148,642 |
| Benefits paid out | $33,302,500 |
| Net assets, start / end of year | $346.1M / $375.6M |
| Active participants, start / end of year | 621 / 650 |
| Participants with account balances | 1,040 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Eisneramper LLP |
Largest service providers (Schedule C)
| Schwab Retirement Plan Services,inc | $115,165 reported compensation |
| Capfinancial Partners LLC | $38,000 reported compensation |
| Frontier Asset Management LLC | $33,129 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014133656NAL0006206818002, received 2025-10-14, EIN 06-0317480, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.