Southern Bancorp, Inc. 401(k) Review & Grade
Southern Bancorp 401(k) Retirement Savings and Employee Stock Ownership Plan
Little Rock, ARFinance & Insurance556 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$4,250Employer $ per active participant
$6,272Employee $ saved per active participant
0.29%Direct admin cost, % of plan assets
$53.9MNet plan assets, end of year
$76,580Average balance per account
Score breakdown
- Employer generosity29.5 / 5059th percentile for employer $ per participant
- Low cost10.5 / 2542th percentile for low admin cost vs. same-size plans
- Employee saving5.9 / 1539th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score49 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 59th |
| Lower admin cost | 42th |
| Employee saving | 39th |
| 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
- Southern Bancorp put in about $4,250 per active participant, more than the typical peer ($3,606). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- 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.
- 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 | $2,360,795 |
| Participant (employee) contributions | $3,484,308 |
| Other contributions (incl. rollovers in) | $516,622 |
| Administrative expenses paid from the plan | $143,086 |
| Contract administrator fees | $55,291 |
| Investment advisory & management fees | $50,769 |
| Benefits paid out | $2,829,751 |
| Net assets, start / end of year | $45.7M / $53.9M |
| Active participants, start / end of year | 542 / 569 |
| Participants with account balances | 704 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Hogantaylor LLP |
| Employer stock held by plan | $6,689,648 |
Largest service providers (Schedule C)
| Newport Group, Inc. | $79,664 reported compensation |
| Hagan Newkirk Financial Services | $50,769 reported compensation |
| Newport Trust Company | $12,653 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014155726NAL0006771618001, received 2025-10-14, EIN 71-0646525, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.