The Evangelical Lutheran Good Samaritan Society 401(k) Review & Grade
Good Samaritan Society 401k Plan
Sioux Falls, SDHealth Care & Social Assistance11,488 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,384Employer $ per active participant
$2,485Employee $ saved per active participant
0.39%Direct admin cost, % of plan assets
$278.3MNet plan assets, end of year
$21,570Average balance per account
Score breakdown
- Employer generosity21.1 / 5042th percentile for employer $ per participant
- Low cost1.5 / 256th percentile for low admin cost vs. same-size plans
- Employee saving4.6 / 1531th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score37 / 100 · Grade D
This plan vs. peers
Peers: Health Care & Social Assistance plans with 10,000+ active participants (115 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 42th |
| Lower admin cost | 6th |
| Employee saving | 31th |
| Peers that auto-enroll | 52% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Evangelical Lutheran Good Samaritan Society put in about $1,384 per active participant, below the typical peer ($2,086). 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 (0.39% of assets) are well above similar-size plans (0.09%). 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 | $15,900,394 |
| Participant (employee) contributions | $28,548,042 |
| Other contributions (incl. rollovers in) | $3,076,601 |
| Administrative expenses paid from the plan | $1,037,386 |
| Contract administrator fees | $1,037,386 |
| Benefits paid out | $54,034,027 |
| Net assets, start / end of year | $254.2M / $278.3M |
| Active participants, start / end of year | 12,199 / 10,778 |
| Participants with account balances | 12,902 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Eide Bailly, LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $1,037,386 reported compensation |
| Wilshire Advisors LLC | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250731155708NAL0002710787001, received 2025-07-31, EIN 45-0228055, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.