# Southern Michigan Bancorp, INC. 401(k) Plan
Source: https://planprovider.pro/companies/southern-michigan-bancorp-inc-401k-plan

> Southern Michigan Bancorp, INC.'s 401(k) plan: 242 participants, plan year 2024 financials, providers, and benchmarks from Form 5500.

Form 5500 filing data for plan year 2024.

## Plan Snapshot

- **Plan Sponsor:** Southern Michigan Bancorp, INC.

- **Sponsor EIN:** 382407501

- **Sponsor Address:** 51 W. PEARL STREET, COLDWATER, MI, 490361933

- **Plan Type:** 401(k)

- **Total Participants:** 242

- **Total Assets:** $22.5M

## Key Plan Design Features

- **Auto-Enrollment:** Yes

- **Auto-Escalation:** No

- **Allows Roth Contributions:** No

- **Participant Loans:** Yes

- **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|242|$22.5M|$609,416|$1.3M|

| 2023|240|$18.6M|$559,404|$1.1M|

| 2022|214|$17.5M|$477,029|$959,123|

## 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|

| BRINK, KEY, & CHLUDZINSKI, P.C.|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|$17,414|—|$17,414|—|—|

| 2023|$5,942|—|$5,942|—|—|

| 2022|$4,167|$3,807|—|—|$360|

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