Advance America Cash Advance Centers Inc 401(k) Review & Grade
Advance America, Cash Advance Centers, Inc. Retirement Savings 401(k) Plan
Greenville, SCFinance & Insurance2,483 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$551Employer $ per active participant
$2,155Employee $ saved per active participant
0.42%Direct admin cost, % of plan assets
$39.7MNet plan assets, end of year
$17,078Average balance per account
Score breakdown
- Employer generosity3.0 / 506th percentile for employer $ per participant
- Low cost7.3 / 2529th percentile for low admin cost vs. same-size plans
- Employee saving0.7 / 155th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
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 | 6th |
| Lower admin cost | 29th |
| Employee saving | 5th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $28,318 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Advance America Cash Advance Centers put in about $551 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 (0.42% 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 | $1,368,223 |
| Participant (employee) contributions | $5,351,782 |
| Other contributions (incl. rollovers in) | $161,562 |
| Administrative expenses paid from the plan | $154,398 |
| Investment advisory & management fees | $21,913 |
| Other admin expenses | $8,300 |
| Benefits paid out | $6,530,625 |
| Net assets, start / end of year | $34.3M / $39.7M |
| Active participants, start / end of year | 2,460 / 2,506 |
| Participants with account balances | 2,325 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Elliott Davis, LLC |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $103,185 reported compensation |
| Elliott Davis LLC | $21,000 reported compensation |
| Strategic Advisors, Inc. | $12,853 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250923090935NAL0002475811001, received 2025-09-23, EIN 58-2332639, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.