Lap of Love Services LLC 401(k) Review & Grade
Lap of Love Retirement Plan
Lutz, FLProfessional, Scientific & Technical Services690 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,390Employer $ per active participant
$4,060Employee $ saved per active participant
0.49%Direct admin cost, % of plan assets
$14.3MNet plan assets, end of year
$28,300Average balance per account
Score breakdown
- Employer generosity12.5 / 5025th percentile for employer $ per participant
- Low cost6.0 / 2524th percentile for low admin cost vs. same-size plans
- Employee saving3.1 / 1520th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
- Red-flag deductions-13 pts2 issues reported on the filing
Total score9 / 100 · Grade F
This plan vs. peers
Peers: Professional, Scientific & Technical Services plans with 500–2,499 active participants (1,469 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 25th |
| Lower admin cost | 24th |
| Employee saving | 20th |
| Peers that auto-enroll | 48% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($19,672 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $858 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Lap of Love Services put in about $1,390 per active participant, below the typical peer ($3,082). 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 (0.49% 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 reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $958,833 |
| Participant (employee) contributions | $2,801,450 |
| Other contributions (incl. rollovers in) | $507,229 |
| Administrative expenses paid from the plan | $57,450 |
| Contract administrator fees | $54,553 |
| Investment advisory & management fees | $2,347 |
| Other admin expenses | $550 |
| Benefits paid out | $564,576 |
| Net assets, start / end of year | $9.1M / $14.3M |
| Active participants, start / end of year | 669 / 711 |
| Participants with account balances | 506 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Cohnreznick, LLP |
Largest service providers (Schedule C)
| Voya Retirement Insurance & Annuity | $53,124 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015160251NAL0005368529001, received 2025-10-15, EIN 84-4089050, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.