1st Source Corporation 401(k) Review & Grade
1st Source Corporation Employee Stock Ownership and Profit Sharing Plan
South Bend, INManagement of Companies1,182 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$4,493Employer $ per active participant
$6,244Employee $ saved per active participant
0.07%Direct admin cost, % of plan assets
$267.8MNet plan assets, end of year
$182,648Average balance per account
Score breakdown
- Employer generosity35.4 / 5071th percentile for employer $ per participant
- Low cost20.5 / 2582th percentile for low admin cost vs. same-size plans
- Employee saving8.3 / 1556th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
Total score64 / 100 · Grade B
This plan vs. peers
Peers: Management of Companies plans with 500–2,499 active participants (172 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 71th |
| Lower admin cost | 82th |
| Employee saving | 56th |
| Peers that auto-enroll | 58% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- 1st Source put in about $4,493 per active participant, more than the typical peer ($2,492). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $5,310,150 |
| Participant (employee) contributions | $7,380,668 |
| Other contributions (incl. rollovers in) | $880,031 |
| Administrative expenses paid from the plan | $174,083 |
| Contract administrator fees | $153,262 |
| Benefits paid out | $17,788,686 |
| Net assets, start / end of year | $237.5M / $267.8M |
| Active participants, start / end of year | 1,168 / 1,196 |
| Participants with account balances | 1,466 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Forvis Mazars, LLP |
| Employer stock held by plan | $40,859,170 |
Largest service providers (Schedule C)
| Futureplan by Ascensus | $143,333 reported compensation |
| Forvis | $20,250 reported compensation |
| Midwest Series of Lockton Companies | $10,500 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250725055113NAL0002966163001, received 2025-07-25, EIN 35-1068133, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.