SPS North America Inc. 401(k) Review & Grade
SPS North America Inc. 401k Plan
New York, NYAdministrative, Support & Staffing Services2,604 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$889Employer $ per active participant
$2,085Employee $ saved per active participant
1.54%Direct admin cost, % of plan assets
$43.1MNet plan assets, end of year
$14,318Average balance per account
Score breakdown
- Employer generosity34.7 / 5069th percentile for employer $ per participant
- Low cost0.5 / 252th percentile for low admin cost vs. same-size plans
- Employee saving9.4 / 1563th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score45 / 100 · Grade C
This plan vs. peers
Peers: Administrative, Support & Staffing Services plans with 2,500–9,999 active participants (125 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 69th |
| Lower admin cost | 2th |
| Employee saving | 63th |
| Peers that auto-enroll | 22% |
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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 ($1,113,074 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
- SPS North America put in about $889 per active participant, more than the typical peer ($342). 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 (1.54% 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 | $2,313,663 |
| Participant (employee) contributions | $5,430,025 |
| Other contributions (incl. rollovers in) | $2,015,902 |
| Administrative expenses paid from the plan | $614,101 |
| Contract administrator fees | $442,001 |
| Investment advisory & management fees | $103,012 |
| Other admin expenses | $39,088 |
| Benefits paid out | $7,798,254 |
| Net assets, start / end of year | $36.8M / $43.1M |
| Active participants, start / end of year | 2,385 / 2,823 |
| Participants with account balances | 3,010 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Trailbreaker Accounting PLLC |
Largest service providers (Schedule C)
| Orenda Retirement, LLC | $344,354 reported compensation |
| Principal Life Insurance Company | $231,077 reported compensation |
| Merrill Lynch Pierce Fenner & Smith | $78,311 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251006161630NAL0002244355001, received 2025-10-06, EIN 13-3670421, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.