Plan Snapshot
- Plan Sponsor: Nortech Systems INC.
- Sponsor EIN: 411681094
- Sponsor Address: 7550 MERIDIAN CR., MAPLE GROVE, MN, 55369
- Plan Type: 401(k)
- Total Participants: 356
- Total Assets: $27.9M
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 | 356 | $27.9M | $706,032 | $2.5M |
| 2023 | 397 | $25.5M | $457,656 | $2.3M |
| 2022 | 419 | $21.6M | $304,861 | $2.2M |
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 |
|---|---|---|---|---|
| FIDELITY INVESTMENTS INSTITUTIONAL | RECORDKEEPER | $43,698 | — | $43,698 |
| COMMONWEALTH FINANCIAL NETWORK | ADVISOR | $38,367 | — | $38,367 |
| BOYUM & BARENSCHEER PLLP | ACCOUNTANT/AUDITOR | $11,700 | — | $11,700 |
| STRATEGIC ADVISORS, INC. | ADVISOR | $7,054 | — | $7,054 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- FIDELITY INVESTMENTS INSTITUTIONAL — RECORDKEEPER
- COMMONWEALTH FINANCIAL NETWORK — ADVISOR
- BOYUM & BARENSCHEER PLLP — ACCOUNTANT/AUDITOR
- STRATEGIC ADVISORS, INC. — ADVISOR
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $100,819
- Estimated Expense Ratio: 0.362% 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 | $100,820 | $45,422 | — | $11,700 | — |
| 2023 | $76,702 | $40,563 | — | — | — |
| 2022 | $72,809 | $6,211 | — | — | — |