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| Provider | Service type | Compensation |
|---|---|---|
1ST SOURCE BANK10+ years Service code 15 100 N. MICHIGAN STREET · SOUTH BEND, IN 46601 | Recordkeeping | $72,702 |
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Annual investment return is in the bottom quintile of the peer cohort.
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
Plan reported corrective distributions (failed ADP/ACP testing).
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $51,733 | $67,638-23.5% | $133,346-61.2% | $69,733-25.8% |
| Participation rate | 91.4% | 54.3%+37.2pp | 72.8%+18.6pp | 62.5%+29.0pp |
| Annual return | 4.65% | 13.38%-8.7pp | 36.85%-32.2pp | 15.22%-10.6pp |
| Employer contribution / active EE | $1,836 | $1,177+55.9% | $2,853-35.6% | $2,250-18.4% |
| Participant deferral / active EE | $4,899 | $2,567+90.9% | $4,332+13.1% | $3,054+60.4% |
| Admin fee / account holder | $311 | $4,814-93.5% | $14,264-97.8% | $3,102-90.0% |