United Wholesale Mortgage, LLC 401(k) Review & Grade
United Wholesale Mortgage, LLC Profit Sharing Plan and Trust
Pontiac, MIFinance & Insurance7,640 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$713Employer $ per active participant
$3,856Employee $ saved per active participant
0.40%Direct admin cost, % of plan assets
$195.0MNet plan assets, end of year
$20,522Average balance per account
Score breakdown
- Employer generosity2.5 / 505th percentile for employer $ per participant
- Low cost4.2 / 2517th percentile for low admin cost vs. same-size plans
- Employee saving0.5 / 153th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score14 / 100 · Grade F
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 5th |
| Lower admin cost | 17th |
| Employee saving | 3th |
| Peers that auto-enroll | 66% |
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Red flags from the filing
Corrective distributions: the plan refunded $398,699 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- United Wholesale Mortgage put in about $713 per active participant, below the typical peer ($4,489). 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.
- Direct plan expenses (0.40% of assets) are well above similar-size plans (0.12%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- 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 | $5,448,289 |
| Participant (employee) contributions | $29,458,297 |
| Other contributions (incl. rollovers in) | $2,883,639 |
| Administrative expenses paid from the plan | $685,018 |
| Contract administrator fees | $300 |
| Investment advisory & management fees | $187,121 |
| Benefits paid out | $15,468,215 |
| Net assets, start / end of year | $149.5M / $195.0M |
| Active participants, start / end of year | 6,182 / 9,098 |
| Participants with account balances | 9,501 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Richey May & Co. LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $497,897 reported compensation |
| Cadaret Grant & Co Inc | $157,334 reported compensation |
| Strategic Advisors, Inc. | $29,787 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250829072023NAL0011124657001, received 2025-08-29, EIN 38-2750395, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.