Recordkeeping fees per participant
not reported
Not reported on this filing.
Employers › Merchants Bank of Indiana
Merchants Bank of Indiana 401(k)
- Finance and insurance
- Carmel, IN
- EIN 35-0352710
- 1 plan with Schedule H financials
- Plan year 2024
- filed as Merchants Bancorp
Administrative expenses excluding investment management, per participant · Merchants Bancorp 401(k) Plan · plan year 2024
$145.18
Higher than 59% of the 24,371 plans $10 to 50M that report it.
Source
= $101,478 / 699
derived, admin_expenses (2i(12)) minus invst_mgmt_fees (2i(5)), floored at 0; filing 20250724123445NAL0013322226001, received 2025-07-24
participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20250724123445NAL0013322226001, received 2025-07-24
Percentiles compare this plan with the Schedule H plans $10 to 50M 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 2025-07-24.
Cost and contributions
Administrative expenses per participant
$245.43
Higher than 61% of the 25,098 plans $10 to 50M that report it.
Source
= $171,557 / 699
Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20250724123445NAL0013322226001, received 2025-07-24
participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20250724123445NAL0013322226001, received 2025-07-24
Administrative expenses as a share of assets
0.375%
Higher than 65% of the 25,132 plans $10 to 50M that report it.
Source
= $171,557 / $45,801,534
Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20250724123445NAL0013322226001, received 2025-07-24
assets_eoy: Schedule H, Part I line 1f col (b); TOT_ASSETS_EOY_AMT pos 61; filing 20250724123445NAL0013322226001, received 2025-07-24
Employer contributions per participant
$3,190
Higher than 76% of the 24,050 plans $10 to 50M that report it.
Source
= $2,229,649 / 699
Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20250724123445NAL0013322226001, received 2025-07-24
participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20250724123445NAL0013322226001, received 2025-07-24
Employer share of total contributions
23.1%
Higher than 33% of the 24,084 plans $10 to 50M that report it.
Source
= $2,229,649 / $9,658,400
Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20250724123445NAL0013322226001, received 2025-07-24
total_contrib: Schedule H, line 2a(3); TOT_CONTRIB_AMT pos 72; filing 20250724123445NAL0013322226001, received 2025-07-24
Plan terms, as stated in Merchants Bank of Indiana's SEC filings
Plan terms are not published in public filings.
Plan features
2E profit-sharing · 2F ERISA 404(c) plan · 2G fully participant-directed · 2J 401(k) feature · 2K 401(m) arrangement · 2T default investment (QDIA) · 3D IRS pre-approved plan · 3H controlled-group sponsor · Form 5500, line 8a; TYPE_PENSION_BNFT_CODE pos 81; filing 20250724123445NAL0013322226001, received 2025-07-24
Full record, Merchants Bancorp 401(k) Plan
| Field | Value | Source |
|---|---|---|
| Plan sponsor | MERCHANTS BANCORP | Form 5500, Part II line 2a; SPONSOR_DFE_NAME pos 19; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Plan name | MERCHANTS BANCORP 401(K) PLAN | Form 5500, line 1a; PLAN_NAME pos 16; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Sponsor EIN / plan number | 35-0352710 / 001 | Form 5500, line 2b; SPONS_DFE_EIN pos 44; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Plan type | single-employer | Form 5500, Part I line A; TYPE_PLAN_ENTITY_CD pos 4; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Sponsor location | CARMEL, IN | Form 5500, line 2a; SPONS_DFE_MAIL_US_STATE pos 25; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Industry (business code) | 522110, Finance and insurance | Form 5500, line 2d; BUSINESS_CODE pos 46; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Plan year | 2024-01-01 to 2024-12-31 | Form 5500, Part I plan year; FORM_PLAN_YEAR_BEGIN_DATE pos 2; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Filing received | 2025-07-24 | Form 5500, EFAST2 receipt date; DATE_RECEIVED pos 102; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Final filing | no | Form 5500, Part I line B; FINAL_FILING_IND pos 8; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Amended filing | no | Form 5500, Part I line B; AMENDED_IND pos 7; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Participants, beginning of year | 696 | Form 5500, line 5; TOT_PARTCP_BOY_CNT pos 71; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Active participants | 647 | Form 5500, line 6a(2); TOT_ACTIVE_PARTCP_CNT pos 72; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Participants, end of year | 701 | Form 5500, line 6f; TOT_ACT_RTD_SEP_BENEF_CNT pos 77; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Participants with an account balance | 699 | Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Total assets, beginning of year | $35,840,567 | Schedule H, Part I line 1f col (a); TOT_ASSETS_BOY_AMT pos 30; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Total assets, end of year | $45,801,534 | Schedule H, Part I line 1f col (b); TOT_ASSETS_EOY_AMT pos 61; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Net assets, end of year | $45,801,534 | Schedule H, line 1l col (b); NET_ASSETS_EOY_AMT pos 67; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Total income | $15,045,807 | Schedule H, Part II line 2d; TOT_INCOME_AMT pos 97; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Net income | $9,960,967 | Schedule H, line 2k; NET_INCOME_AMT pos 111; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Employer contributions | $2,229,649 | Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Participant contributions | $5,231,915 | Schedule H, line 2a(1)(B); PARTICIPANT_CONTRIB_AMT pos 69; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Other contributions (incl. rollovers) | $2,196,836 | Schedule H, line 2a(1)(C); OTH_CONTRIB_RCVD_AMT pos 70; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Total contributions | $9,658,400 | Schedule H, line 2a(3); TOT_CONTRIB_AMT pos 72; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Benefit payments | $4,913,283 | Schedule H, line 2e(4); TOT_DISTRIB_BNFT_AMT pos 101; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Total expenses (incl. benefit payments) | $5,084,840 | Schedule H, line 2j; TOT_EXPENSES_AMT pos 110; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Total administrative expenses | $171,557 | Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Contract administrator fees | $101,478 | Schedule H, line 2i(2); CONTRACT_ADMIN_FEES_AMT pos 106; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Investment advisory and management fees | $70,079 | Schedule H, line 2i(5); INVST_MGMT_FEES_AMT pos 107; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Administrative expenses excluding investment management | $101,478 | derived, admin_expenses (2i(12)) minus invst_mgmt_fees (2i(5)), floored at 0; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Held in mutual funds | $45,801,534 | Schedule H, line 1c(13) col (b); INT_REG_INVST_CO_EOY_AMT pos 55; filing 20250724123445NAL0013322226001, received 2025-07-24 |
| Independent auditor | FORVIS MAZARS | Schedule H, Part III line 3a; ACCOUNTANT_FIRM_NAME pos 116; filing 20250724123445NAL0013322226001, received 2025-07-24 |
Position = column in the DOL layout for form year 2024. Filing 20250724123445NAL0013322226001, received 2025-07-24.
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 | $101,477 | yes |
| MORGAN STANLEY GLOBAL | INVESTMENT ADVISORY | 27 Investment advisory (plan); 50 Direct payment from the plan | $70,103 | no |
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 20250724123445NAL0013322226001, received 2025-07-24.
What changed since the 2023 plan year
| Figure | 2023 | 2024 | Change |
|---|---|---|---|
| Total assets | $35,840,567 | $45,801,534 | 27.8% |
| Participants with a balance | 650 | 699 | 7.5% |
| Administrative expenses | $104,062 | $171,557 | 64.9% |
| Recordkeeping fees per participant | not reported | not reported | |
| Employer contributions | $1,883,276 | $2,229,649 | 18.4% |
Prior filing 20241010103740NAL0011379347001, received 2024-10-10; the plan years are contiguous.
Alerts, claims and corrections
Sponsor name as filed: MERCHANTS BANCORP; SEC registrant: Merchants Bank of Indiana (CIK 1908863, matched by EIN).