Lakeland Financial Corporation 401(k) Review & Grade
Lakeland Financial Corporation 401(k) Plan
Warsaw, INFinance & Insurance666 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$3,704Employer $ per active participant
$5,521Employee $ saved per active participant
0.00%Direct admin cost, % of plan assets
$122.6MNet plan assets, end of year
$154,943Average balance per account
Score breakdown
- Employer generosity25.9 / 5052th percentile for employer $ per participant
- Low cost24.9 / 2599th percentile for low admin cost vs. same-size plans
- Employee saving4.4 / 1529th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score58 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 52th |
| Lower admin cost | 99th |
| Employee saving | 29th |
| Peers that auto-enroll | 62% |
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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
- Lakeland Financial put in about $3,704 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.
- 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 | $2,468,720 |
| Participant (employee) contributions | $3,679,581 |
| Other contributions (incl. rollovers in) | $896,971 |
| Administrative expenses paid from the plan | $2,677 |
| Benefits paid out | $17,983,989 |
| Net assets, start / end of year | $119.1M / $122.6M |
| Active participants, start / end of year | 649 / 684 |
| Participants with account balances | 791 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Crowe LLP |
| Employer stock held by plan | $40,194,948 |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $2,612 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250714133612NAL0000916483001, received 2025-07-14, EIN 35-1559596, plan #004, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.