Lifescape 401(k) Review & Grade
Lifescape 401(k) Retirement Plan
Sioux Falls, SDEducational Services1,059 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$981Employer $ per active participant
$2,725Employee $ saved per active participant
0.25%Direct admin cost, % of plan assets
$42.4MNet plan assets, end of year
$33,926Average balance per account
Score breakdown
- Employer generosity17.5 / 5035th percentile for employer $ per participant
- Low cost11.7 / 2547th percentile for low admin cost vs. same-size plans
- Employee saving8.0 / 1553th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score44 / 100 · Grade D
This plan vs. peers
Peers: Educational Services plans with 500–2,499 active participants (144 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 35th |
| Lower admin cost | 47th |
| Employee saving | 53th |
| Peers that auto-enroll | 37% |
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Red flags from the filing
Corrective distributions: the plan refunded $1,325 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Lifescape put in about $981 per active participant, below the typical peer ($1,225). Any match is still an instant return, so contribute enough to get all of it.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $1,038,909 |
| Participant (employee) contributions | $2,885,449 |
| Other contributions (incl. rollovers in) | $271,833 |
| Administrative expenses paid from the plan | $101,991 |
| Contract administrator fees | $101,991 |
| Benefits paid out | $4,836,226 |
| Net assets, start / end of year | $38.3M / $42.4M |
| Active participants, start / end of year | 1,027 / 1,091 |
| Participants with account balances | 1,249 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Eide Bailly, LLP |
Largest service providers (Schedule C)
| First Bank & Trust | $101,991 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260113160808NAL0016001904001, received 2026-01-13, EIN 46-5151247, plan #001, plan year 2024-07-01 to 2025-06-30. Verify at efast.dol.gov.