Plan Snapshot
- Plan Sponsor: Border Bank
- Sponsor EIN: 450314785
- Sponsor Address: 133 MAIN STREET NORTH, GREENBUSH, MN, 56726
- Plan Type: 401(k)
- Plan Number: 002
- Total Participants: 193
- Total Assets: $22.3M
Key Plan Design Features
- Auto-Enrollment: No
- Auto-Escalation: No
- Allows Roth Contributions: Yes
- Participant Loans: Yes
- Participant-Directed Investments: No
- ERISA Section 404(c) Fiduciary Safe Harbor: Yes
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2025 | 193 | $22.3M | $0 | $0 |
| 2024 | 156 | $18.9M | $468,738 | $914,351 |
| 2023 | 162 | $17.6M | $428,236 | $867,979 |
| 2022 | 161 | $14.6M | $429,953 | $836,601 |
Service Providers (Schedule C)
Vendors paid $5,000 or more for services to the plan, ranked by total compensation (direct + indirect fees).
| Provider Name | Role | Direct Compensation | Indirect Compensation | Total Fees |
|---|---|---|---|---|
| IMPACT RETIREMENT ADVISORS, LLC | Other Service Provider | $47,906 | — | $47,906 |
| BENEFIT PLANS ADMIN SERVICES, INC. | Other Service Provider | $24,024 | — | $24,024 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $71,930
- Estimated Expense Ratio: 0.322% of plan assets
Historical Administrative Expenses
Breakdown of administrative expense categories reported on Form 5500 filings.
| Year | Total Admin Expenses | Investment Mgmt Fees | Contract Admin Fees | IQPA Audit Fees | Professional Fees |
|---|---|---|---|---|---|
| 2025 | $1,508,191 | — | — | — | — |
| 2024 | $66,835 | — | — | — | — |
| 2023 | $53,324 | — | — | — | — |
| 2022 | $47,955 | — | — | — | $47,955 |