First International Bank & Trust 401(k) Review & Grade
First International Bank & Trust 401(k) Profit Sharing Plan
Watford City, NDFinance & Insurance641 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$4,271Employer $ per active participant
$8,449Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$98.4MNet plan assets, end of year
$127,794Average balance per account
Score breakdown
- Employer generosity29.7 / 5059th percentile for employer $ per participant
- Low cost21.1 / 2585th percentile for low admin cost vs. same-size plans
- Employee saving9.8 / 1566th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score64 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 59th |
| Lower admin cost | 85th |
| Employee saving | 66th |
| Peers that auto-enroll | 62% |
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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
- First International Bank & Trust put in about $4,271 per active participant, more than the typical peer ($3,606). 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.
- 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 | $2,737,691 |
| Participant (employee) contributions | $5,415,754 |
| Other contributions (incl. rollovers in) | $1,896,707 |
| Administrative expenses paid from the plan | $55,121 |
| Investment advisory & management fees | $10,157 |
| Other admin expenses | $30,507 |
| Benefits paid out | $12,258,870 |
| Net assets, start / end of year | $88.1M / $98.4M |
| Active participants, start / end of year | 666 / 616 |
| Participants with account balances | 770 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | RSM US LLP |
Largest service providers (Schedule C)
| First International Bank & Trust | $30,507 reported compensation |
| Empower Annuity Insurance Company O | $14,457 reported compensation |
| Empower Advisory Group, LLC | $10,157 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251009084647NAL0006702625001, received 2025-10-09, EIN 45-0134280, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.