Bank Independent 401(K) Profit Sharing Plan — Form 5500 plan (Bank Independent Inc)
Plain-English plan summary
According to public Form 5500 filings published through the U.S. Department of Labor (DOL) Employee Benefits Security Administration (EBSA) via the EFAST2 system, Bank Independent 401(K) Profit Sharing Plan is a benefit plan reported by Bank Independent Inc under EIN 63-0260951 and plan number 002. The latest loaded filing year is 2023. The filing reports 698 participants and $39,961,996 in end-of-year plan assets, where available in the loaded dataset.
Key reported metrics
- Plan sponsor
- Bank Independent Inc
- EIN
- 63-0260951
- Plan number
- 002
- Plan type
- 2
- Location
- Sheffield, AL
- Latest filing year
- 2023
- Participants
- 698
- End-of-year plan assets
- $39,961,996
Form 5500 filing history
| Filing year | Participants | Schedules | Filing |
|---|---|---|---|
| 2023 | 698 | H, C | 20241015185929NAL0029442289001 |
Reported financial statement (2023 · Schedule H)
Net assets
- Total assets (EOY)
- $39,961,996
- Total liabilities (EOY)
- $0
- Net assets (EOY)
- $39,961,996
- Net assets (BOY)
- $32,918,878
Income & contributions
- Employer contributions
- $704,099
- Participant contributions
- $2,214,995
- Total contributions
- $2,985,064
- Total income / additions
- $9,230,068
Expenses & distributions
- Benefits paid
- $2,023,152
- Administrative expenses
- $163,798
- Total expenses
- $2,186,950
- Net increase / (decrease)
- $7,043,118
Service provider compensation (Schedule C)
| Provider | Service | Direct comp. | Indirect comp. | Year |
|---|---|---|---|---|
| Morgan Stanley Smith Barney | INVESTMENT/FINANCIAL ADVI | $87,702 | $0 | 2023 |
| Adp, Inc. | RECORD KEEPER | $76,095 | $0 | 2023 |