Lower Sioux Indian Community in the State of Minnesota 401(k) Review & Grade
Lower Sioux Indian Community 401(k) Retirement Plan & Trust
Morton, MNAccommodation & Food Services680 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$356Employer $ per active participant
$1,103Employee $ saved per active participant
0.69%Direct admin cost, % of plan assets
$8.7MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity29.5 / 5059th percentile for employer $ per participant
- Low cost3.3 / 2513th percentile for low admin cost vs. same-size plans
- Employee saving9.8 / 1565th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score46 / 100 · Grade C
This plan vs. peers
Peers: Accommodation & Food Services plans with 500–2,499 active participants (458 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 59th |
| Lower admin cost | 13th |
| Employee saving | 65th |
| Peers that auto-enroll | 17% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Lower Sioux Indian Community in the State of Minnesota put in about $356 per active participant, more than the typical peer ($266). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Direct plan expenses (0.69% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $241,925 |
| Participant (employee) contributions | $749,840 |
| Other contributions (incl. rollovers in) | $14,420 |
| Administrative expenses paid from the plan | $57,389 |
| Contract administrator fees | $57,389 |
| Benefits paid out | $1,151,964 |
| Net assets, start / end of year | $7.9M / $8.7M |
| Active participants, start / end of year | 684 / 676 |
| Participants with account balances | 276 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Schechter Dokken Kanter |
Largest service providers (Schedule C)
| Nationwide | $36,628 reported compensation |
| Definiti | $31,686 reported compensation |
| Ameriprise Financial Services | $24,356 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014093516NAL0003501232001, received 2025-10-14, EIN 41-0991683, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.