Spar Group, Inc 401(k) Review & Grade
Spar Group, Inc 401(k) Profit Sharing Plan
Charlotte, NCProfessional, Scientific & Technical Services3,782 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$20Employer $ per active participant
$298Employee $ saved per active participant
1.10%Direct admin cost, % of plan assets
$10.5MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity3.0 / 506th percentile for employer $ per participant
- Low cost0.9 / 254th percentile for low admin cost vs. same-size plans
- Employee saving0.5 / 153th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score1 / 100 · Grade F
This plan vs. peers
Peers: Professional, Scientific & Technical Services plans with 2,500–9,999 active participants (231 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 6th |
| Lower admin cost | 4th |
| Employee saving | 3th |
| Peers that auto-enroll | 47% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($61,688 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $3,420 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Spar Group put in about $20 per active participant, below the typical peer ($2,951). 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 (1.10% of assets) are well above similar-size plans (0.12%). 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.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $74,140 |
| Participant (employee) contributions | $1,127,168 |
| Other contributions (incl. rollovers in) | $34,545 |
| Administrative expenses paid from the plan | $110,621 |
| Contract administrator fees | $88,204 |
| Investment advisory & management fees | $22,417 |
| Benefits paid out | $1,084,911 |
| Net assets, start / end of year | $9.6M / $10.5M |
| Active participants, start / end of year | 2,862 / 4,703 |
| Participants with account balances | 706 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Bdo USA, P.C |
Largest service providers (Schedule C)
| Orenda Retirement LLC | $51,511 reported compensation |
| Principal Life Insurance Company | $45,671 reported compensation |
| Sentinel Pension Advisors Inc | $22,417 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260601124955NAL0011481169001, received 2026-06-01, EIN 33-0684451, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.