Dacotah Banks, Inc. 401(k) Review & Grade
Dacotah Banks, Inc. 401(k) Savings Plan
Aberdeen, SDManagement of Companies612 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$6,297Employer $ per active participant
$5,462Employee $ saved per active participant
0.11%Direct admin cost, % of plan assets
$107.0MNet plan assets, end of year
$140,796Average balance per account
Score breakdown
- Employer generosity41.8 / 5084th percentile for employer $ per participant
- Low cost17.8 / 2571th percentile for low admin cost vs. same-size plans
- Employee saving7.3 / 1549th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score77 / 100 · Grade A
This plan vs. peers
Peers: Management of Companies plans with 500–2,499 active participants (172 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 84th |
| Lower admin cost | 71th |
| Employee saving | 49th |
| Peers that auto-enroll | 58% |
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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
- Dacotah Banks put in about $6,297 per active participant, more than the typical peer ($2,492). 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.
- 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 | $3,850,487 |
| Participant (employee) contributions | $3,340,070 |
| Other contributions (incl. rollovers in) | $1,535,889 |
| Administrative expenses paid from the plan | $110,231 |
| Contract administrator fees | $72,986 |
| Investment advisory & management fees | $37,239 |
| Benefits paid out | $6,642,610 |
| Net assets, start / end of year | $90.4M / $107.0M |
| Active participants, start / end of year | 625 / 598 |
| Participants with account balances | 760 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Eide Bailly, LLP |
| Employer stock held by plan | $9,487,536 |
Largest service providers (Schedule C)
| Alerus Financial, N.A. | $110,231 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250826171226NAL0008706401001, received 2025-08-26, EIN 46-0279766, plan #004, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.