Endorsed Retirement Plan

Introduced in the fall of 2011, the BankIn Minnesota Endorsed Retirement Plan is offered to both Community Bank and Associate Members. The plan is powered by Impact Retirement Advisors, a comprehensive wealth management firm with an emphasis on corporate retirement plans, individual investment advisory services and retirement income planning.    

The BankIn Minnesota retirement plan is truly a community banking approach to your 401(k). In partnership with Impact Retirement Advisors – a company we selected for its cost structure, approach to investments, and its business philosophy – our retirement plan is truly the best option for community banks in Minnesota.

View more information about the program.

We bring you:

Cost Savings: With access to preferred association member pricing, BankIn Minnesota members can greatly reduce the service fees associated with their retirement plan. The average bank has experienced initial cost savings of 25% on their service provider fees (Investment Advisory, Recordkeeping, and Third Party Administration).

Size and Scale: Since the program’s release in 2011, it has gained significant traction with our members. There are currently 55 participating member banks (as of 2024) and more than $275,000,000 in total plan assets.

Reduced Fiduciary Liability: Plan sponsors have a legal obligation to their participants to ensure they have access to both a wide range of investment categories and strong money managers for investment categories. Our program assists community banks with plan design and implementation, ongoing monitoring and communication, and managing their overall fiduciary responsibilities. We take a proactive approach to changing dynamics within your plan.  Additionally, each participating bank receives their own Investment Policy Statement and monthly performance reports.

Oversite provided by your peers: The BankIn Minnesota program maintains an oversight board comprised of Executives from participating banks. The committee of your peers reviews all available investments on at least an annual basis to ensure they remain some of the strongest funds in their respective categories. 

Other benefits include: Transparent environment for non-revenue investments, plan sponsor support, directed trustee service, plan customization, investment flexibility, education, and technology and online tools.

Consider inviting us in for a complimentary comparative analysis of your existing plan. The U.S. Department of Labor considers comparative analysis with competing options a prudent practice for plan fiduciaries.

 

Want to ask a fellow member about their experience? 

Contact  Patti Coles and she will get a call set up for you.
 

Have a question about the program? 

Contact Todd Mathison or call him at 507-581-6131.