408 Service Provider Agreements for CD Investments

[BeanCounterBlues]

Say that a small company (three employees all eligible) sponsors a profit sharing plan and makes a generous annual contribution (doesn't matter just setting a hypothetical employer example up). The assets are trustee directed and the employees have no say in the investments. Some of the investments are in very conservative investments such as savings accounts.

Let's say for example there are fees (minor but still they're there) charged for the mainenance of the savings account. It seems like 408 would require that the plan fiduciary have a written service agreement with the bank because technically the bank is getting a fee out of the plan's assets.

Practically speaking I doubt the bank would be very interested in accommodating a service agreement (I could be wrong). First - is a service agreement required here (I'm not aware of any de minimus exceptions under 408). If the answer is technically "yes," - what advice would you give a plan in this situation, assuming they can't get an agreement w/ the bank.

Close the account and put the money somewhere else? Hope the DOL would look kindly on the situation due immateriality?

Thanks for any help.