State Bankshares, Inc. 401(k) Review & Grade
State Bankshares 401(k) Profit Sharing Plan
Fargo, NDManagement of Companies1,893 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,622Employer $ per active participant
$7,414Employee $ saved per active participant
0.01%Direct admin cost, % of plan assets
$319.4MNet plan assets, end of year
$157,114Average balance per account
Score breakdown
- Employer generosity26.6 / 5053th percentile for employer $ per participant
- Low cost24.4 / 2598th percentile for low admin cost vs. same-size plans
- Employee saving10.0 / 1567th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score64 / 100 · Grade B
This plan vs. peers
Peers: Management of Companies plans with 500–2,499 active participants (172 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 53th |
| Lower admin cost | 98th |
| Employee saving | 67th |
| Peers that auto-enroll | 58% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
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
- State Bankshares put in about $2,622 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.
- 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 | $4,962,716 |
| Participant (employee) contributions | $14,034,934 |
| Other contributions (incl. rollovers in) | $7,429,503 |
| Administrative expenses paid from the plan | $32,944 |
| Contract administrator fees | $1,950 |
| Benefits paid out | $24,747,000 |
| Net assets, start / end of year | $275.4M / $319.4M |
| Active participants, start / end of year | 1,908 / 1,878 |
| Participants with account balances | 2,033 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Widmer Roel PC |
Largest service providers (Schedule C)
| Bell Bank | $32,944 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251009093400NAL0003792707001, received 2025-10-09, EIN 45-0412162, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.