Tower Loan of Mississippi, LLC 401(k) Review & Grade
Tower Loan of Mississippi, LLC 401(k) and Profit Sharing Plan
Flowood, MSFinance & Insurance525 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,486Employer $ per active participant
$3,921Employee $ saved per active participant
0.08%Direct admin cost, % of plan assets
$59.8MNet plan assets, end of year
$109,868Average balance per account
Score breakdown
- Employer generosity6.8 / 5014th percentile for employer $ per participant
- Low cost19.5 / 2578th percentile for low admin cost vs. same-size plans
- Employee saving1.8 / 1512th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score25 / 100 · Grade F
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 14th |
| Lower admin cost | 78th |
| Employee saving | 12th |
| Peers that auto-enroll | 62% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($71,584 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $22,208 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Tower Loan of Mississippi put in about $1,486 per active participant, below the typical peer ($3,606). 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.
- 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 | $780,408 |
| Participant (employee) contributions | $2,058,619 |
| Other contributions (incl. rollovers in) | $86,113 |
| Administrative expenses paid from the plan | $49,855 |
| Investment advisory & management fees | $10,090 |
| Benefits paid out | $7,913,824 |
| Net assets, start / end of year | $59.1M / $59.8M |
| Active participants, start / end of year | 537 / 513 |
| Participants with account balances | 544 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Carr,riggs & Ingram, LLC |
Largest service providers (Schedule C)
| Oneamerica Retirement Services LLC | $39,765 reported compensation |
| Waverly Advisors LLC | $5,992 reported compensation |
| Matrix Trust Company | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015120101NAL0004782689001, received 2025-10-15, EIN 45-5079659, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.