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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 | $65,246-20.7% | $98,716-47.6% | $67,986-23.9% |
| Participation rate | 91.4% | 51.4%+40.0pp | 69.3%+22.1pp | 57.2%+34.2pp |
| Annual return | 4.65% | 20.58%-15.9pp | 31.81%-27.2pp | 31.67%-27.0pp |
| Employer contribution / active EE | $1,836 | $1,042+76.2% | $2,279-19.4% | $2,019-9.0% |
| Participant deferral / active EE | $4,899 | $2,594+88.9% | $4,048+21.0% | $3,358+45.9% |
| Admin fee / account holder | $311 | $4,561-93.2% | $8,703-96.4% | $3,203-90.3% |