Filed March 6, 2025
Total covered: 3 employees
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| Provider | Service type | Compensation |
|---|---|---|
1ST SOURCE BANK10+ years Service code 15 100 NORTH MICHIGAN STREET · SOUTH BEND, IN 46601 | Recordkeeping | $72,682 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $49,914 | $89,067-44.0% | $102,423-51.3% | $77,714-35.8% |
| Participation rate | 67.5% | 80.9%-13.4pp | 76.5%-9.0pp | 70.6%-3.1pp |
| Annual return | 15.40% | 25.01%-9.6pp | 29.42%-14.0pp | 31.26%-15.9pp |
| Employer contribution / active EE | $1,824 | $2,699-32.4% | $3,023-39.7% | $2,727-33.1% |
| Participant deferral / active EE | $2,873 | $5,147-44.2% | $5,054-43.2% | $4,649-38.2% |
| Admin fee / account holder | $326 | $236+38.2% | $9,455-96.6% | $433-24.8% |