Sunday, March 1, 2015

SMART SCHOOLS MANAGEMENT, INC. 401K: Where's Full Spectrum?

If you participate in the Smart Schools Management, Inc. 401K plan, Miss Fortune would like to hear from you.

Here's why.

At left is Smart Schools Management's most recent Form 5500 annual report filing. Due to the Department of Labor's reporting requirements, it's for the year ending December 31, 2013.

But here's the thing--although it was issued just this past October 13, 2014, the report still shows Steven Ingersoll as the plan's sponsor and administrator. The plan's address is the same as the Grand Traverse Academy's, 1245 Hammond Road East in Traverse City.

And while Ingersoll still ostensibly runs the Bay City Academy and may still be using this fund for Bay City employee contributions, I am unable to locate a 401K record for Full Spectrum Management using an official Department of Labor database nearly one year after the company assumed control of managing the Grand Traverse Academy. 

In addition to his 2012 in-service distribution of $217,562 from the fund, Smart Schools Management's 2013 401K 5500 report shows that Steven Ingersoll withdrew another $205,556 in-service distribution.

If an employer-sponsored plan permits in-service, non-hardship employee withdrawals, participants often must meet certain requirements. Plan guidelines may include a minimum age restriction (usually 59 1/2), a length-of-service requirement or both.

If you work at the Grand Traverse Academy and participate in the 401K, I'd like to know if the Smart Schools Management plan transfer to Full Spectrum has begun. And, if it has, I will update this story with that information.

You can send me an anonymous email at: tcmissfortune@yahoo.com.

After all, we're coming up on the one year anniversary of Full Spectrum's March 19, 2014 management takeover of the Grand Traverse Academy.

I would have expected this "proactive" move by now.


  1. He probably took the distribution as a loan, completely legal.

    1. The amounts are not included in the "loan" section of the reports for 2012 and 2013.

  2. Ingersoll probably stole the employee contributions. IRS tip or employee's should check stays of accounts immediately. This man is a thief.