How much does Bergstrom Electric, Inc. contribute to its ESOP?

In 2024, employer contributions to the Bergstrom Electric, Inc. plan averaged $14,788 per active participant, above the $2,416 median for plans of similar size. Public filings report contribution dollars, not the match formula; the formula is in the plan's summary plan description.

What is the average account balance in the Bergstrom Electric, Inc. 401(k)?

The average participant account balance was $158,432 for plan year 2024, based on 130 accounts.

Bergstrom Electric, Inc.ESOP

Name: Bergstrom Electric, Inc. 401(k) plan: Form 5500 data
Creator: U.S. Department of Labor

BERGSTROM ELECTRIC, INC. ESOP · GRAND FORKS, ND · plan year 2024

Employer contribution per participant · 2024

$14,788

Bergstrom Electric, Inc.'s 2024 Form 5500 did not separately report plan administrative expenses, which is common where recordkeeping is paid through investment revenue-sharing or a master trust. The plan held $20,596,126 across 130 participant accounts, with employer contributions averaging $14,788 per active participant. See methodology for what Form 5500 does and doesn't capture.

The plan sits in the $10M–$50M size bracket, benchmarked here against 27,838 comparable plans and shown alongside other construction employers. By assets it is the 116th-largest of 279 plans among North Dakota employers on file, and the 1,983rd of 5,337 in construction.

Plan summary
Net assets, end of year$20,596,126
Participants with balances130
Active participants105
Employer contributions$1,552,708
Employee contributions—
Employer contribution per active participant$14,788
Average account balance$158,432
Benefits paid to participants$663,326
Plan auditUnmodified (clean) audit opinion
AuditorBRADY MARTS & ASSOCIATES, P.C.

Plan history3

Yearassets · accounts · employer contribution

2024$20.6M · 130 accts · $1.6M emplr

2023$15.3M · 131 accts · $923K emplr

2022$11.4M · 130 accts · $847K emplr

Employer contributions to the Bergstrom Electric, Inc. plan · 2024

Employer contribution per active participant$14,788

Median for plans this size$2,416

2024$14,788 per active participant

2023$8,472 per active participant

2022$7,839 per active participant

Bergstrom Electric, Inc.'s 2024 employer contribution ran above the $2,416 median for plans its size, placing it in the top quarter of its peers. Filings report dollars actually contributed, not the match formula; the formula itself (for example, 50% of the first 6% of pay) lives in the plan's summary plan description from HR.

Administrative cost history3

2024Not separately reported

2023Not separately reported

2022Not separately reported

All plans at this employer2

BERGSTROM ELECTRIC, INC. 401(K) PLAN401(k)

BERGSTROM ELECTRIC, INC. ESOPESOP

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Source: U.S. Department of Labor, Form 5500 series, EIN 450332406 · Verify on EFAST2 · Amounts are as reported by the plan sponsor for the plan year shown.