Southern Air Inc. 401(k) Review & Grade
Southern Air, Inc. Cash Or Deferred Profit Sharing Plan
Lynchburg, VAConstruction768 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,210Employer $ per active participant
$5,172Employee $ saved per active participant
0.12%Direct admin cost, % of plan assets
$70.2MNet plan assets, end of year
$79,456Average balance per account
Score breakdown
- Employer generosity18.8 / 5038th percentile for employer $ per participant
- Low cost17.3 / 2569th percentile for low admin cost vs. same-size plans
- Employee saving10.0 / 1567th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score46 / 100 · Grade C
This plan vs. peers
Peers: Construction plans with 500–2,499 active participants (498 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 38th |
| Lower admin cost | 69th |
| Employee saving | 67th |
| Peers that auto-enroll | 44% |
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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 ($54 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Southern Air put in about $1,210 per active participant, below the typical peer ($1,672). 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.
- 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 | $928,515 |
| Participant (employee) contributions | $3,969,241 |
| Other contributions (incl. rollovers in) | $40,144 |
| Administrative expenses paid from the plan | $80,065 |
| Investment advisory & management fees | $2,258 |
| Benefits paid out | $6,661,812 |
| Net assets, start / end of year | $62.0M / $70.2M |
| Active participants, start / end of year | 743 / 792 |
| Participants with account balances | 883 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Brown, Edwards & Company, LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $77,807 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250602122622NAL0006557779001, received 2025-06-02, EIN 54-0604377, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.