Lifetime Products, Inc. 401(k) Review & Grade
Lifetime Products, Inc. 401k Retirement Plan
Clearfield, UTManufacturing1,905 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,034Employer $ per active participant
$2,780Employee $ saved per active participant
0.09%Direct admin cost, % of plan assets
$91.7MNet plan assets, end of year
$50,067Average balance per account
Score breakdown
- Employer generosity8.8 / 5018th percentile for employer $ per participant
- Low cost19.0 / 2576th percentile for low admin cost vs. same-size plans
- Employee saving3.0 / 1520th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-8 pts2 issues reported on the filing
Total score33 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 18th |
| Lower admin cost | 76th |
| Employee saving | 20th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Auditor disclaimer: the auditor issued a disclaimer of opinion.
Corrective distributions: the plan refunded $70,511 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Lifetime Products put in about $1,034 per active participant, below the typical peer ($2,320). 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 | $1,970,344 |
| Participant (employee) contributions | $5,295,767 |
| Other contributions (incl. rollovers in) | $430,743 |
| Administrative expenses paid from the plan | $80,307 |
| Contract administrator fees | $79,664 |
| Other admin expenses | $643 |
| Benefits paid out | $10,477,677 |
| Net assets, start / end of year | $83.8M / $91.7M |
| Active participants, start / end of year | 1,883 / 1,927 |
| Participants with account balances | 1,832 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Carver Florek & James Cpas |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $79,663 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250721170200NAL0000805315005, received 2025-07-21, EIN 87-0433254, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.