Multi-Employer Retirement Plan
Introduced in the fall of 2011, the BankIn Minnesota Multi-Employer Retirement Plan is offered to both Community Bank and Associate Members. The plan is powered by BPAS (formerly Fringe Benefits Design of MN, Inc.) which has been providing services to multiple employer programs since the early 1990s.
The BankIn Minnesota retirement plan is truly a community banking approach to your 401(k). In partnership with BPAS – 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:
By spreading the expenses associated with 401k administration, BankIn Minnesota members greatly reduce the fees associated with retirement plans. The average bank experienced initial cost savings of 30% on their plan-related fees. Member bank savings have continued to increase as more members participate.
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 2021) and more than $272,000,000 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 change 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 investment committee comprised of Executives from participants. The committee of your peers reviews all available investments on a semi-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 952-896-2005.