Coborn's Incorporated 401(k) Review & Grade
Coborn's Incorporated Employees Profit Sharing 401(k) Plan
Saint Cloud, MNRetail Trade7,156 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$187Employer $ per active participant
$1,562Employee $ saved per active participant
0.34%Direct admin cost, % of plan assets
$162.1MNet plan assets, end of year
$20,704Average balance per account
Score breakdown
- Employer generosity6.3 / 5013th percentile for employer $ per participant
- Low cost4.9 / 2520th percentile for low admin cost vs. same-size plans
- Employee saving5.9 / 1539th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score27 / 100 · Grade F
This plan vs. peers
Peers: Retail Trade plans with 2,500–9,999 active participants (183 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 13th |
| Lower admin cost | 20th |
| Employee saving | 39th |
| Peers that auto-enroll | 42% |
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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
- Coborn's Incorporated put in about $187 per active participant, below the typical peer ($650). 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.
- Direct plan expenses (0.34% of assets) are well above similar-size plans (0.12%). 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 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 | $1,336,995 |
| Participant (employee) contributions | $11,180,777 |
| Other contributions (incl. rollovers in) | $963,162 |
| Administrative expenses paid from the plan | $510,343 |
| Investment advisory & management fees | $95,183 |
| Other admin expenses | $300 |
| Benefits paid out | $18,377,532 |
| Net assets, start / end of year | $142.1M / $162.1M |
| Active participants, start / end of year | 7,217 / 7,095 |
| Participants with account balances | 7,829 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cliftonlarsonallen, LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $414,860 reported compensation |
| The Hays Financial Group LLC | $53,967 reported compensation |
| Empower Advisory Group, LLC | $41,216 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250926172147NAL0008780225001, received 2025-09-26, EIN 41-0824910, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.