Specs Family Partners, LTD. 401(k) Review & Grade
Spec's Family Partners Retirement Plan
Houston, TXRetail Trade4,269 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$365Employer $ per active participant
$1,063Employee $ saved per active participant
2.85%Direct admin cost, % of plan assets
$18.9MNet plan assets, end of year
$4,351Average balance per account
Score breakdown
- Employer generosity14.3 / 5029th percentile for employer $ per participant
- Low cost0.1 / 250th percentile for low admin cost vs. same-size plans
- Employee saving3.5 / 1523th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score25 / 100 · Grade F
This plan vs. peers
Peers: Retail Trade plans with 2,500–9,999 active participants (183 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 29th |
| Lower admin cost | 0th |
| Employee saving | 23th |
| Peers that auto-enroll | 42% |
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Red flags from the filing
Corrective distributions: the plan refunded $83,713 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Specs Family Partners put in about $365 per active participant, below the typical peer ($650). 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 (2.85% 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.
- 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 | $1,559,358 |
| Participant (employee) contributions | $4,537,304 |
| Other contributions (incl. rollovers in) | $509,997 |
| Administrative expenses paid from the plan | $454,907 |
| Contract administrator fees | $423,665 |
| Investment advisory & management fees | $31,242 |
| Benefits paid out | $1,760,817 |
| Net assets, start / end of year | $12.9M / $18.9M |
| Active participants, start / end of year | 4,179 / 4,359 |
| Participants with account balances | 4,353 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Bdo USA, P.C. |
Largest service providers (Schedule C)
| John Hancock Retirement Plan Svcs | $423,665 reported compensation |
| Merrill Lynch, Fenner and Smith | $31,242 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251023082602NAL0001376659001, received 2025-10-23, EIN 74-1532648, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.