Spirit Airlines, Inc. 401(k) Review & Grade
Spirit Airlines, Inc. Pilots' Retirement Savings Plan
Dania Beach, FLTransportation & Warehousing3,360 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$32,268Employer $ per active participant
$14,053Employee $ saved per active participant
0.04%Direct admin cost, % of plan assets
$1.2BNet plan assets, end of year
$336,531Average balance per account
Score breakdown
- Employer generosity50.0 / 50100th percentile for employer $ per participant
- Low cost20.5 / 2582th percentile for low admin cost vs. same-size plans
- Employee saving14.4 / 1596th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score92 / 100 · Grade A
This plan vs. peers
Peers: Transportation & Warehousing plans with 2,500–9,999 active participants (123 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 100th |
| Lower admin cost | 82th |
| Employee saving | 96th |
| Peers that auto-enroll | 46% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
Red flags from the filing
Corrective distributions: the plan refunded $10,494 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Spirit Airlines put in about $32,268 per active participant, more than the typical peer ($1,834). 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.
- 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 | $108,420,600 |
| Participant (employee) contributions | $47,218,928 |
| Other contributions (incl. rollovers in) | $2,332,216 |
| Administrative expenses paid from the plan | $457,328 |
| Investment advisory & management fees | $415,278 |
| Benefits paid out | $44,272,024 |
| Net assets, start / end of year | $948.1M / $1.2B |
| Active participants, start / end of year | 3,521 / 3,199 |
| Participants with account balances | 3,511 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cbiz Cpas P.C |
Largest service providers (Schedule C)
| Schwab Retirement Plan Services Inc | $170,397 reported compensation |
| Allworth Financial LP | $52,503 reported compensation |
| Charles Schwab & Co., Inc. | $30,162 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250911112538NAL0001085186001, received 2025-09-11, EIN 38-1747023, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.