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Retirement plan

SOUTHWEST AIRLINES PILOTS RETIREMENT SAVINGS PLAN

SOUTHWEST AIRLINES COMPANYEIN 74-1563240Plan #003PY 2020
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1450 EMPIRE CENTRAL DRIVE - DALLAS, TX 75247214-722-4251southwest.comLinkedIn10001+ employeesairlines/aviation
Other plans on this EIN
2 filings
#004Retirement-$8.43B assets#001Retirement-$6.27B assets
Prospect flagsHigh feesHigh assets / participantCorrective distributions

Filing contacts

From the Form 5500, federal record
Plan sponsor signer
(name not on filing)
(214) 722-4251
Plan administrator signer
MICHAEL HAYNES
Signed 08/31/2021
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Summary metrics

Total assets (EOY)
$7472.8M
-12.5% from 2016
Total participants
10,459
-4.0% from 2016
Average account balance
$717,502
-7.8% from 2016
Annual return
15.87%
+0.21 pp from 2016

Benchmarks

See 42 peers
Peer group
Industry48 - Transportation and Warehousing
Plan typeDefined contribution
Participants5,000-9,999
Cohort42 peers
Snapshot2020
Participant deferral / active EE
$18,778
median $3,238
Employer contribution / active EE
$32,580
median $1,135
Participation rate
99.5%
median 89.7%
Avg account balance
$717,502
median $48,294
Admin fee / account holder
$331
median $85
Annual return
15.87%
median 15.98%
Overall peer rank
72nd percentileavg across 6 metrics

Analytics

2015 - 2024
Total assets (EOY)
Plan-year ending balance
$11.62B
Average account balance
Total assets / participants with a balance (line 6g)
$895K
Participants with account balance
Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.
12,980
Eligible Participants and Participation
Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.
99.1%
Contributions (total)
Employer and participant dollars contributed each year
$744.90M
Contributions per participant
Average employer and participant contribution per enrolled participant
$64K
Asset flow
BOY + contributions + return - distributions = EOY
Year
Annual return
Diverging bars; negative years highlighted
+24.26%
Admin fee / account holder
Total admin expenses / participants with a balance (line 6g)
$596
Asset composition
Cash / stocks / bonds / mutual funds / real estate / loans over time
  • Mutual / pooled
  • Stocks
  • Bonds
  • Cash
  • Real estate
  • Loans

Service providers

Top 10 of 50 by compensation
ProviderService typeCompensation
SMITH ANGLIN FINANCIAL LLC5 years
Service code 26 · EIN 26-0778361
Advisory (Participants)
$684,995
TOTAL INVESTMENT MANAGEMENT IN3 years
Service code 26 · EIN 86-0912979
Advisory (Participants)
$463,088
SCHWAB RETIREMENT PLAN SERVICES,INC5 years
Service code 15 · EIN 34-1479833
Recordkeeping
$386,425
LEADING EDGE FINANCIAL PLANNIN3 years
Service code 26 · EIN 47-4221739
Advisory (Participants)
$361,839
FISHER INVESTMENTS5 years
Service code 26 · EIN 20-2480800
Advisory (Participants)
$212,844
CALLAN LLC1 year
Service code 28 · EIN 94-2192581
Investment Management
$195,000
CHARLES SCHWAB & CO., INC.6+ years
Service code 33 · EIN 94-1737782
Other investment fees and expenses; S...
$182,109
HAMILTON CAPITAL LLC2 years
Service code 26 · EIN 83-3000171
Advisory (Participants)
$116,062
SEGAL SELECT INSURANCE SERVICE5 years
Service code 28 · EIN 46-0619194
Investment Management
$113,969
MOUNTAIN CAPITAL INVESTMENT AD3 years
Service code 26 · EIN 27-4826969
Advisory (Participants)
$104,237

Top hat statement on fileNQDC

Filed January 13, 2015 (most recent of 3 filings on file)

Plan administrator

Plan administrator name— Sign in and upgrade to view
11500 Outlook Street
Overland Park State: KS Zip Code: 66211
Email— Sign in and upgrade to viewPhone— Sign in and upgrade to view

Plans declared (1)

  • Southwest Airlines Co. Deferred Compensation Plan for Senior Leadership and Non-Employee Members.. .7 emp
Open the filing PDF

Plan features & details

Pension benefit codes2E2F2G2J2K2R
Plan features
  • 2E
    Profit-sharing
    Profit-sharing plan.
  • 2F
    ERISA section 404(c) plan
    This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
  • 2G
    Total participant-directed account plan
    Participants have the opportunity to direct the investment of all of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
  • 2J
    Code section 401(k) feature
    Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
  • 2K
    Code section 401(m) arrangement
    Employee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
  • 2R
    Participant-directed brokerage accounts
    Participant-directed brokerage accounts provided as an investment option under the plan.

Opportunity flags

3 tripped
  • OpportunityHigh fees

    Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)

  • ComplianceCorrective distributions

    Plan reported corrective distributions (failed ADP/ACP testing).

  • InformationalHigh assets / participant

    Assets per participant exceed $250,000 - top-decile high-value plan.

Expense breakdown

Schedule H Part II
Admin total
$3.4M
$374 / participant
  • Investment mgmt$3M79.0%
  • Other / not subdivided$724K21.0%
% of EOY assets
0.046%
all-in expense ratio
Categories reported
1 / 9
subdivided buckets used

Audit opinion

Schedule H Part III
Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm
WHITLEY PENN LLP
Auditor EIN
752393478
Audit fees
(not subdivided)
Opinion code
Unqualified