Independent Bank Corporation 401(k) Review & Grade
Independent Bank Corporation 401(k) Plan
Ionia, MIFinance & Insurance826 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,546Employer $ per active participant
$7,329Employee $ saved per active participant
0.25%Direct admin cost, % of plan assets
$97.5MNet plan assets, end of year
$95,616Average balance per account
Score breakdown
- Employer generosity15.6 / 5031th percentile for employer $ per participant
- Low cost11.8 / 2547th percentile for low admin cost vs. same-size plans
- Employee saving8.0 / 1553th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score45 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 31th |
| Lower admin cost | 47th |
| Employee saving | 53th |
| 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
- Independent Bank put in about $2,546 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.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- 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 | $2,103,252 |
| Participant (employee) contributions | $6,053,473 |
| Other contributions (incl. rollovers in) | $790,859 |
| Administrative expenses paid from the plan | $232,596 |
| Contract administrator fees | $230,634 |
| Benefits paid out | $12,263,032 |
| Net assets, start / end of year | $88.8M / $97.5M |
| Active participants, start / end of year | 830 / 822 |
| Participants with account balances | 1,020 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Rehmann Robson LLC |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $230,634 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250811143137NAL0007301681001, received 2025-08-11, EIN 38-2032782, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.