Minnesota › Transportation and warehousing › 500 to 999 participants
Form 5500 statement · plan year 1 Jul 2024 to 30 Jun 2025
Schmitty & Sons Holdings, Inc. 401(k) Plan
Sponsored by Schmitty & Sons Holdings, Inc., Lakeville, MN
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
Schmitty & Sons Holdings, Inc. 401(k) Plan is a 401(k) plan sponsored by Schmitty & Sons Holdings, Inc. of Lakeville, Minnesota. For the plan year ending 30 Jun 2025 it reported 810 participants, 724 of them active, and net assets of $13.2M.
Net assets came to $16,280 per participant, well below the $46,267 median for defined contribution plans with 500 to 999 participants and well below the $32,883 median for defined contribution plans in transportation and warehousing. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
The employer contributed $615K during the year, or $849 per active participant against a same-size median of $1,934; participants contributed $1.3M and $36K arrived as rollovers and other contributions. Benefits paid out totalled $810K.
Schedule C lists 2 service provider organisations paid $5,000 or more, with reported compensation of $77K: $95.02 per participant, below the same-size median of $113. Administrative expenses charged to the plan were $77K. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
The independent accountant's opinion on the financial statements was unmodified (unqualified), from an audit whose scope was limited under ERISA section 103(a)(3)(C) to exclude investment information certified by a bank or insurer.
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $16,280 | $46,267 | $32,883 | $53,102 |
| Employer contributions per active participant | $849 | $1,934 | $1,396 | $2,175 |
| Schedule C compensation per participant | $95.02 | $113 | $113 | $123 |
| Schedule C compensation, share of net assets | 0.58% | 0.25% | 0.33% | 0.26% |
| Administrative expenses per participant | $95.02 | $109 | $97.79 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 500 to 999 participants (10,588 plans), transportation and warehousing (1,909) and all US plans (63,460). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2024 | 810 | $13.2M | $16,279 | $615K | $1.3M | $77K |
| 2023 | 726 | $10.6M | $14,620 | $572K | $1.2M | $0 |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began.
Statement for the year
- Net assets, beginning of year$10,614,230
- Employer contributions$614,624
- Participant contributions$1,292,712
- Rollovers and other contributions$36,266
- Total contributions$1,943,602
- Total income, including investment results$3,459,126
- Benefits paid$809,920
- Administrative expenses$76,968
- Total expenses$886,888
- Net income$2,572,238
- Net transfers$0
- Net assets, end of year$13,186,468
Participants
- Active participants724
- Retired or separated, receiving benefits0
- Retired or separated, entitled to future benefits86
- Participants with account balances357
- Total participants, end of year810
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| LPL Financial , LLC | Investment advisory (plan) | $41,627 | $0 |
| Alerus Financial, N.A. | Recordkeeping and information management; Trustee (bank, trust company, or similar financial institution); Trustee (directed); Participant loan processing | $35,342 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Administrative expenses on Schedule H
- Investment advisory and management fees$41,627
- Recordkeeping fees$35,341
- Total administrative expenses$76,968
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Registered investment companies (mutual funds)$13.0M · 98.7%
- Participant loans$175K · 1.3%
- Cash (interest and non-interest bearing)$2,122 · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmEllingson & Ellingson
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $500,000
- Blackout period during the yearNo
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
2EProfit-sharing plan2FERISA section 404(c) plan2GTotal participant-directed account plan2JCode section 401(k) feature2KCode section 401(m) arrangement2TTotal or partial participant-directed account plan with a default investment account3DPre-approved pension plan
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 485410: School & Employee Bus Transportation.
Other plans of Schmitty & Sons Holdings, Inc.
| Plan | Participants | Net assets |
|---|---|---|
| Schmitty & Sons Holdings, Inc. Employee Stock Ownership Plan and Trust | 742 | $53.5M |
Similar plans in Minnesota
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Wayne Transports, Inc. 401(k) Retirement Plan | Wayne Transports, Inc. | 877 | $45.2M | $51,595 |
| J&R Schugel Holdings, Inc. Retirement Plan | J & R Schugel Holdings, Inc. | 788 | $10.3M | $13,033 |
| Spee Dee Delivery Service, Inc. Retirement Plan | Spee Dee Delivery Service, Inc. | 1,274 | $52.9M | $41,525 |
| Teamsters Local 346 Savings & 401(k) Plan | Trustees Teamsters Local 346 Savings & 401(k) Plan | 765 | $29.6M | $38,635 |
| Loram Retirement Plan | Loram | 1,580 | $168M | $106,189 |
| J&R Schugel Trucking, Inc. Employee Stock Ownership Plan and Trust | J&R Schugel Holding, Inc. | 756 | $58.8M | $77,712 |
Defined contribution plans in transportation and warehousing closest in size.
Questions and answers
How big is Schmitty & Sons Holdings, Inc. 401(k) Plan?
810 participants at the end of the plan year ending 30 Jun 2025, of whom 724 were active employees, with net assets of $13,186,468. Among defined contribution plans that places it in the 500 to 999 participants band, which held 10,588 plans in plan year 2024.
What does Schmitty & Sons Holdings, Inc. contribute per participant?
The filing reports $614,624 in employer contributions for the year, which is $849 per active participant; the median for plans of the same type and size was $1,934 in plan year 2024. Form 5500 reports the total only. It does not state the match formula, and the per-participant figure is an average, not any one person's contribution.
What fees does the plan pay and how do they compare?
Schedule C reports $76,969 in compensation to service provider organisations, $95.02 per participant or 0.58% of net assets. The same-size median among plans reporting any Schedule C compensation was $113 per participant. Administrative expenses on Schedule H were $76,968. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is Schmitty & Sons Holdings, Inc.. Recordkeeping or administration: Alerus Financial, N.A.. Investment advisory or management: LPL Financial , LLC. Trustee or custodian: Alerus Financial, N.A.. The financial statements were audited by Ellingson & Ellingson. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an unmodified (unqualified) opinion from a limited-scope audit, in which the accountant did not audit investment information certified by a bank or insurance company. Unmodified (formerly "unqualified") is the standard clean opinion.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 1 Jul 2024 to 30 Jun 2025, received by the Department of Labor on 14 Apr 2026. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 81-0928055, plan 001, received 14 Apr 2026; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.