Southern Multifoods, LLC 401(k) Review & Grade
Southern Multifoods, LLC and Affiliates 401(k) Plan
Jacksonville, TXAccommodation & Food Services886 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$490Employer $ per active participant
$862Employee $ saved per active participant
0.08%Direct admin cost, % of plan assets
$12.6MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity35.2 / 5070th percentile for employer $ per participant
- Low cost19.6 / 2578th percentile for low admin cost vs. same-size plans
- Employee saving7.8 / 1552th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score66 / 100 · Grade B
This plan vs. peers
Peers: Accommodation & Food Services plans with 500–2,499 active participants (458 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 70th |
| Lower admin cost | 78th |
| Employee saving | 52th |
| Peers that auto-enroll | 17% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Southern Multifoods put in about $490 per active participant, more than the typical peer ($266). 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.
- 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 | $433,795 |
| Participant (employee) contributions | $763,935 |
| Other contributions (incl. rollovers in) | $0 |
| Administrative expenses paid from the plan | $9,691 |
| Investment advisory & management fees | $1,919 |
| Benefits paid out | $791,007 |
| Net assets, start / end of year | $10.8M / $12.6M |
| Active participants, start / end of year | 803 / 969 |
| Participants with account balances | 201 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Heard, Mcelroy, & Vestal, LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $7,772 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250909094014NAL0012804995001, received 2025-09-09, EIN 75-1519090, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.