Southeastern Freight Lines 401(k) match, vesting and fees
What Southeastern Freight Lines' 401(k) plan says about matching contributions
For the years ended December 31, 2024 and 2023, the Company contributed 50% of the first 10% of base compensation that a participant contributes to the Plan. Additional matching and discretionary amounts may be contributed at the option of the Company’s Board of Directors.
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. 30 ↗ |
| Match vesting | Participants are immediately vested in their contributions plus actual earnings thereon. Vesting in Company matching contributions and discretionary contributions are based on years of service. Participants vest in Company discretionary contributions at 100% after three years of service. Participants vest in Company matching contributions at the rate of 25% per year until they are fully vested after four years. If participants reach the normal retirement age of 65 years, or become disabled, vesting in Company matching and discretionary contributions is immediate. Earnings on Company contributions vest pursuant to the vesting rules. | Audit report, p. 30 ↗ |
| Automatic enrollment | An automatic deferral of 6% of compensation is made unless the participant elects no deferral or changes the deferral percentage. An automatic increase of 1% is made annually unless the participant elects no deferral or changes the deferral percentage. This automatic increase applies until a participant’s deferral reaches 10%. | Audit report, p. 30 ↗ |
| Loans | Participants may borrow from their accounts up to the lesser of $50,000 or 50% of the combined balance held in their account from elective deferral contributions. Loans are repayable through payroll deduction over a period not to exceed the earlier of termination of employment or four years and 11 months with the exception of a loan for a primary residence, the participant gets placed on a leave of absence, or absence for military service. A participant may only have one loan outstanding at any point in time. The loans are secured by the balances in the participant’s accounts and bear interest at the current prime rate. Interest rates are updated the next business day following a change in the prime rate. The interest rates on loans outstanding as of December 31, 2024 and 2023, ranged from 4.25% to 9.50%. Loans outstanding as of December 31, 2024, have maturity dates between 2025 and 2029. | Audit report, p. 30 ↗ |
| Recordkeeper | T. Rowe Price Rps Inc | Schedule C ↗ |
| Independent auditor | Grant Thornton LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 53 defined-contribution plans in transportation and warehousing with 5,000 to 9,999 participants.
| Southeastern Freight Lines: employer contribution per participant | $2,590 | |
| Peer median | $2,217 |
| Southeastern Freight Lines: average balance | $117,269 | |
| Peer median | $65,929 |
| Southeastern Freight Lines: admin expenses ÷ assets | 0.07% | |
| Peer median | 0.12% |
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 $1B at the end of plan year 2023 to $1.2B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 10,082 | $1.2B | $25.6M | $2,590 | 0.07% | Quoted in the audit report, p. 30 ↗ | Form 5500 ↗ |
| 2023 | 10,243 | $1B | $24.2M | $2,408 | 0.08% | Not published | Form 5500 ↗ |
Common questions
Does Southeastern Freight Lines match 401(k) contributions?
The audit report attached to the Southeastern Freight Lines Retirement Savings Program's plan year 2024 Form 5500, page 30 says: “For the years ended December 31, 2024 and 2023, the Company contributed 50% of the first 10% of base compensation that a participant contributes to the Plan. Additional matching and discretionary amounts may be contributed at the option of the Company’s Board of Directors.” Plan terms may have changed; check your current Summary Plan Description.
When is the Southeastern Freight Lines 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 plus actual earnings thereon. Vesting in Company matching contributions and discretionary contributions are based on years of service. Participants vest in Company discretionary contributions at 100% after three years of service. Participants vest in Company matching contributions at the rate of 25% per year until they are fully vested after four years. If participants reach the normal retirement age of 65 years, or become disabled, vesting in Company matching and discretionary contributions is immediate. Earnings on Company contributions vest pursuant to the vesting rules.”
Who manages the Southeastern Freight Lines 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is T. Rowe Price Rps Inc. The plan administrator is Southeastern Freight Lines, Inc..
I left Southeastern Freight Lines. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Southeastern Freight Lines, Inc., (803) 794-7300) or the recordkeeper, T. Rowe Price Rps Inc. The Southeastern Freight Lines old 401(k) page lists the contacts from every plan filing. Find an old Southeastern Freight Lines 401(k)
Data from the public Form 5500 annual reports Southeastern Freight Lines filed with the U.S. Department of Labor (plan years 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 Southeastern Freight Lines. Not financial advice. Report a correction · Methodology