South Plains Financial, Inc. 401(k) Review & Grade
City Bank 401(k) Plan
Lubbock, TXFinance & Insurance596 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,930Employer $ per active participant
$5,362Employee $ saved per active participant
0.65%Direct admin cost, % of plan assets
$50.2MNet plan assets, end of year
$81,111Average balance per account
Score breakdown
- Employer generosity19.0 / 5038th percentile for employer $ per participant
- Low cost3.7 / 2515th percentile for low admin cost vs. same-size plans
- Employee saving4.1 / 1528th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score30 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 38th |
| Lower admin cost | 15th |
| Employee saving | 28th |
| 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
- South Plains Financial put in about $2,930 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 (0.65% 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 | $1,744,886 |
| Participant (employee) contributions | $3,192,992 |
| Other contributions (incl. rollovers in) | $56,101 |
| Administrative expenses paid from the plan | $312,257 |
| Investment advisory & management fees | $180,044 |
| Other admin expenses | $23,752 |
| Benefits paid out | $5,771,446 |
| Net assets, start / end of year | $45.2M / $50.2M |
| Active participants, start / end of year | 607 / 584 |
| Participants with account balances | 619 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Rbms, LLP |
Largest service providers (Schedule C)
| Atlasmark | $180,044 reported compensation |
| Employee Incentive Plans, Inc. | $52,858 reported compensation |
| Fidelity Brokerage Services LLC | $37,603 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251002151338NAL0000387523001, received 2025-10-02, EIN 75-2453320, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.