Sonic Automotive, Inc. 401(k) Review & Grade
Sonic Automotive, Inc. 401(k) Plan
Charlotte, NCRetail Trade8,448 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$975Employer $ per active participant
$4,167Employee $ saved per active participant
0.08%Direct admin cost, % of plan assets
$548.3MNet plan assets, end of year
$80,363Average balance per account
Score breakdown
- Employer generosity31.6 / 5063th percentile for employer $ per participant
- Low cost15.8 / 2563th percentile for low admin cost vs. same-size plans
- Employee saving12.0 / 1580th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score49 / 100 · Grade C
This plan vs. peers
Peers: Retail Trade plans with 2,500–9,999 active participants (183 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 63th |
| Lower admin cost | 63th |
| Employee saving | 80th |
| Peers that auto-enroll | 42% |
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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 ($655 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $716,101 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Sonic Automotive put in about $975 per active participant, more than the typical peer ($650). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- 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 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 | $8,233,300 |
| Participant (employee) contributions | $35,202,619 |
| Other contributions (incl. rollovers in) | $4,130,838 |
| Administrative expenses paid from the plan | $428,863 |
| Contract administrator fees | $376,363 |
| Investment advisory & management fees | $52,500 |
| Benefits paid out | $60,165,934 |
| Net assets, start / end of year | $491.0M / $548.3M |
| Active participants, start / end of year | 8,469 / 8,427 |
| Participants with account balances | 6,823 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Forvis Mazars, LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $431,038 reported compensation |
| Investment Research & Ad | $52,500 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250923141643NAL0002601587001, received 2025-09-23, EIN 56-2010790, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.