Plan Snapshot
- Plan Sponsor: Maine Bankers Association
- Sponsor EIN: 010155360
- Sponsor Address: 2 THOMAS DRIVE, WESTBROOK, ME, 04092
- Plan Type: Health & Welfare
- Plan Number: 502
- Total Participants: 3,531
- Total Assets: $13.0M
Key Plan Design Features
- Auto-Enrollment: No
- Auto-Escalation: No
- Allows Roth Contributions: No
- Participant Loans: No
- Participant-Directed Investments: No
- ERISA Section 404(c) Fiduciary Safe Harbor: No
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2025 | 3,531 | $13.0M | $0 | $0 |
| 2024 | 2,710 | $12.0M | $27.2M | $7.4M |
| 2023 | 2,717 | $12.6M | $27.4M | $7.0M |
| 2022 | 2,699 | $14.4M | $23.0M | $6.7M |
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 |
|---|---|---|---|---|
| MAINE BANKERS ASSOCIATION | Other Service Provider | $864,307 | — | $864,307 |
| WELLNESS WORKDAYS | Other Service Provider | $320,108 | — | $320,108 |
| HELLO HEART | Other Service Provider | $110,103 | — | $110,103 |
| BUSINESS SOLVER | Other Service Provider | $105,870 | — | $105,870 |
| OMADA HEALTH | Other Service Provider | $97,022 | — | $97,022 |
| MARSH MCLENNAN AGENCY LLC | Other Service Provider | $83,760 | — | $83,760 |
| HEALTH AXIS | Other Service Provider | $27,654 | — | $27,654 |
| ASSOCIATION SERVICES, INC. | Other Service Provider | $22,978 | — | $22,978 |
| PHYSERA PHYSICAL THERAPY GROUP PC | Other Service Provider | $14,125 | — | $14,125 |
| LEARN YOUR WORK LIFE | Other Service Provider | $14,110 | — | $14,110 |
| NOVAREST | Other Service Provider | $12,500 | — | $12,500 |
| BDMP ASSURANCE LLP | Other Service Provider | $12,342 | — | $12,342 |
| WEX | Other Service Provider | $7,392 | — | $7,392 |
| BERRYDUNN | Other Service Provider | $6,770 | — | $6,770 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $1,699,041
- Estimated Expense Ratio: 13.086% 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 |
|---|---|---|---|---|---|
| 2025 | $35,715,300 | — | $980,130 | $21,612 | — |
| 2024 | $1,841,328 | — | $993,280 | $52,221 | — |
| 2023 | $1,817,929 | — | $945,413 | $24,480 | — |
| 2022 | $2,070,653 | — | $1,341,706 | — | $158,071 |