Life Time, Inc. 401(k) Review & Grade
Life Time and Its Affiliates 401(k) Plan
Chanhassen, MNArts, Entertainment & Recreation34,339 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$151Employer $ per active participant
$980Employee $ saved per active participant
0.27%Direct admin cost, % of plan assets
$332.0MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity5.1 / 5010th percentile for employer $ per participant
- Low cost2.8 / 2511th percentile for low admin cost vs. same-size plans
- Employee saving2.3 / 1516th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score10 / 100 · Grade F
This plan vs. peers
Peers: all industries, plans with 10,000+ active participants (fewer than 30 industry peers) (820 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 10th |
| Lower admin cost | 11th |
| Employee saving | 16th |
| Peers that auto-enroll | 50% |
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Red flags from the filing
Corrective distributions: the plan refunded $246 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Life Time put in about $151 per active participant, below the typical peer ($2,229). 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 (0.27% 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.
- 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 | $5,184,981 |
| Participant (employee) contributions | $33,655,180 |
| Other contributions (incl. rollovers in) | $3,647,758 |
| Administrative expenses paid from the plan | $825,566 |
| Contract administrator fees | $1,500 |
| Investment advisory & management fees | $280,745 |
| Other admin expenses | $15,270 |
| Benefits paid out | $27,862,068 |
| Net assets, start / end of year | $276.8M / $332.0M |
| Active participants, start / end of year | 27,316 / 41,362 |
| Participants with account balances | 8,277 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Deloitte & Touche LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $529,978 reported compensation |
| Cbiz Investment Advisory Services | $280,745 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251003110149NAL0001298209001, received 2025-10-03, EIN 41-1689746, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.