Mercantile Bank 401(k) Review & Grade
Mercantile Bank 401(k) Plan
Grand Rapids, MIFinance & Insurance694 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,684Employer $ per active participant
$6,718Employee $ saved per active participant
0.28%Direct admin cost, % of plan assets
$109.8MNet plan assets, end of year
$124,260Average balance per account
Score breakdown
- Employer generosity25.7 / 5051th percentile for employer $ per participant
- Low cost10.9 / 2544th percentile for low admin cost vs. same-size plans
- Employee saving6.9 / 1546th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score54 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 51th |
| Lower admin cost | 44th |
| Employee saving | 46th |
| 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
- Mercantile Bank put in about $3,684 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 | $2,554,881 |
| Participant (employee) contributions | $4,659,002 |
| Other contributions (incl. rollovers in) | $547,108 |
| Administrative expenses paid from the plan | $291,479 |
| Investment advisory & management fees | $270,159 |
| Benefits paid out | $12,347,656 |
| Net assets, start / end of year | $100.9M / $109.8M |
| Active participants, start / end of year | 690 / 697 |
| Participants with account balances | 884 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Plante Moran |
| Employer stock held by plan | $15,280,507 |
Largest service providers (Schedule C)
| Greenleaf Trust | $291,479 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250702103420NAL0032684258001, received 2025-07-02, EIN 38-3360868, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.