Plan Snapshot
- Plan Sponsor: Forstrom Bancorporation, INC.
- Sponsor EIN: 411452688
- Sponsor Address: 55 FIRST STREET NW, CLARA CITY, MN, 56222
- Plan Type: 401(k)
- Plan Number: 001
- Total Participants: 298
- Total Assets: $19.5M
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 | 298 | $19.5M | $0 | $0 |
| 2024 | 218 | $16.5M | $441,161 | $1.0M |
| 2023 | 207 | $14.3M | $399,924 | $970,766 |
| 2022 | 184 | $11.8M | $358,069 | $861,680 |
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 | Other Service Provider | $37,400 | — | $37,400 |
| BENEFIT PLANS ADMIN SERVICES, INC. | Other Service Provider | $30,912 | — | $30,912 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $68,312
- Estimated Expense Ratio: 0.351% 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 | $1,432,234 | — | — | — | — |
| 2024 | $59,772 | — | — | — | — |
| 2023 | $39,760 | — | — | — | — |
| 2022 | $39,705 | — | — | — | — |