Plan Snapshot
- Plan Sponsor: Flagship Financial Group, INC.
- Sponsor EIN: 411483923
- Sponsor Address: 7525 OFFICE RIDGE CIRCLE, EDEN PRAIRIE, MN, 55344
- Plan Type: 401(k)
- Plan Number: 002
- Total Participants: 188
- Total Assets: $38.6M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: No
- 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 | 188 | $38.6M | $0 | $0 |
| 2024 | 145 | $33.2M | $1.6M | $899,595 |
| 2023 | 44 | $4.9M | $296,315 | $256,007 |
| 2022 | 48 | $3.7M | $296,030 | $251,782 |
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 |
|---|---|---|---|---|
| ALERUS FINANCIAL, N.A. | Other Service Provider | $91,744 | — | $91,744 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $91,744
- Estimated Expense Ratio: 0.238% 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 | $2,022,937 | — | — | — | — |
| 2024 | $3,033,511 | — | — | — | — |
| 2023 | $214,249 | — | — | — | — |
| 2022 | $116,622 | — | — | — | — |