Retirement plan

LUTHER MEMORIAL HOME 401K PLAN

Name: LUTHER MEMORIAL HOME - LUTHER MEMORIAL HOME 401K PLAN (2024) Form 5500
Creator: LUTHER MEMORIAL HOME
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, LUTHER MEMORIAL HOME 401K PLAN, LUTHER MEMORIAL HOME

LUTHER MEMORIAL HOMEEIN 45-0261669Plan #002PY 2024

750 MAIN ST E - MAYVILLE, ND 582571606701-786-3401LinkedIn1-10 employeeshospital & health care

Prospect flagsHigh cash

How to read this page

Total assets (EOY)

$4.4M

-6.3% from 2023

Total participants

164

-8.9% from 2023

Average account balance

$28,326

-5.1% from 2023

Annual return

11.92%

-4.92 pp from 2023

Benchmarks

See 21,742 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants25-99

Cohort21,742 peers

Snapshot2024

Free accounts unlock saves, downloads, and 3-year history.

Analytics

Total assets (EOY)

Plan-year ending balance

$4.50M

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$30K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

151

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

83.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$311K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$3K

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+10.65%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$214

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

1 years with F_SCH_H allocation on file

Free accounts unlock saves, downloads, and 3-year history.

Service providers

Top 1 by compensation

Provider	Service type	Compensation
ALERUS FINANCIAL, N.A.10+ years Filed as: ALERUS FINANCIAL Service code 21 · EIN 45-0140105 401 DEMERS AVE · GRAND FORKS, ND 58201	Bank Trustee	$34,025

Plan features & details

Pension benefit codes2E2F2G2J3D

Plan features

2E
Profit-sharing
Profit-sharing plan.
2F
ERISA section 404(c) plan
This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
2G
Total participant-directed account plan
Participants have the opportunity to direct the investment of all of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
2J
Code section 401(k) feature
Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
3D
Pre-approved pension plan
A master prototype or volume submitter plan that is the subject of a favorable opinion or advisory letter from the IRS.

Opportunity flags

1 tripped

OpportunityHigh cash
More than 10% of assets are held in cash - possible menu-design or default-fund problem.

Expense breakdown

Schedule H Part II

Admin total

$34K

$382 / participant

Trustee / custodial$34K100.0%

% of EOY assets

0.770%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: EIDE BAILLY LLP
Auditor EIN: 450250958
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$28,326

$81,262-65.1%

$155,602-81.8%

$80,911-65.0%

Participation rate

91.0%

66.2%+24.8pp

78.2%+12.8pp

67.6%+23.4pp

Annual return

11.92%

33.34%-21.4pp

64.81%-52.9pp

35.63%-23.7pp

Employer contribution / active EE

$1,469

$3,102-52.6%

$4,675-68.6%

$2,756-46.7%

Participant deferral / active EE

$2,231

$3,451-35.4%

$5,629-60.4%

$4,297-48.1%

Admin fee / account holder

$218

$7,992-97.3%

$15,923-98.6%

$6,935-96.9%

Provider

Service type

Compensation

ALERUS FINANCIAL, N.A.10+ years

Filed as: ALERUS FINANCIAL

Service code 21 · EIN 45-0140105

401 DEMERS AVE · GRAND FORKS, ND 58201

Bank Trustee

$34,025

LUTHER MEMORIAL HOME 401K PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

LUTHER MEMORIAL HOME 401K PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion