Retirement plan

BERGSTROM ELECTRIC, INC. 401(K) PLAN

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

BERGSTROM ELECTRIC, INC.EIN 45-0332406Plan #001PY 2024

HWY 81 NORTH, P.O. BOX 13152 - GRAND FORKS, ND 582083152701-775-8897bergstromelectric.comLinkedIn51-200 employeesindustrial automation

Other plans on this EIN

1 filing

#002Retirement-$23.1M assets

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$16.4M

+12.1% from 2023

Total participants

185

+5.1% from 2023

Average account balance

$100,910

+5.2% from 2023

Annual return

14.07%

-3.70 pp from 2023

Benchmarks

See 3,444 peers

Peer group

Industry23 - Construction

Plan typeDefined contribution

Participants100-249

Cohort3,444 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$16.45M

Not enough data

1 years with asset history on file

Average account balance

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

$101K

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.

163

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.

82.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.14M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$9K

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

+14.07%

Not enough data

1 years with return on file

Admin fee / account holder

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

$416

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 PO BOX 64533 · ST. PAUL, MN 551640533	Bank Trustee	$67,826

Plan features & details

Pension benefit codes2E2G2J3D

Plan features

2E
Profit-sharing
Profit-sharing plan.
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 fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)

Expense breakdown

Schedule H Part II

Admin total

$68K

$534 / participant

Contract admin$68K100.0%

% of EOY assets

0.412%

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: BRADY MARTZ & ASSOCIATES, P.C.
Auditor EIN: 450310328
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$100,910

$80,781+24.9%

$102,437-1.5%

$74,478+35.5%

Participation rate

82.7%

65.7%+17.0pp

74.5%+8.2pp

67.2%+15.5pp

Annual return

14.07%

27.58%-13.5pp

24.95%-10.9pp

1370.56%-1356.5pp

Employer contribution / active EE

$3,011

$3,160-4.7%

$3,871-22.2%

$2,626+14.7%

Participant deferral / active EE

$5,938

$3,862+53.7%

$5,060+17.3%

$4,350+36.5%

Admin fee / account holder

$416

$2,372-82.5%

$8,388-95.0%

$1,946-78.6%

Provider

Service type

Compensation

ALERUS FINANCIAL, N.A.10+ years

Filed as: ALERUS FINANCIAL

Service code 21 · EIN 45-0140105

PO BOX 64533 · ST. PAUL, MN 551640533

Bank Trustee

$67,826

BERGSTROM ELECTRIC, INC. 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

BERGSTROM ELECTRIC, INC. 401(K) 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