Southern Petroleum Laboratories, Inc. 401(k) Review & Grade
SPL, Inc. 401(k) Profit Sharing Plan
Houston, TXProfessional, Scientific & Technical Services534 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,142Employer $ per active participant
$2,635Employee $ saved per active participant
0.44%Direct admin cost, % of plan assets
$16.4MNet plan assets, end of year
$38,054Average balance per account
Score breakdown
- Employer generosity10.8 / 5022th percentile for employer $ per participant
- Low cost6.8 / 2527th percentile for low admin cost vs. same-size plans
- Employee saving2.0 / 1513th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score20 / 100 · Grade F
This plan vs. peers
Peers: Professional, Scientific & Technical Services plans with 500–2,499 active participants (1,469 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 22th |
| Lower admin cost | 27th |
| Employee saving | 13th |
| Peers that auto-enroll | 48% |
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Red flags from the filing
Corrective distributions: the plan refunded $53,502 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Southern Petroleum Laboratories put in about $1,142 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.
- Direct plan expenses (0.44% 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 | $609,377 |
| Participant (employee) contributions | $1,405,831 |
| Other contributions (incl. rollovers in) | $494,977 |
| Administrative expenses paid from the plan | $68,185 |
| Contract administrator fees | $52,385 |
| Benefits paid out | $2,765,908 |
| Net assets, start / end of year | $14.8M / $16.4M |
| Active participants, start / end of year | 538 / 529 |
| Participants with account balances | 431 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Pricekubecka, PLLC |
Largest service providers (Schedule C)
| Raymond James Fsa Inc. | $32,513 reported compensation |
| Nova 401(k) Associates | $17,004 reported compensation |
| Empower Annuity Insurance Company | $15,719 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015145124NAL0002484419003, received 2025-10-15, EIN 74-1297648, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.