Plan Snapshot
- Plan Sponsor: Falcon National Bank
- Sponsor EIN: 542109630
- Sponsor Address: 183 CEDAR DR., FOLEY, MN, 56329
- Plan Type: 401(k)
- Plan Number: 001
- Total Participants: 148
- Total Assets: $16.6M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: Yes
- Participant Loans: No
- Participant-Directed Investments: Yes
- ERISA Section 404(c) Fiduciary Safe Harbor: Yes
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2025 | 148 | $16.6M | $0 | $0 |
| 2024 | 120 | $13.9M | $348,841 | $960,593 |
| 2023 | 133 | $12.4M | $719,943 | $1.0M |
| 2022 | 133 | $9.7M | $535,187 | $857,301 |
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 |
|---|---|---|---|---|
| CETERA ADVISORS | Other Service Provider | $31,932 | — | $31,932 |
| JOHN HANCOCK USA | Other Service Provider | $25,363 | — | $25,363 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $57,295
- Estimated Expense Ratio: 0.346% 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 | $1,180,270 | $32,693 | $24,601 | — | — |
| 2024 | $38,756 | $18,675 | $20,081 | — | — |
| 2023 | $28,354 | — | $28,354 | — | — |
| 2022 | $12,953 | — | $12,953 | — | — |