Plan Snapshot
- Plan Sponsor: Sopheon Corporation
- Sponsor EIN: 411967943
- Sponsor Address: 7900 INTERNATIONAL DRIVE, BLOOMINGTON, MN, 554252434
- Plan Type: 401(k)
- Total Participants: 86
- Total Assets: $21.3M
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 | 86 | $21.3M | $352,992 | $1.4M |
| 2023 | 106 | $21.4M | $498,592 | $1.5M |
| 2022 | 113 | $18.3M | $346,708 | $1.3M |
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 | Recordkeeper | $52,355 | — | $52,355 |
| GALLAGHER FIDUCIARY ADVISORS, LLC | Investment Advisor | $18,024 | $4 | $18,028 |
| USI SECURITIES INC | Investment Advisor | $14,794 | $3 | $14,797 |
| EIDE BAILLY | Other Service Provider | — | $5,441 | $5,441 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- GALLAGHER FIDUCIARY ADVISORS, LLC — Investment Advisor
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $90,621
- Estimated Expense Ratio: 0.425% 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 | $85,177 | $32,821 | $52,356 | — | — |
| 2023 | $79,221 | $33,996 | $45,225 | — | — |
| 2022 | $78,532 | $33,996 | $44,536 | — | — |