Recordkeeping fees per participant
not reported
Not reported on this filing.
Employers › Independence Bancshares
Independence Bancshares 401(k)
- Finance and insurance
- Owensboro, KY
- EIN 61-0955447
- 1 plan with Schedule H financials
- Plan year 2024
- Independence Bancshares, Inc.
Administrative expenses excluding investment management, per participant · Independence Bancshares, Inc. Employee Stock Ownership Plan (with 401(k) Provisions) · plan year 2024
$201.13
Higher than 85% of the 8,758 plans $50 to 250M that report it.
Source
= $122,487 / 609
derived, admin_expenses (2i(12)) minus invst_mgmt_fees (2i(5)), floored at 0; filing 20250804095803NAL0001063728001, received 2025-08-04
participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20250804095803NAL0001063728001, received 2025-08-04
Percentiles compare this plan with the Schedule H plans $50 to 250M in assets of the same plan year, excluding final filings; shown only where at least 50 comparable plans report the figure. Plan year 2024-01-01 to 2024-12-31, filing received 2025-08-04.
Cost and contributions
Administrative expenses per participant
$201.13
Higher than 71% of the 9,042 plans $50 to 250M that report it.
Source
= $122,487 / 609
Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20250804095803NAL0001063728001, received 2025-08-04
participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20250804095803NAL0001063728001, received 2025-08-04
Administrative expenses as a share of assets
0.141%
Higher than 52% of the 9,049 plans $50 to 250M that report it.
Source
= $122,487 / $87,032,451
Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20250804095803NAL0001063728001, received 2025-08-04
assets_eoy: Schedule H, Part I line 1f col (b); TOT_ASSETS_EOY_AMT pos 61; filing 20250804095803NAL0001063728001, received 2025-08-04
Employer contributions per participant
$1,413
Higher than 19% of the 9,105 plans $50 to 250M that report it.
Source
= $860,449 / 609
Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20250804095803NAL0001063728001, received 2025-08-04
participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20250804095803NAL0001063728001, received 2025-08-04
Employer share of total contributions
14.6%
Higher than 9% of the 9,112 plans $50 to 250M that report it.
Source
= $860,449 / $5,886,412
Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20250804095803NAL0001063728001, received 2025-08-04
total_contrib: Schedule H, line 2a(3); TOT_CONTRIB_AMT pos 72; filing 20250804095803NAL0001063728001, received 2025-08-04
Plan terms, as stated in Independence Bancshares, Inc.'s SEC filings
Plan terms are not published in public filings.
Plan features
2E profit-sharing · 2F ERISA 404(c) plan · 2H partially participant-directed · 2I · 2J 401(k) feature · 2K 401(m) arrangement · 2P · 2Q · 2T default investment (QDIA) · 3H controlled-group sponsor · 3I · Form 5500, line 8a; TYPE_PENSION_BNFT_CODE pos 81; filing 20250804095803NAL0001063728001, received 2025-08-04
Full record, Independence Bancshares, Inc. Employee Stock Ownership Plan (with 401(k) Provisions)
| Field | Value | Source |
|---|---|---|
| Plan sponsor | INDEPENDENCE BANCSHARES, INC. | Form 5500, Part II line 2a; SPONSOR_DFE_NAME pos 19; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Plan name | INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS) | Form 5500, line 1a; PLAN_NAME pos 16; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Sponsor EIN / plan number | 61-0955447 / 002 | Form 5500, line 2b; SPONS_DFE_EIN pos 44; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Plan type | single-employer | Form 5500, Part I line A; TYPE_PLAN_ENTITY_CD pos 4; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Sponsor location | OWENSBORO, KY | Form 5500, line 2a; SPONS_DFE_MAIL_US_STATE pos 25; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Industry (business code) | 522110, Finance and insurance | Form 5500, line 2d; BUSINESS_CODE pos 46; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Plan year | 2024-01-01 to 2024-12-31 | Form 5500, Part I plan year; FORM_PLAN_YEAR_BEGIN_DATE pos 2; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Filing received | 2025-08-04 | Form 5500, EFAST2 receipt date; DATE_RECEIVED pos 102; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Final filing | no | Form 5500, Part I line B; FINAL_FILING_IND pos 8; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Amended filing | no | Form 5500, Part I line B; AMENDED_IND pos 7; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Participants, beginning of year | 637 | Form 5500, line 5; TOT_PARTCP_BOY_CNT pos 71; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Active participants | 417 | Form 5500, line 6a(2); TOT_ACTIVE_PARTCP_CNT pos 72; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Participants, end of year | 649 | Form 5500, line 6f; TOT_ACT_RTD_SEP_BENEF_CNT pos 77; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Participants with an account balance | 609 | Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Total assets, beginning of year | $82,783,822 | Schedule H, Part I line 1f col (a); TOT_ASSETS_BOY_AMT pos 30; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Total assets, end of year | $87,032,451 | Schedule H, Part I line 1f col (b); TOT_ASSETS_EOY_AMT pos 61; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Net assets, end of year | $81,830,918 | Schedule H, line 1l col (b); NET_ASSETS_EOY_AMT pos 67; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Total income | $10,911,395 | Schedule H, Part II line 2d; TOT_INCOME_AMT pos 97; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Net income | $1,486,369 | Schedule H, line 2k; NET_INCOME_AMT pos 111; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Employer contributions | $860,449 | Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Participant contributions | $2,747,639 | Schedule H, line 2a(1)(B); PARTICIPANT_CONTRIB_AMT pos 69; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Other contributions (incl. rollovers) | $2,278,324 | Schedule H, line 2a(1)(C); OTH_CONTRIB_RCVD_AMT pos 70; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Total contributions | $5,886,412 | Schedule H, line 2a(3); TOT_CONTRIB_AMT pos 72; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Benefit payments | $9,300,800 | Schedule H, line 2e(4); TOT_DISTRIB_BNFT_AMT pos 101; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Total expenses (incl. benefit payments) | $9,425,026 | Schedule H, line 2j; TOT_EXPENSES_AMT pos 110; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Total administrative expenses | $122,487 | Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Contract administrator fees | $122,487 | Schedule H, line 2i(2); CONTRACT_ADMIN_FEES_AMT pos 106; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Administrative expenses excluding investment management | $122,487 | derived, admin_expenses (2i(12)) minus invst_mgmt_fees (2i(5)), floored at 0; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Held in mutual funds | $6,377,117 | Schedule H, line 1c(13) col (b); INT_REG_INVST_CO_EOY_AMT pos 55; filing 20250804095803NAL0001063728001, received 2025-08-04 |
| Independent auditor | RINEY HANCOCK CPAS PSC | Schedule H, Part III line 3a; ACCOUNTANT_FIRM_NAME pos 116; filing 20250804095803NAL0001063728001, received 2025-08-04 |
Position = column in the DOL layout for form year 2024. Filing 20250804095803NAL0001063728001, received 2025-08-04.
Service providers paid directly by the plan
| Provider | Relationship | Service codes | Direct compensation | Indirect |
|---|---|---|---|---|
| PRINCIPAL LIFE INSURANCE COMPANYrecordkeeper | CONTRACT ADMINISTRATOR | 13 Contract administrator; 50 Direct payment from the plan; 64 Recordkeeping fees | $39,986 | yes |
| MORNINGSTAR INVESTMENT MANAGEMENT L | INV ADV, PARTICIPANTS | 26 Investment advisory (participants); 70 Consulting fees | $0 | yes |
| WILSHIRE ADVISORS LLC | INVESTMENT ADVISORY | 27 Investment advisory (plan); 72 Other investment fees and expenses | $0 | yes |
| INDEPENDENCE BANK | OTHER SERVICES | 49 Other services; 55 Other commissions | not reported |
Schedule C Part I line 2: name (a), service codes (b), relationship (c), direct compensation paid by the plan (d), indirect compensation received (e). Filing 20250804095803NAL0001063728001, received 2025-08-04.
What changed since the 2023 plan year
| Figure | 2023 | 2024 | Change |
|---|---|---|---|
| Total assets | $82,783,822 | $87,032,451 | 5.1% |
| Participants with a balance | 563 | 609 | 8.2% |
| Administrative expenses | $126,024 | $122,487 | -2.8% |
| Recordkeeping fees per participant | not reported | not reported | |
| Employer contributions | $863,003 | $860,449 | -0.3% |
Prior filing 20241015170157NAL0015130483001, received 2024-10-15; the plan years are contiguous.
Alerts, claims and corrections
Sponsor name as filed: INDEPENDENCE BANCSHARES, INC.; SEC registrant: Independence Bancshares, Inc. (CIK 1760086, matched by EIN).