Security Finance Corporation of Spartanburg 401(k) Review & Grade
Security 401(k) Profit-Sharing and Savings Plan
Spartanburg, SCFinance & Insurance1,898 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,567Employer $ per active participant
$2,148Employee $ saved per active participant
0.03%Direct admin cost, % of plan assets
$113.7MNet plan assets, end of year
$70,314Average balance per account
Score breakdown
- Employer generosity7.5 / 5015th percentile for employer $ per participant
- Low cost23.2 / 2593th percentile for low admin cost vs. same-size plans
- Employee saving0.7 / 155th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score31 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 15th |
| Lower admin cost | 93th |
| Employee saving | 5th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $148 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Security Finance Corporation of Spartanburg put in about $1,567 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.
- 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 | $2,973,638 |
| Participant (employee) contributions | $4,077,811 |
| Other contributions (incl. rollovers in) | $198,295 |
| Administrative expenses paid from the plan | $32,988 |
| Benefits paid out | $10,922,557 |
| Net assets, start / end of year | $102.2M / $113.7M |
| Active participants, start / end of year | 2,097 / 1,699 |
| Participants with account balances | 1,617 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Elliott Davis LLC |
Largest service providers (Schedule C)
| Schwab Retirement Plan Services Inc | $32,988 reported compensation |
| Charles Schwab & Co., Inc. | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250930095201NAL0014678208001, received 2025-09-30, EIN 57-0359683, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.