Bank Independent 401(k) match, vesting and fees
What Bank Independent's 401(k) plan says about matching contributions
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Recordkeeper | Morgan Stanley Smith Barney | Schedule C ↗ |
| Independent auditor | Crowe LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
How the plan compares
Plan year 2024 medians for 655 defined-contribution plans in finance and insurance with 500 to 999 participants.
| Bank Independent: employer contribution per participant | $969 | |
| Peer median | $2,935 |
| Bank Independent: average balance | $58,905 | |
| Peer median | $92,770 |
| Bank Independent: admin expenses ÷ assets | 0.46% | |
| Peer median | 0.15% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $38.7M at the end of plan year 2021 to $45.9M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 802 | $45.9M | $756K | $969 | 0.46% | Not published | Form 5500 ↗ |
| 2023 | 751 | $40M | $704K | $979 | 0.45% | Not published | Form 5500 ↗ |
| 2022 | 702 | $32.9M | $648K | $962 | 0.45% | Not published | Form 5500 ↗ |
| 2021 | 669 | $38.7M | $618K | $960 | 0.47% | Not published | Form 5500 ↗ |
Other Bank Independent plans (2)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
Bank Independent Stock Bonus Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Recordkeeper | Futureplan by Ascensus | 2023 Schedule C ↗ |
| Independent auditor | Crowe LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | Retirement · Active | Form 5500 ↗ |
The recordkeeper is from the plan year 2023 filing, the latest that names one. The other rows are from the plan year 2024 filing.
Bank Independent Pension Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Crowe LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Active | Form 5500 ↗ |
Common questions
Does Bank Independent match 401(k) contributions?
The match terms for the Bank Independent 401(k) Profit Sharing Plan have not been published from its filing yet. The plan year 2024 filing reports $756K in employer contributions, about $969 per participant. That total includes any match and profit-sharing; it is not a match formula.
When is the Bank Independent 401(k) match vested?
The vesting schedule for the Bank Independent 401(k) Profit Sharing Plan is not in the data published so far. Your Summary Plan Description states it.
Who manages the Bank Independent 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Morgan Stanley Smith Barney. The plan administrator is Bank Independent Inc.
I left Bank Independent. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Bank Independent Inc, (256) 631-6304) or the recordkeeper, Morgan Stanley Smith Barney. The Bank Independent old 401(k) page lists the contacts from every plan filing. Find an old Bank Independent 401(k)
Data from the public Form 5500 annual reports Bank Independent filed with the U.S. Department of Labor (plan years 2021 and 2022 and 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Bank Independent. Not financial advice. Report a correction · Methodology