Plan Snapshot
- Plan Sponsor: Independence Bancshares, INC.
- Sponsor EIN: 610955447
- Sponsor Address: 2425 FREDERICA STREET, OWENSBORO, KY, 423015437
- Plan Type: 401(k)
- Total Participants: 417
- Total Assets: $87.0M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: No
- 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 | 417 | $87.0M | $860,449 | $2.7M |
| 2023 | 435 | $82.8M | $863,003 | $2.8M |
| 2022 | 467 | $87.5M | $796,181 | $2.6M |
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 |
|---|---|---|---|---|
| RINEY HANCOCK CPAS PSC | 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 | $122,487 | — | $122,487 | — | — |
| 2023 | $126,024 | — | $36,105 | — | — |
| 2022 | $139,612 | — | $40,373 | — | $99,239 |