Workiva Inc. 401(k) Review & Grade
Workiva 401(k) Plan
Ames, IAProfessional, Scientific & Technical Services2,103 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,898Employer $ per active participant
$12,764Employee $ saved per active participant
0.01%Direct admin cost, % of plan assets
$188.7MNet plan assets, end of year
$77,493Average balance per account
Score breakdown
- Employer generosity23.4 / 5047th percentile for employer $ per participant
- Low cost24.4 / 2598th percentile for low admin cost vs. same-size plans
- Employee saving11.9 / 1579th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score67 / 100 · Grade B
This plan vs. peers
Peers: Professional, Scientific & Technical Services plans with 500–2,499 active participants (1,469 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 47th |
| Lower admin cost | 98th |
| Employee saving | 79th |
| Peers that auto-enroll | 48% |
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Red flags from the filing
Corrective distributions: the plan refunded $9,669 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Workiva put in about $2,898 per active participant, below the typical peer ($3,082). 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.
- 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 | $6,094,360 |
| Participant (employee) contributions | $26,843,078 |
| Other contributions (incl. rollovers in) | $4,909,581 |
| Administrative expenses paid from the plan | $17,006 |
| Benefits paid out | $11,942,249 |
| Net assets, start / end of year | $140.0M / $188.7M |
| Active participants, start / end of year | 2,037 / 2,169 |
| Participants with account balances | 2,435 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Uhy LLP |
Largest service providers (Schedule C)
| Merrill Lynch, Pierce, Fenner and S | $17,031 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250916085422NAL0001805233001, received 2025-09-16, EIN 47-2509828, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.