Plan Snapshot
- Plan Sponsor: Independence Bank
- Sponsor EIN: 810331859
- Sponsor Address: PO BOX 2090, HAVRE, MT, 59501
- Plan Type: 401(k)
- Total Participants: 147
- Total Assets: $34.5M
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 | 147 | $34.5M | $1.9M | $184,095 |
| 2023 | 140 | $29.3M | $1.8M | $169,399 |
| 2022 | 134 | $26.2M | $1.6M | $170,292 |
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 |
|---|---|---|---|---|
| ALLIED INVESTMENT ADVISORS, LLC | Investment Advisor | $91,465 | — | $91,465 |
| EMPOWER ANNUITY INSURANCE COMPANY | Other Service Provider | $20,005 | — | $20,005 |
| RANDALL & HURLEY, INC. | Recordkeeper | $4,020 | $11,160 | $15,180 |
| EMPOWER ADVISORY GROUP, LLC | Investment Advisor | $5,419 | — | $5,419 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $132,069
- Estimated Expense Ratio: 0.383% of plan assets
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 | $120,910 | $91,466 | $4,020 | — | — |
| 2023 | $101,268 | $77,779 | $3,933 | — | — |
| 2022 | $62,427 | $43,504 | — | — | — |