Recordkeeping fees per participant
not reported
Not reported on this filing.
Employers › Southern Michigan Bancorp
Southern Michigan Bancorp 401(k)
- Finance and insurance
- Coldwater, MI
- EIN 38-2407501
- 1 plan with Schedule H financials
- Plan year 2024
- Southern Michigan Bancorp, Inc.
- SEC registrant Southern Michigan Bancorp Inc
Administrative expenses excluding investment management, per participant · Southern Michigan Bancorp, Inc. Employee Stock Ownership Plan · plan year 2024
$63.79
Higher than 30% of the 24,371 plans $10 to 50M that report it.
Source
= $17,414 / 273
derived, admin_expenses (2i(12)) minus invst_mgmt_fees (2i(5)), floored at 0; filing 20251015143454NAL0002461907001, received 2025-10-15
participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20251015143454NAL0002461907001, received 2025-10-15
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 2025-10-15.
Cost and contributions
Administrative expenses per participant
$63.79
Higher than 19% of the 25,098 plans $10 to 50M that report it.
Source
= $17,414 / 273
Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20251015143454NAL0002461907001, received 2025-10-15
participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20251015143454NAL0002461907001, received 2025-10-15
Administrative expenses as a share of assets
0.078%
Higher than 18% of the 25,132 plans $10 to 50M that report it.
Source
= $17,414 / $22,464,109
Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20251015143454NAL0002461907001, received 2025-10-15
assets_eoy: Schedule H, Part I line 1f col (b); TOT_ASSETS_EOY_AMT pos 61; filing 20251015143454NAL0002461907001, received 2025-10-15
Employer contributions per participant
$2,232
Higher than 55% of the 24,050 plans $10 to 50M that report it.
Source
= $609,416 / 273
Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20251015143454NAL0002461907001, received 2025-10-15
participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20251015143454NAL0002461907001, received 2025-10-15
Employer share of total contributions
29.6%
Higher than 56% of the 24,084 plans $10 to 50M that report it.
Source
= $609,416 / $2,061,109
Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20251015143454NAL0002461907001, received 2025-10-15
total_contrib: Schedule H, line 2a(3); TOT_CONTRIB_AMT pos 72; filing 20251015143454NAL0002461907001, received 2025-10-15
Plan terms, as stated in Southern Michigan Bancorp, Inc.'s SEC filings
Plan terms are described in Southern Michigan Bancorp, Inc.'s SEC filings: Form 10-K filed 2013-03-28. No term could be quoted from them with the required precision.
Plan features
2E profit-sharing · 2F ERISA 404(c) plan · 2G fully participant-directed · 2I · 2J 401(k) feature · 2K 401(m) arrangement · 2O ESOP-related feature · 2R participant brokerage window · 2T default investment (QDIA) · 3H controlled-group sponsor · 3I · Form 5500, line 8a; TYPE_PENSION_BNFT_CODE pos 81; filing 20251015143454NAL0002461907001, received 2025-10-15
Full record, Southern Michigan Bancorp, Inc. Employee Stock Ownership Plan
| Field | Value | Source |
|---|---|---|
| Plan sponsor | SOUTHERN MICHIGAN BANCORP, INC. | Form 5500, Part II line 2a; SPONSOR_DFE_NAME pos 19; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Plan name | SOUTHERN MICHIGAN BANCORP, INC. EMPLOYEE STOCK OWNERSHIP PLAN | Form 5500, line 1a; PLAN_NAME pos 16; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Sponsor EIN / plan number | 38-2407501 / 002 | Form 5500, line 2b; SPONS_DFE_EIN pos 44; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Plan type | single-employer | Form 5500, Part I line A; TYPE_PLAN_ENTITY_CD pos 4; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Sponsor location | COLDWATER, MI | Form 5500, line 2a; SPONS_DFE_MAIL_US_STATE pos 25; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Industry (business code) | 522110, Finance and insurance | Form 5500, line 2d; BUSINESS_CODE pos 46; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Plan year | 2024-01-01 to 2024-12-31 | Form 5500, Part I plan year; FORM_PLAN_YEAR_BEGIN_DATE pos 2; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Filing received | 2025-10-15 | Form 5500, EFAST2 receipt date; DATE_RECEIVED pos 102; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Final filing | no | Form 5500, Part I line B; FINAL_FILING_IND pos 8; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Amended filing | no | Form 5500, Part I line B; AMENDED_IND pos 7; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Participants, beginning of year | 300 | Form 5500, line 5; TOT_PARTCP_BOY_CNT pos 71; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Active participants | 242 | Form 5500, line 6a(2); TOT_ACTIVE_PARTCP_CNT pos 72; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Participants, end of year | 298 | Form 5500, line 6f; TOT_ACT_RTD_SEP_BENEF_CNT pos 77; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Participants with an account balance | 273 | Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Total assets, beginning of year | $18,635,946 | Schedule H, Part I line 1f col (a); TOT_ASSETS_BOY_AMT pos 30; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Total assets, end of year | $22,464,109 | Schedule H, Part I line 1f col (b); TOT_ASSETS_EOY_AMT pos 61; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Net assets, end of year | $22,464,109 | Schedule H, line 1l col (b); NET_ASSETS_EOY_AMT pos 67; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Total income | $5,154,890 | Schedule H, Part II line 2d; TOT_INCOME_AMT pos 97; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Net income | $3,828,163 | Schedule H, line 2k; NET_INCOME_AMT pos 111; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Employer contributions | $609,416 | Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Participant contributions | $1,309,986 | Schedule H, line 2a(1)(B); PARTICIPANT_CONTRIB_AMT pos 69; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Other contributions (incl. rollovers) | $141,707 | Schedule H, line 2a(1)(C); OTH_CONTRIB_RCVD_AMT pos 70; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Total contributions | $2,061,109 | Schedule H, line 2a(3); TOT_CONTRIB_AMT pos 72; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Benefit payments | $1,309,313 | Schedule H, line 2e(4); TOT_DISTRIB_BNFT_AMT pos 101; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Total expenses (incl. benefit payments) | $1,326,727 | Schedule H, line 2j; TOT_EXPENSES_AMT pos 110; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Total administrative expenses | $17,414 | Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Contract administrator fees | $17,414 | Schedule H, line 2i(2); CONTRACT_ADMIN_FEES_AMT pos 106; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Administrative expenses excluding investment management | $17,414 | derived, admin_expenses (2i(12)) minus invst_mgmt_fees (2i(5)), floored at 0; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Held in common/collective trusts | $3,474,105 | Schedule H, line 1c(9) col (b); INT_COMMON_TR_EOY_AMT pos 51; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Held in mutual funds | $8,902,438 | Schedule H, line 1c(13) col (b); INT_REG_INVST_CO_EOY_AMT pos 55; filing 20251015143454NAL0002461907001, received 2025-10-15 |
| Independent auditor | BRINK, KEY, & CHLUDZINSKI, P.C. | Schedule H, Part III line 3a; ACCOUNTANT_FIRM_NAME pos 116; filing 20251015143454NAL0002461907001, received 2025-10-15 |
Position = column in the DOL layout for form year 2024. Filing 20251015143454NAL0002461907001, received 2025-10-15.
Service providers paid directly by the plan
| Provider | Relationship | Service codes | Direct compensation | Indirect |
|---|---|---|---|---|
| STANCORP FINANCIAL GROUPrecordkeeper | RECORDKEEPER/BOOKKEEPER | 12 Claims processing; 15 Recordkeeping and information management; 18 Custodial (other than securities); 50 Direct payment from the plan | $9,162 | no |
| ECONOMIC GROUP PENSION SERVICES LLC | INVESTMENT ADVISORY | 27 Investment advisory (plan); 70 Consulting fees | $2,202 | yes |
| PRINCIPAL LIFE INSURANCE COMPANYrecordkeeper | CONTRACT ADMINISTRATOR | 13 Contract administrator; 37 Participant loan processing; 50 Direct payment from the plan; 64 Recordkeeping fees | $1,054 | yes |
| WILSHIRE ADVISORS LLC | INVESTMENT ADVISORY | 27 Investment advisory (plan); 72 Other investment fees and expenses | $0 | yes |
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 20251015143454NAL0002461907001, received 2025-10-15.
What changed since the 2023 plan year
| Figure | 2023 | 2024 | Change |
|---|---|---|---|
| Total assets | $18,635,946 | $22,464,109 | 20.5% |
| Participants with a balance | 308 | 273 | -11.4% |
| Administrative expenses | $5,942 | $17,414 | 193.1% |
| Recordkeeping fees per participant | not reported | not reported | |
| Employer contributions | $559,404 | $609,416 | 8.9% |
Prior filing 20241015153013NAL0056966034001, received 2024-10-15; the plan years are contiguous.
Alerts, claims and corrections
Sponsor name as filed: SOUTHERN MICHIGAN BANCORP, INC.; SEC registrant: SOUTHERN MICHIGAN BANCORP INC (CIK 703699, matched by EIN).