Southern Company Services, Inc. 401(k) Review & Grade
The Southern Company Employee Savings Plan
Atlanta, GAUtilities27,940 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,841Employer $ per active participant
$10,202Employee $ saved per active participant
0.02%Direct admin cost, % of plan assets
$9.3BNet plan assets, end of year
$266,861Average balance per account
Score breakdown
- Employer generosity37.1 / 5074th percentile for employer $ per participant
- Low cost23.0 / 2592th percentile for low admin cost vs. same-size plans
- Employee saving12.1 / 1581th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score79 / 100 · Grade A
This plan vs. peers
Peers: all industries, plans with 10,000+ active participants (fewer than 30 industry peers) (820 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 74th |
| Lower admin cost | 92th |
| Employee saving | 81th |
| Peers that auto-enroll | 50% |
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Red flags from the filing
Corrective distributions: the plan refunded $235,967 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Southern Company Services put in about $4,841 per active participant, more than the typical peer ($2,229). 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.
- 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 | $135,260,890 |
| Participant (employee) contributions | $285,051,682 |
| Other contributions (incl. rollovers in) | $21,662,125 |
| Administrative expenses paid from the plan | $1,665,856 |
| Investment advisory & management fees | $38,410 |
| Benefits paid out | $868,302,279 |
| Net assets, start / end of year | $8.4B / $9.3B |
| Active participants, start / end of year | 27,802 / 28,079 |
| Participants with account balances | 34,850 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Warren Averett |
| Employer stock held by plan | $3,064,813,002 |
Largest service providers (Schedule C)
| Merrill Lynch, Pierce, Fenner and S | $1,594,946 reported compensation |
| Warren Averett LLC | $32,500 reported compensation |
| Gallagher Fiduciary Advisors, LLC | $30,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250812122928NAL0007212931001, received 2025-08-12, EIN 63-0274273, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.