Plan Snapshot
- Plan Sponsor: Independent Bank Corporation
- Sponsor EIN: 382032782
- Sponsor Address: 227 W MAIN STREET, IONIA, MI, 488468438
- Plan Type: DC
- Total Participants: 715
- Total Assets: $19.2M
Key Plan Design Features
- Auto-Enrollment: No
- Auto-Escalation: No
- Allows Roth Contributions: No
- Participant Loans: No
- Participant-Directed Investments: Yes
- ERISA Section 404(c) Fiduciary Safe Harbor: No
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2024 | 715 | $19.2M | $1.1M | $0 |
| 2023 | 751 | $14.8M | $1.1M | $0 |
| 2022 | 719 | $13.4M | $981,397 | $0 |
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 |
|---|---|---|---|---|
| PRINCIPAL LIFE INSURANCE COMPANY | CONTRACT ADMINISTRATOR | $27,097 | — | $27,097 |
| REHMANN ROBSON | ACCOUNTANT | $14,463 | — | $14,463 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $41,560
- Estimated Expense Ratio: 0.216% 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 | $41,560 | — | $27,097 | $14,463 | — |
| 2023 | $42,790 | — | $25,040 | $17,750 | — |
| 2022 | $37,475 | $12,000 | $25,475 | — | — |