Spirit Airlines, Inc. 401(k) Review & Grade
Spirit Airlines, Inc. Employee Retirement Savings Plan
Dania Beach, FLTransportation & Warehousing9,542 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,444Employer $ per active participant
$2,847Employee $ saved per active participant
0.13%Direct admin cost, % of plan assets
$295.8MNet plan assets, end of year
$49,924Average balance per account
Score breakdown
- Employer generosity23.4 / 5047th percentile for employer $ per participant
- Low cost11.7 / 2547th percentile for low admin cost vs. same-size plans
- Employee saving4.5 / 1530th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score40 / 100 · Grade D
This plan vs. peers
Peers: Transportation & Warehousing plans with 2,500–9,999 active participants (123 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 47th |
| Lower admin cost | 47th |
| Employee saving | 30th |
| Peers that auto-enroll | 46% |
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Red flags from the filing
Corrective distributions: the plan refunded $3,101 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Spirit Airlines put in about $1,444 per active participant, below the typical peer ($1,834). 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.
- 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 | $13,781,388 |
| Participant (employee) contributions | $27,167,378 |
| Other contributions (incl. rollovers in) | $2,306,650 |
| Administrative expenses paid from the plan | $360,592 |
| Investment advisory & management fees | $96,892 |
| Benefits paid out | $21,676,469 |
| Net assets, start / end of year | $242.0M / $295.8M |
| Active participants, start / end of year | 9,956 / 9,129 |
| Participants with account balances | 5,925 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Cbiz Cpas P.C. |
Largest service providers (Schedule C)
| Schwab Retirement Plan Services,inc | $319,769 reported compensation |
| Cbiz Cpas P.C. | $23,800 reported compensation |
| Usi Advisors Inc | $13,744 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250911112518NAL0000437585001, received 2025-09-11, EIN 38-1747023, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.