Spirit Lake Tribe 401(k) Review & Grade
Spirit Lake Tribe 401(k) Plan
Fort Totten, NDPublic Administration513 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$3,004Employer $ per active participant
$2,583Employee $ saved per active participant
1.83%Direct admin cost, % of plan assets
$16.9MNet plan assets, end of year
$14,200Average balance per account
Score breakdown
- Employer generosity34.8 / 5070th percentile for employer $ per participant
- Low cost0.4 / 252th percentile for low admin cost vs. same-size plans
- Employee saving4.7 / 1531th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score33 / 100 · Grade D
This plan vs. peers
Peers: all industries, plans with 500–2,499 active participants (fewer than 30 industry peers) (10,919 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 70th |
| Lower admin cost | 2th |
| Employee saving | 31th |
| Peers that auto-enroll | 47% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($33,301 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Spirit Lake Tribe put in about $3,004 per active participant, more than the typical peer ($1,749). 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 (1.83% 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.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $1,540,824 |
| Participant (employee) contributions | $1,325,065 |
| Other contributions (incl. rollovers in) | $267,431 |
| Administrative expenses paid from the plan | $292,182 |
| Contract administrator fees | $162,255 |
| Investment advisory & management fees | $51,584 |
| Other admin expenses | $78,343 |
| Benefits paid out | $2,816,546 |
| Net assets, start / end of year | $15.1M / $16.9M |
| Active participants, start / end of year | 571 / 455 |
| Participants with account balances | 1,188 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Brady, Martz & Associate, P.C. |
Largest service providers (Schedule C)
| Futureplan by Ascensus - Gldlf | $77,584 reported compensation |
| Wealth Plus of the Dakotas,inc | $48,795 reported compensation |
| John Hancock Life Insurance Company | $34,901 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015113203NAL0002221779001, received 2025-10-15, EIN 45-0314494, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.