Otter Tail Corporation 401(k) Review & Grade
Otter Tail Corporation Retirement Savings
Fargo, NDUtilities2,529 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,450Employer $ per active participant
$6,922Employee $ saved per active participant
0.09%Direct admin cost, % of plan assets
$411.1MNet plan assets, end of year
$121,547Average balance per account
Score breakdown
- Employer generosity5.4 / 5011th percentile for employer $ per participant
- Low cost15.4 / 2562th percentile for low admin cost vs. same-size plans
- Employee saving1.2 / 158th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score32 / 100 · Grade D
This plan vs. peers
Peers: Utilities plans with 2,500–9,999 active participants (38 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 11th |
| Lower admin cost | 62th |
| Employee saving | 8th |
| Peers that auto-enroll | 82% |
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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
- Otter Tail put in about $3,450 per active participant, below the typical peer ($6,490). Any match is still an instant return, so contribute enough to get all of it.
- 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.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $8,724,791 |
| Participant (employee) contributions | $17,504,622 |
| Other contributions (incl. rollovers in) | $1,859,475 |
| Administrative expenses paid from the plan | $337,914 |
| Contract administrator fees | $300,244 |
| Investment advisory & management fees | $19,748 |
| Benefits paid out | $42,933,878 |
| Net assets, start / end of year | $371.5M / $411.1M |
| Active participants, start / end of year | 2,720 / 2,338 |
| Participants with account balances | 3,382 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Eide Bailly |
| Employer stock held by plan | $274,279 |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $300,266 reported compensation |
| Eide Bailly LLP | $17,922 reported compensation |
| Mercer | $14,925 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014071306NAL0004910562001, received 2025-10-14, EIN 27-0383995, plan #011, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.