Independent Bank 401(k) Review & Grade
Independent Financial 401(k) Profit Sharing Plan · d/b/a Independent Financial
Mckinney, TXFinance & Insurance1,424 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$5,528Employer $ per active participant
$7,804Employee $ saved per active participant
0.11%Direct admin cost, % of plan assets
$143.0MNet plan assets, end of year
$85,557Average balance per account
Score breakdown
- Employer generosity35.8 / 5072th percentile for employer $ per participant
- Low cost17.7 / 2571th percentile for low admin cost vs. same-size plans
- Employee saving8.6 / 1558th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score72 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 72th |
| Lower admin cost | 71th |
| Employee saving | 58th |
| Peers that auto-enroll | 62% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
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
- Independent Bank put in about $5,528 per active participant, more than the typical peer ($3,606). 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.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $7,868,789 |
| Participant (employee) contributions | $11,109,570 |
| Other contributions (incl. rollovers in) | $2,705,482 |
| Administrative expenses paid from the plan | $147,163 |
| Contract administrator fees | $600 |
| Other admin expenses | $59,126 |
| Benefits paid out | $14,675,449 |
| Net assets, start / end of year | $118.2M / $143.0M |
| Active participants, start / end of year | 1,443 / 1,404 |
| Participants with account balances | 1,671 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | RSM US LLP |
| Employer stock held by plan | $7,247,269 |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $87,437 reported compensation |
| Ubs Financial Services Inc | $59,126 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250823073620NAL0002957667001, received 2025-08-23, EIN 75-2694563, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.