PLS Financial Services 401(k) match, vesting and fees
What PLS Financial Services' 401(k) plan says about matching contributions
The Employer shall make a safe harbor matching contribution to eligible employees, as defined above. The safe harbor matching contribution is equal to 100% of each participant's elective deferrals not exceeding 3% of the participant's compensation, plus 50% of each participant's elective deferrals in excess of 3% up to 5% of the participant's compensation.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | Audit report, p. 29 ↗ |
| Match vesting | Participants are immediately vested in their contributions and Employer safe harbor matching contributions plus actual earnings thereon. | Audit report, p. 30 ↗ |
| Roth contributions | Eligible participants are permitted to elect to have a percentage, limited by Plan provisions, of their compensation contributed as pretax 401(k) or Roth contributions to the Plan. | Audit report, p. 29 ↗ |
| Loans | Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. The notes are secured by the balance in the participant’s account and bear interest at the prime rate of interest plus 1% as of the date of the loan. | Audit report, p. 30 ↗ |
| Recordkeeper | Principal Life Insurance Company | Schedule C ↗ |
| Independent auditor | Cliftonlarsonallen LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
| Late participant contributions | Reported on the filing | Schedule H ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 655 defined-contribution plans in finance and insurance with 500 to 999 participants.
| PLS Financial Services: employer contribution per participant | $1,959 | |
| Peer median | $2,935 |
| PLS Financial Services: average balance | $51,067 | |
| Peer median | $92,770 |
| PLS Financial Services: admin expenses ÷ assets | 0.34% | |
| Peer median | 0.15% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $26.2M at the end of plan year 2021 to $35.7M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 1,875 | $35.7M | $1.4M | $1,959 | 0.34% | Quoted in the audit report, p. 29 ↗ | Form 5500 ↗ |
| 2023 | 1,703 | $29.4M | $1.3M | $1,955 | 0.34% | Not published | Form 5500 ↗ |
| 2022 | 1,782 | $23.1M | $1.2M | $1,989 | 0.32% | Not published | Form 5500 ↗ |
| 2021 | 1,717 | $26.2M | $1.2M | $1,941 | 0.36% | Not published | Form 5500 ↗ |
Common questions
Does PLS Financial Services match 401(k) contributions?
The audit report attached to the Pls Financial Services, Inc. 401(k) Plan's plan year 2024 Form 5500, page 29 says: “The Employer shall make a safe harbor matching contribution to eligible employees, as defined above. The safe harbor matching contribution is equal to 100% of each participant's elective deferrals not exceeding 3% of the participant's compensation, plus 50% of each participant's elective deferrals in excess of 3% up to 5% of the participant's compensation.” Plan terms may have changed; check your current Summary Plan Description.
When is the PLS Financial Services 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 30 says: “Participants are immediately vested in their contributions and Employer safe harbor matching contributions plus actual earnings thereon.”
Who manages the PLS Financial Services 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Principal Life Insurance Company. The plan administrator is Pls Financial Services, Inc..
I left PLS Financial Services. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Pls Financial Services, Inc., (312) 878-0422) or the recordkeeper, Principal Life Insurance Company. The PLS Financial Services old 401(k) page lists the contacts from every plan filing. Find an old PLS Financial Services 401(k)
Data from the public Form 5500 annual reports PLS Financial Services filed with the U.S. Department of Labor (plan years 2021 and 2022 and 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with PLS Financial Services. Not financial advice. Report a correction · Methodology