Retirement plan

SPIRIT AIRLINES, INC. EMPLOYEE RETIREMENT SAVINGS PLAN

Name: SPIRIT AIRLINES, INC. - SPIRIT AIRLINES, INC. EMPLOYEE RETIREMENT SAVINGS PLAN (2020) Form 5500
Creator: SPIRIT AIRLINES, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SPIRIT AIRLINES, INC. EMPLOYEE RETIREMENT SAVINGS PLAN, SPIRIT AIRLINES, INC.

SPIRIT AIRLINES, INC.EIN 38-1747023Plan #001PY 2020

2800 EXECUTIVE WAY - MIRAMAR, FL 33025954-447-8074spirit.comLinkedIn10001+ employeesairlines/aviation

Other plans on this EIN

2 filings

#002Retirement-$585.8M assets #003Retirement-$1.5M assets

Prospect flagsLow participationFailed to transmit contributionsCorrective distributions

How to read this page

Total assets (EOY)

$156M

-18.5% from 2016

Total participants

6,868

-15.4% from 2016

Average account balance

$35,090

+2.8% from 2016

Annual return

18.91%

-7.33 pp from 2016

Benchmarks

See 42 peers

Peer group

Industry48 - Transportation and Warehousing

Plan typeDefined contribution

Participants5,000-9,999

Cohort42 peers

Snapshot2020

Free accounts unlock saves, downloads, and 3-year history.

Analytics

Total assets (EOY)

Plan-year ending balance

$295.80M

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$50K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

5,925

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

57.9%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$40.95M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$4K

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+14.29%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$61

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

1 years with F_SCH_H allocation on file

Free accounts unlock saves, downloads, and 3-year history.

Service providers

Top 5 by compensation

Provider	Service type	Compensation
CHARLES SCHWAB & CO., INC.1 year Filed as: SCHWAB RETIREMENT PLAN SERVICES,INC Service code 15 · EIN 34-1479833	Recordkeeping	$147,011
MAYER HOFFMAN MCCANN P.C.1 year Filed as: MAYER HOFFMAN MCCANN PC Service code 10 · EIN 43-1947695	Accounting	$19,527
USI CONSULTING GROUP4 years Filed as: USI ADVISORS INC Service code 28 · EIN 06-1397347	Investment Management	$16,241
CHARLES SCHWAB & CO., INC.2 years Service code 33 · EIN 94-1737782	Shareholder servicing fees; Securitie...	$1,168
CHARLES SCHWAB & CO., INC.1 year Filed as: CHARLES SCHWAB & CO. INC. AND AFFIL Service code 59	Shareholder Servicing	$0

Plan features & details

Pension benefit codes2F2G2J2K2R2T3D

Plan features

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.
2T
Default investment account
Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
3D
Pre-approved pension plan
A master prototype or volume submitter plan that is the subject of a favorable opinion or advisory letter from the IRS.

Opportunity flags

3 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$184K

$28 / participant

Investment mgmt$17K9.5%
Other / not subdivided$167K90.5%

% of EOY assets

0.118%

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: MAYER HOFFMAN MCCANN, PC
Auditor EIN: 431947695
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$35,090

$81,725-57.1%

$81,988-57.2%

$93,223-62.4%

Participation rate

62.7%

71.9%-9.2pp

69.3%-6.5pp

74.9%-12.2pp

Annual return

18.91%

20.25%-1.3pp

41.32%-22.4pp

19.29%-0.4pp

Employer contribution / active EE

$1,188

$2,446-51.5%

$2,499-52.5%

$2,680-55.7%

Participant deferral / active EE

$2,241

$3,747-40.2%

$3,723-39.8%

$4,563-50.9%

Admin fee / account holder

$41

$92-55.1%

$5,666-99.3%

$79-47.7%

Provider

Service type

Compensation

CHARLES SCHWAB & CO., INC.1 year

Filed as: SCHWAB RETIREMENT PLAN SERVICES,INC

Service code 15 · EIN 34-1479833

Recordkeeping

$147,011

MAYER HOFFMAN MCCANN P.C.1 year

Filed as: MAYER HOFFMAN MCCANN PC

Service code 10 · EIN 43-1947695

Accounting

$19,527

USI CONSULTING GROUP4 years

Filed as: USI ADVISORS INC

Service code 28 · EIN 06-1397347

Investment Management

$16,241

CHARLES SCHWAB & CO., INC.2 years

Service code 33 · EIN 94-1737782

Shareholder servicing fees; Securitie...

$1,168

CHARLES SCHWAB & CO., INC.1 year

Filed as: CHARLES SCHWAB & CO. INC. AND AFFIL

Service code 59

Shareholder Servicing

SPIRIT AIRLINES, INC. EMPLOYEE RETIREMENT SAVINGS PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SPIRIT AIRLINES, INC. EMPLOYEE RETIREMENT SAVINGS PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion