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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 | $64,010-19.2% | $108,359-52.3% | $64,340-19.6% |
| Participation rate | 91.4% | 49.4%+42.1pp | 70.1%+21.3pp | 55.2%+36.2pp |
| Annual return | 4.65% | 19.74%-15.1pp | 36.89%-32.2pp | 24.14%-19.5pp |
| Employer contribution / active EE | $1,836 | $1,029+78.5% | $2,399-23.5% | $1,862-1.4% |
| Participant deferral / active EE | $4,899 | $2,395+104.5% | $4,137+18.4% | $2,980+64.4% |
| Admin fee / account holder | $311 | $4,885-93.6% | $9,741-96.8% | $3,703-91.6% |