Otter Tail 401(k) match, vesting and fees
What Otter Tail's 401(k) plan says about matching contributions
The employers may make a discretionary match, which varies by company, based on the participant's annual contributions.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | Audit report, p. 29 ↗ |
| Automatic enrollment | The Plan sponsor will automatically withhold three percent of the employee’s compensation upon becoming eligible to participate unless otherwise elected by the participant. Automatically enrolled participants to the Plan that have been participating for at least nine months as of any December 31 and that have not made an affirmative election will have the deferral rate automatically increased by one percent each year until the contribution equals 10 percent. | Audit report, p. 30 ↗ |
| Roth contributions | The Plan allows participants to designate contributions as Roth 401(k) contributions. | Audit report, p. 29 ↗ |
| Loans | Participants may borrow from their fund accounts, a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their account balance. | Audit report, p. 31 ↗ |
| Recordkeeper | Principal Life Insurance Company | Schedule C ↗ |
| Independent auditor | Eide Bailly (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 87 defined-contribution plans in utilities with 1,000 to 4,999 participants.
| Otter Tail: employer contribution per participant | $2,580 | |
| Peer median | $5,188 |
| Otter Tail: average balance | $121,547 | |
| Peer median | $183,243 |
| Otter Tail: admin expenses ÷ assets | 0.09% | |
| Peer median | 0.09% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $372M at the end of plan year 2023 to $411M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 3,496 | $411M | $8.7M | $2,580 | 0.09% | Quoted in the audit report, p. 29 ↗ | Form 5500 ↗ |
| 2023 | 3,820 | $372M | $7.8M | $2,154 | 0.11% | Not published | Form 5500 ↗ |
Other Otter Tail plans (2)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
Otter Tail Corporation Employee Stock Ownership Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Eide Bailly LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | Profit-sharing · Active | Form 5500 ↗ |
Otter Tail Corporation Pension Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Recordkeeper | Sei Investments Company | Schedule C ↗ |
| Independent auditor | Eide Bailly LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Active | Form 5500 ↗ |
Common questions
Does Otter Tail match 401(k) contributions?
The audit report attached to the Otter Tail Corporation Retirement Savings's plan year 2024 Form 5500, page 29 says: “The employers may make a discretionary match, which varies by company, based on the participant's annual contributions.” Plan terms may have changed; check your current Summary Plan Description.
When is the Otter Tail 401(k) match vested?
The vesting schedule for the Otter Tail Corporation Retirement Savings is not in the data published so far. Your Summary Plan Description states it.
Who manages the Otter Tail 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Principal Life Insurance Company. The plan administrator is Otter Tail Corporation.
I left Otter Tail. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Otter Tail Corporation, (701) 451-3582) or the recordkeeper, Principal Life Insurance Company. The Otter Tail old 401(k) page lists the contacts from every plan filing. Find an old Otter Tail 401(k)
Data from the public Form 5500 annual reports Otter Tail filed with the U.S. Department of Labor (plan years 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Otter Tail. Not financial advice. Report a correction · Methodology