Plan Snapshot
- Plan Sponsor: Bank Independent INC
- Sponsor EIN: 630260951
- Sponsor Address: P.O. BOX 5000, SHEFFIELD, AL, 35660
- Plan Type: 401(k)
- Total Participants: 573
- Total Assets: $45.9M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: Yes
- Participant Loans: No
- Participant-Directed Investments: Yes
- ERISA Section 404(c) Fiduciary Safe Harbor: Yes
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2024 | 573 | $45.9M | $755,756 | $2.4M |
| 2023 | 563 | $40.0M | $704,099 | $2.2M |
| 2022 | 519 | $32.9M | $647,703 | $2.1M |
Service Providers (Schedule C)
Vendors paid $5,000 or more for services to the plan, ranked by total compensation (direct + indirect fees).
| Provider Name | Role | Direct Compensation | Indirect Compensation | Total Fees |
|---|---|---|---|---|
| CROWE LLP | Auditor | — | — | $0 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $0
Historical Administrative Expenses
Breakdown of administrative expense categories reported on Form 5500 filings.
| Year | Total Admin Expenses | Investment Mgmt Fees | Contract Admin Fees | IQPA Audit Fees | Professional Fees |
|---|---|---|---|---|---|
| 2024 | $199,527 | $193,588 | — | — | — |
| 2023 | $163,798 | $137,739 | — | — | — |
| 2022 | $161,027 | — | — | — | — |