Spend Life Wisely Company, Inc. 401(k) Review & Grade
Spend Life Wisely Company, Inc. Employee Stock Ownership Plan With 401(k) Features
Durant, OKFinance & Insurance1,900 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,735Employer $ per active participant
$7,948Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$362.5MNet plan assets, end of year
$140,786Average balance per account
Score breakdown
- Employer generosity26.1 / 5052th percentile for employer $ per participant
- Low cost21.9 / 2588th percentile for low admin cost vs. same-size plans
- Employee saving8.9 / 1559th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score64 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 52th |
| Lower admin cost | 88th |
| Employee saving | 59th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $11,985 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Spend Life Wisely Company put in about $3,735 per active participant, more than the typical peer ($3,606). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- 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 | $7,094,441 |
| Participant (employee) contributions | $15,096,897 |
| Other contributions (incl. rollovers in) | $1,028,672 |
| Administrative expenses paid from the plan | $169,139 |
| Other admin expenses | $3,594 |
| Benefits paid out | $31,201,777 |
| Net assets, start / end of year | $325.3M / $362.5M |
| Active participants, start / end of year | 1,941 / 1,858 |
| Participants with account balances | 2,575 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Forvis Mazars, LLP |
| Employer stock held by plan | $240,211,747 |
Largest service providers (Schedule C)
| Bokf, NA | $480,289 reported compensation |
| Southard Financial LLC | $7,700 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015121251NAL0004498417001, received 2025-10-15, EIN 73-0936842, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.