Plan Snapshot
- Plan Sponsor: Mercantile Bank
- Sponsor EIN: 383360868
- Sponsor Address: 310 LEONARD STREET NW, GRAND RAPIDS, MI, 49504
- Plan Type: 401(k)
- Total Participants: 697
- Total Assets: $109.8M
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 | 697 | $109.8M | $2.6M | $4.7M |
| 2023 | 686 | $100.9M | $2.3M | $4.4M |
| 2022 | 664 | $81.0M | $2.2M | $3.9M |
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 |
|---|---|---|---|---|
| PLANTE MORAN | 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 | $291,479 | $270,159 | — | — | — |
| 2023 | $229,686 | $212,155 | — | — | — |
| 2022 | $223,813 | — | — | — | $223,813 |