Stockman Financial 401(k) match, vesting and fees
What Stockman Financial's 401(k) plan says about matching contributions
The Company contributes 100% of the first 3% of base compensation that a participant contributes to the Plan. The Company is also required to make a safe harbor non-elective contribution equal to 3% of employee base compensation.
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. 61 ↗ |
| Match vesting | Participants are immediately vested in their contributions and the Company contributions, plus earnings thereon. | Audit report, p. 62 ↗ |
| Automatic enrollment | The Plan includes an auto-enrollment provision, whereby all newly eligible employees are automatically enrolled in the Plan unless they affirmatively elect to not participate in the Plan. Automatically enrolled participants have their deferral rate set at 3% of eligible compensation and their contributions invested in a designated fund until changed by the participant. The Plan also contains an auto-escalation clause which will be applied to newly eligible participants subsequent to January 1, 2022, and will increase annually in 1% increments, with a maximum of 6%. | Audit report, p. 61 ↗ |
| Roth contributions | The Plan allows participants to designate contributions as Roth 401(k) contributions and to contribute amounts representing distributions from other qualified plans (rollover). | Audit report, p. 61 ↗ |
| Recordkeeper | Vanguard Group Inc | Schedule C ↗ |
| Independent auditor | Forvis Mazars LLP (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 673 defined-contribution plans in finance and insurance with 1,000 to 4,999 participants.
| Stockman Financial: employer contribution per participant | $3,293 | |
| Peer median | $2,966 |
| Stockman Financial: average balance | $109,167 | |
| Peer median | $104,792 |
| Stockman Financial: admin expenses ÷ assets | 0.07% | |
| Peer median | 0.10% |
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 $104M at the end of plan year 2023 to $117M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 1,111 | $117M | $3.5M | $3,293 | 0.07% | Quoted in the audit report, p. 61 ↗ | Form 5500 ↗ |
| 2023 | 1,043 | $104M | $3.1M | $3,082 | 0.07% | Not published | Form 5500 ↗ |
Common questions
Does Stockman Financial match 401(k) contributions?
The audit report attached to the Stockman Financial Corp 401 (K) Plan's plan year 2024 Form 5500, page 61 says: “The Company contributes 100% of the first 3% of base compensation that a participant contributes to the Plan. The Company is also required to make a safe harbor non-elective contribution equal to 3% of employee base compensation.” Plan terms may have changed; check your current Summary Plan Description.
When is the Stockman Financial 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 62 says: “Participants are immediately vested in their contributions and the Company contributions, plus earnings thereon.”
Who manages the Stockman Financial 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Vanguard Group Inc. The plan administrator is Stockman Financial Corp..
I left Stockman Financial. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Stockman Financial Corp., (406) 234-8470) or the recordkeeper, Vanguard Group Inc. The Stockman Financial old 401(k) page lists the contacts from every plan filing. Find an old Stockman Financial 401(k)
Data from the public Form 5500 annual reports Stockman Financial 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 Stockman Financial. Not financial advice. Report a correction · Methodology