Southern Veterinary Partners, LLC 401(k) Review & Grade
Southern Veterinary Partners, LLC 401(k) Plan
Birmingham, ALProfessional, Scientific & Technical Services9,832 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,117Employer $ per active participant
$2,609Employee $ saved per active participant
0.26%Direct admin cost, % of plan assets
$183.0MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity11.1 / 5022th percentile for employer $ per participant
- Low cost6.6 / 2527th percentile for low admin cost vs. same-size plans
- Employee saving2.0 / 1513th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score20 / 100 · Grade F
This plan vs. peers
Peers: Professional, Scientific & Technical Services plans with 2,500–9,999 active participants (231 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 22th |
| Lower admin cost | 27th |
| Employee saving | 13th |
| Peers that auto-enroll | 47% |
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Red flags from the filing
Corrective distributions: the plan refunded $24,104 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Southern Veterinary Partners put in about $1,117 per active participant, below the typical peer ($2,951). 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.
- Direct plan expenses (0.26% of assets) are well above similar-size plans (0.12%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- 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 | $10,982,211 |
| Participant (employee) contributions | $25,645,811 |
| Other contributions (incl. rollovers in) | $7,453,360 |
| Administrative expenses paid from the plan | $414,034 |
| Contract administrator fees | $324,721 |
| Investment advisory & management fees | $89,313 |
| Benefits paid out | $13,174,488 |
| Net assets, start / end of year | $131.6M / $183.0M |
| Active participants, start / end of year | 9,392 / 10,271 |
| Participants with account balances | 4,589 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Warrant Averett |
Largest service providers (Schedule C)
| John Hancock | $349,034 reported compensation |
| Hauser Retirement Solutions | $65,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250915175325NAL0001671136001, received 2025-09-15, EIN 47-1908537, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.