Paylocity Corporation 401(k) Review & Grade
Paylocity 401(k) Profit Sharing Plan and Trust
Schaumburg, ILProfessional, Scientific & Technical Services6,168 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,951Employer $ per active participant
$7,734Employee $ saved per active participant
0.13%Direct admin cost, % of plan assets
$438.1MNet plan assets, end of year
$62,734Average balance per account
Score breakdown
- Employer generosity25.0 / 5050th percentile for employer $ per participant
- Low cost12.2 / 2549th percentile for low admin cost vs. same-size plans
- Employee saving6.1 / 1541th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default 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 2,500–9,999 active participants (231 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 50th |
| Lower admin cost | 49th |
| Employee saving | 41th |
| Peers that auto-enroll | 47% |
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Red flags from the filing
Corrective distributions: the plan refunded $447,286 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Paylocity put in about $2,951 per active participant, more than the typical peer ($2,951). 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 | $18,201,551 |
| Participant (employee) contributions | $47,709,061 |
| Other contributions (incl. rollovers in) | $18,298,445 |
| Administrative expenses paid from the plan | $492,544 |
| Contract administrator fees | $492,544 |
| Benefits paid out | $34,229,983 |
| Net assets, start / end of year | $338.6M / $438.1M |
| Active participants, start / end of year | 6,050 / 6,287 |
| Participants with account balances | 6,984 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Fgmk, LLC |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $492,544 reported compensation |
| Creative Planning, LLC | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010092322NAL0012723984001, received 2025-10-10, EIN 36-4227403, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.