XL Parts 401(k) match, vesting and fees
What XL Parts' 401(k) plan says about matching contributions
The Company may make a discretionary matching contribution equal to a uniform percentage of participant salary deferrals. In 2024, the Company elected to contribute 50% of the first 6% of a participant’s elective deferrals to the Plan.
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. 32 ↗ |
| Match vesting | Vesting: Participants are always 100% vested in their salary deferral including Roth 401(k) deferrals, catch-up contributions, and rollovers, plus actual earnings or losses thereon. Vesting in the Company’s matching contributions and profit-sharing contributions, plus earnings thereon, is based on vesting years of service. Participants will become 100% vested in Company matching contributions and profit-sharing contributions after five years of service. | Audit report, p. 32 ↗ |
| Roth contributions | There are two types of salary deferrals: pre-tax 401(k) deferrals and Roth 401(k) deferrals. | Audit report, p. 32 ↗ |
| Loans | Notes Receivable from Participants: Participants may borrow from their account a minimum of $1,000 up to a maximum equal to the lesser of 50% of the participant’s vested account balance or $50,000 reduced by the highest outstanding balance of loans from the Plan during the prior 12-month period. Each loan is adequately secured by the balance in the participant’s account and shall bear a reasonable rate of interest. Principal and interest payments are paid at least quarterly over a term not to exceed five years unless, the loan was obtained to acquire a principal residence. Participants are limited to one outstanding loan at a time. | Audit report, p. 33 ↗ |
| Recordkeeper | John Hancock Life Insurance Company | Schedule C ↗ |
| Independent auditor | Crowe 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 348 defined-contribution plans in wholesale trade with 1,000 to 4,999 participants.
| XL Parts: employer contribution per participant | $552 | |
| Peer median | $2,066 |
| XL Parts: average balance | $22,923 | |
| Peer median | $77,876 |
| XL Parts: admin expenses ÷ assets | 0.60% | |
| Peer median | 0.14% |
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 $29.7M at the end of plan year 2021 to $35.6M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 1,999 | $35.6M | $858K | $552 | 0.60% | Quoted in the audit report, p. 32 ↗ | Form 5500 ↗ |
| 2023 | 2,092 | $33.8M | $1.3M | $819 | 0.57% | Not published | Form 5500 ↗ |
| 2022 | 2,066 | $26.4M | $1.2M | $873 | 0.62% | Not published | Form 5500 ↗ |
| 2021 | 2,630 | $29.7M | $866K | $773 | 0.53% | Not published | Form 5500 ↗ |
Common questions
Does XL Parts match 401(k) contributions?
The audit report attached to the Xl Parts 401(k) Plan's plan year 2024 Form 5500, page 32 says: “The Company may make a discretionary matching contribution equal to a uniform percentage of participant salary deferrals. In 2024, the Company elected to contribute 50% of the first 6% of a participant’s elective deferrals to the Plan.” Plan terms may have changed; check your current Summary Plan Description.
When is the XL Parts 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 32 says: “Vesting: Participants are always 100% vested in their salary deferral including Roth 401(k) deferrals, catch-up contributions, and rollovers, plus actual earnings or losses thereon. Vesting in the Company’s matching contributions and profit-sharing contributions, plus earnings thereon, is based on vesting years of service. Participants will become 100% vested in Company matching contributions and profit-sharing contributions after five years of service.”
Who manages the XL Parts 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is John Hancock Life Insurance Company. The plan administrator is Xl Parts LLC.
I left XL Parts. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Xl Parts LLC, (713) 983-1209) or the recordkeeper, John Hancock Life Insurance Company. The XL Parts old 401(k) page lists the contacts from every plan filing. Find an old XL Parts 401(k)
Data from the public Form 5500 annual reports XL Parts 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 XL Parts. Not financial advice. Report a correction · Methodology