Gateway Foundation, Inc. 401(k) Review & Grade
Gateway Foundation Tax Deferred Annuity Plan
Chicago, ILHealth Care & Social Assistance1,440 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$617Employer $ per active participant
$2,118Employee $ saved per active participant
0.25%Direct admin cost, % of plan assets
$26.5MNet plan assets, end of year
$23,651Average balance per account
Score breakdown
- Employer generosity19.8 / 5040th percentile for employer $ per participant
- Low cost12.0 / 2548th percentile for low admin cost vs. same-size plans
- Employee saving6.5 / 1543th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-5 pts1 issue reported on the filing
Total score36 / 100 · Grade D
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 40th |
| Lower admin cost | 48th |
| Employee saving | 43th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Auditor disclaimer: the auditor issued a disclaimer of opinion.
What to do if you're in this plan
- Gateway Foundation put in about $617 per active participant, below the typical peer ($976). 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.
- 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 | $888,510 |
| Participant (employee) contributions | $3,050,577 |
| Other contributions (incl. rollovers in) | $730,875 |
| Administrative expenses paid from the plan | $58,610 |
| Benefits paid out | $2,145,981 |
| Net assets, start / end of year | $21.2M / $26.5M |
| Active participants, start / end of year | 1,389 / 1,491 |
| Participants with account balances | 1,120 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | RSM US LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $58,610 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251006112612NAL0003332721001, received 2025-10-06, EIN 36-2670036, plan #004, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.