Southern Pipe & Supply Co., Inc. 401(k) Review & Grade
Southern Pipe & Supply Co., Inc. 401(k) Retirement Savings Plan
Meridian, MSWholesale Trade1,108 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,992Employer $ per active participant
$6,891Employee $ saved per active participant
0.46%Direct admin cost, % of plan assets
$100.9MNet plan assets, end of year
$79,313Average balance per account
Score breakdown
- Employer generosity27.7 / 5055th percentile for employer $ per participant
- Low cost6.3 / 2525th percentile for low admin cost vs. same-size plans
- Employee saving11.7 / 1578th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score56 / 100 · Grade C
This plan vs. peers
Peers: Wholesale Trade plans with 500–2,499 active participants (603 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 55th |
| Lower admin cost | 25th |
| Employee saving | 78th |
| Peers that auto-enroll | 53% |
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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 Pipe & Supply Co. put in about $1,992 per active participant, more than the typical peer ($1,792). 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.
- Direct plan expenses (0.46% 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.
- 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 | $2,206,932 |
| Participant (employee) contributions | $7,634,924 |
| Other contributions (incl. rollovers in) | $532,959 |
| Administrative expenses paid from the plan | $435,263 |
| Contract administrator fees | $154,386 |
| Investment advisory & management fees | $280,877 |
| Benefits paid out | $7,065,004 |
| Net assets, start / end of year | $86.5M / $100.9M |
| Active participants, start / end of year | 1,102 / 1,114 |
| Participants with account balances | 1,272 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Horne LLP |
Largest service providers (Schedule C)
| Wells Fargo Advisors | $172,291 reported compensation |
| Principal Life Insurance Company | $154,386 reported compensation |
| Regions Bank | $108,650 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250815144124NAL0010571601001, received 2025-08-15, EIN 64-0291778, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.