Lutheran Social Services of Illinois 401(k) Review & Grade
403(b) Plan for Employees of Lutheran Social Services of Illinois
Des Plaines, ILHealth Care & Social Assistance1,375 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$900Employer $ per active participant
$1,918Employee $ saved per active participant
0.69%Direct admin cost, % of plan assets
$28.4MNet plan assets, end of year
$12,612Average balance per account
Score breakdown
- Employer generosity23.9 / 5048th percentile for employer $ per participant
- Low cost3.3 / 2513th percentile for low admin cost vs. same-size plans
- Employee saving6.0 / 1540th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score33 / 100 · Grade D
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 48th |
| Lower admin cost | 13th |
| Employee saving | 40th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Auditor concern: the independent auditor gave a qualified or adverse opinion.
What to do if you're in this plan
- Lutheran Social Services of Illinois put in about $900 per active participant, below the typical peer ($976). 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.
- Direct plan expenses (0.69% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- 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 | $1,237,578 |
| Participant (employee) contributions | $2,637,214 |
| Other contributions (incl. rollovers in) | $1,974,068 |
| Administrative expenses paid from the plan | $178,166 |
| Investment advisory & management fees | $5,295 |
| Other admin expenses | $87,232 |
| Benefits paid out | $3,390,572 |
| Net assets, start / end of year | $22.9M / $28.4M |
| Active participants, start / end of year | 1,371 / 1,379 |
| Participants with account balances | 2,252 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Baker Tilly US, LLP |
Largest service providers (Schedule C)
| Mutual of America Sec. Corp LLC | $85,639 reported compensation |
| Wilshire Associates Inc. | $5,295 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250730124324NAL0005587312001, received 2025-07-30, EIN 36-2584799, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.