Plan Snapshot
- Plan Sponsor: Preferred Credit, INC.
- Sponsor EIN: 411643940
- Sponsor Address: 628 ROOSEVELT ROAD, SAINT CLOUD, MN, 563014867
- Plan Type: 401(k)
- Total Participants: 238
- Total Assets: $21.8M
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 | 238 | $21.8M | $829,577 | $1.4M |
| 2023 | 232 | $17.5M | $734,082 | $1.3M |
| 2022 | 230 | $13.5M | $979,840 | $1.1M |
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 | $29,122 | — | $29,122 |
| STRONG TOWER ADVISORY SERVICES | INVESTMENT ADVISORY | $16,643 | $24 | $16,667 |
| CLIFTON LARSON ALLEN LLP | Auditor | — | — | $0 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- STRONG TOWER ADVISORY SERVICES — INVESTMENT ADVISORY
- CLIFTON LARSON ALLEN LLP — Auditor
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $45,789
- Estimated Expense Ratio: 0.210% 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 | $97,730 | $16,655 | $81,075 | — | — |
| 2023 | $33,488 | $29,300 | — | — | — |
| 2022 | $33,492 | — | — | — | — |