Wakefield and Associates, Inc. 401(k) Review & Grade
Wakefield and Associates, LLC Tax Favored Savings Plan
Knoxville, TNFinance & Insurance520 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$454Employer $ per active participant
$2,141Employee $ saved per active participant
0.57%Direct admin cost, % of plan assets
$14.1MNet plan assets, end of year
$36,768Average balance per account
Score breakdown
- Employer generosity2.5 / 505th percentile for employer $ per participant
- Low cost4.8 / 2519th percentile for low admin cost vs. same-size plans
- Employee saving0.7 / 154th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score11 / 100 · Grade F
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 5th |
| Lower admin cost | 19th |
| Employee saving | 4th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Wakefield and Associates put in about $454 per active participant, below the typical peer ($3,606). 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 (0.57% of assets) are well above similar-size plans (0.23%). 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.
- 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 | $236,380 |
| Participant (employee) contributions | $1,114,264 |
| Other contributions (incl. rollovers in) | $143 |
| Administrative expenses paid from the plan | $78,813 |
| Contract administrator fees | $41,531 |
| Benefits paid out | $2,172,673 |
| Net assets, start / end of year | $13.5M / $14.1M |
| Active participants, start / end of year | 574 / 467 |
| Participants with account balances | 383 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Coulter & Justus |
Largest service providers (Schedule C)
| Admin. Group, LLC DBA Tag Resources | $41,531 reported compensation |
| Transamerica Financial Life Ins | $37,282 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260323081903NAL0001156769001, received 2026-03-23, EIN 84-1023982, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.