Bank Independent Inc 401(k) Review & Grade
Bank Independent 401(k) Profit Sharing Plan
Sheffield, ALFinance & Insurance566 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,334Employer $ per active participant
$4,313Employee $ saved per active participant
0.46%Direct admin cost, % of plan assets
$45.9MNet plan assets, end of year
$58,905Average balance per account
Score breakdown
- Employer generosity6.2 / 5012th percentile for employer $ per participant
- Low cost6.3 / 2525th percentile for low admin cost vs. same-size plans
- Employee saving2.4 / 1516th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score25 / 100 · Grade F
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 12th |
| Lower admin cost | 25th |
| Employee saving | 16th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Bank Independent put in about $1,334 per active participant, below the typical peer ($3,606). Any match is still an instant return, so contribute enough to get all of it.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Direct plan expenses (0.46% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $755,756 |
| Participant (employee) contributions | $2,443,062 |
| Other contributions (incl. rollovers in) | $331,795 |
| Administrative expenses paid from the plan | $199,527 |
| Investment advisory & management fees | $193,588 |
| Benefits paid out | $3,376,408 |
| Net assets, start / end of year | $40.0M / $45.9M |
| Active participants, start / end of year | 560 / 573 |
| Participants with account balances | 780 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Crowe LLP |
Largest service providers (Schedule C)
| Morgan Stanley Smith Barney | $107,729 reported compensation |
| Adp, Inc. | $91,797 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015051313NAL0001909411001, received 2025-10-15, EIN 63-0260951, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.