Southwest Key Programs, Inc. 401(k) Review & Grade
Southwest Key Programs, Inc. 401(k) Retirement Plan
Austin, TXHealth Care & Social Assistance9,320 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,403Employer $ per active participant
$3,829Employee $ saved per active participant
0.40%Direct admin cost, % of plan assets
$277.1MNet plan assets, end of year
$26,516Average balance per account
Score breakdown
- Employer generosity42.0 / 5084th percentile for employer $ per participant
- Low cost4.1 / 2516th percentile for low admin cost vs. same-size plans
- Employee saving9.1 / 1560th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score52 / 100 · Grade C
This plan vs. peers
Peers: Health Care & Social Assistance plans with 2,500–9,999 active participants (312 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 84th |
| Lower admin cost | 16th |
| Employee saving | 60th |
| Peers that auto-enroll | 38% |
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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 ($16,363,638 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $1,288 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Southwest Key Programs put in about $3,403 per active participant, more than the typical peer ($800). 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.
- Direct plan expenses (0.40% 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.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $31,717,878 |
| Participant (employee) contributions | $35,681,070 |
| Other contributions (incl. rollovers in) | $1,391,900 |
| Administrative expenses paid from the plan | $1,011,879 |
| Other admin expenses | $400 |
| Benefits paid out | $44,314,595 |
| Net assets, start / end of year | $224.6M / $277.1M |
| Active participants, start / end of year | 9,740 / 8,899 |
| Participants with account balances | 10,452 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Weaver and Tidwell LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $1,011,479 reported compensation |
| Qdro Consultants Company, LLC | $400 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251107094845NAL0000505777001, received 2025-11-07, EIN 74-2481167, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.