Plan Snapshot
- Plan Sponsor: Industrial Magnetics, INC.
- Sponsor EIN: 381684048
- Sponsor Address: 1385 M-75 SOUTH, BOYNE CITY, MI, 497120080
- Plan Type: 401(k)
- Total Participants: 223
- Total Assets: $28.6M
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. |
|---|---|---|---|---|
| 2024 | 223 | $28.6M | $605,641 | $1.9M |
| 2023 | 220 | $27.0M | $599,014 | $1.9M |
| 2022 | 221 | $22.7M | $606,315 | $1.7M |
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 |
|---|---|---|---|---|
| BDO USA, P.C | Auditor | — | — | $0 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $0
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 |
|---|---|---|---|---|---|
| 2024 | $116,838 | $89,416 | — | — | — |
| 2023 | $98,438 | $85,209 | — | — | — |
| 2022 | $109,481 | — | — | — | $109,481 |