  We use femtosecond spectroscopy to investigate the quasiparticle relaxation
and low-energy electronic structure in a near-optimally doped pnictide
superconductor with T_c=49.5 K. Multiple relaxation processes are evident, with
distinct superconducting state quasiparticle (QP) recombination dynamics
exhibiting a T-dependent superconducting (SC) gap, and a clear "pseudogap" (PG)
-like feature with an onset around 200K indicating the existence of a
temperature-independent gap of magnitude \Delta_PG= 61 +- 9 meV above T_c. Both
the SC and PG components show saturation as a function of fluence with distinct
saturation thresholds ~0.15 \muJ/cm^2 and 1.5 \muJ/cm^2, respectively.
