Southstate Bank, N.A. 401(k) Review & Grade
Southstate Bank 401(k) Retirement Savings Plan
South Winter Haven, FLFinance & Insurance5,300 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,199Employer $ per active participant
$6,516Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$628.6MNet plan assets, end of year
$104,052Average balance per account
Score breakdown
- Employer generosity15.9 / 5032th percentile for employer $ per participant
- Low cost18.6 / 2574th percentile for low admin cost vs. same-size plans
- Employee saving3.9 / 1526th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score45 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 32th |
| Lower admin cost | 74th |
| Employee saving | 26th |
| Peers that auto-enroll | 66% |
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Red flags from the filing
Corrective distributions: the plan refunded $13,883 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Southstate Bank put in about $3,199 per active participant, below the typical peer ($4,489). 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.
- 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 | $16,956,221 |
| Participant (employee) contributions | $34,532,394 |
| Other contributions (incl. rollovers in) | $6,362,133 |
| Administrative expenses paid from the plan | $340,855 |
| Contract administrator fees | $1,500 |
| Benefits paid out | $51,484,819 |
| Net assets, start / end of year | $548.7M / $628.6M |
| Active participants, start / end of year | 5,297 / 5,303 |
| Participants with account balances | 6,041 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Ernst & Young |
| Employer stock held by plan | $13,645,684 |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $340,816 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250708160843NAL0011613218001, received 2025-07-08, EIN 59-2979916, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.