Southern Medical Health Systems, Inc. 401(k) Review & Grade
Southern Medical Health Systems, Inc. Employees' Retirement Savings Plan
Mobile, ALHealth Care & Social Assistance1,404 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$860Employer $ per active participant
$2,809Employee $ saved per active participant
0.25%Direct admin cost, % of plan assets
$72.1MNet plan assets, end of year
$47,280Average balance per account
Score breakdown
- Employer generosity23.5 / 5047th percentile for employer $ per participant
- Low cost11.9 / 2547th percentile for low admin cost vs. same-size plans
- Employee saving8.1 / 1554th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-8 pts2 issues reported on the filing
Total score46 / 100 · Grade C
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 47th |
| Lower admin cost | 47th |
| Employee saving | 54th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Auditor disclaimer: the auditor issued a disclaimer of opinion.
Corrective distributions: the plan refunded $129,133 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Southern Medical Health Systems put in about $860 per active participant, below the typical peer ($976). 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.
- 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 | $1,207,042 |
| Participant (employee) contributions | $3,942,207 |
| Other contributions (incl. rollovers in) | $703,571 |
| Administrative expenses paid from the plan | $173,531 |
| Investment advisory & management fees | $78,809 |
| Benefits paid out | $9,744,284 |
| Net assets, start / end of year | $67.6M / $72.1M |
| Active participants, start / end of year | 1,447 / 1,360 |
| Participants with account balances | 1,526 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Anderson & Wells P.C. |
Largest service providers (Schedule C)
| Schwab Retirement Plan Services,inc | $106,475 reported compensation |
| Capfinancial Partners LLC | $66,856 reported compensation |
| Charles Schwab Trust Bank | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251006114433NAL0002032099001, received 2025-10-06, EIN 63-0885975, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.