Plan Snapshot
- Plan Sponsor: Innovance, INC.
- Sponsor EIN: 410980946
- Sponsor Address: 505 WEST FRONT STREET, ALBERT LEA, MN, 56007
- Plan Type: 401(k)
- Total Participants: 377
- Total Assets: $34.1M
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. |
|---|---|---|---|---|
| 2024 | 377 | $34.1M | $0 | $1.4M |
| 2023 | 394 | $30.9M | $0 | $1.3M |
| 2022 | 416 | $28.1M | $0 | $1.2M |
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 |
|---|---|---|---|---|
| PRINCIPAL LIFE INSURANCE COMPANY | CONTRACT ADMINISTRATOR | $55,761 | — | $55,761 |
| INTELLICENTS INVESTMENT SOLUTIONS | INVESTMENT ADVISORY | $44,161 | $25 | $44,186 |
| CLIFTONLARSONALLEN LLP | Auditor | — | — | $0 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- INTELLICENTS INVESTMENT SOLUTIONS — INVESTMENT ADVISORY
- CLIFTONLARSONALLEN LLP — Auditor
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $99,947
- Estimated Expense Ratio: 0.293% 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 |
|---|---|---|---|---|---|
| 2024 | $99,922 | $44,161 | $55,761 | — | — |
| 2023 | $91,701 | $39,596 | $52,105 | — | — |
| 2022 | $93,158 | $41,556 | $51,602 | — | — |