Merchants Bancorp 401(k) Review & Grade
Merchants Bancorp 401(k) Plan
Carmel, INFinance & Insurance636 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$3,508Employer $ per active participant
$8,233Employee $ saved per active participant
0.42%Direct admin cost, % of plan assets
$45.8MNet plan assets, end of year
$65,524Average balance per account
Score breakdown
- Employer generosity24.3 / 5049th percentile for employer $ per participant
- Low cost7.2 / 2529th percentile for low admin cost vs. same-size plans
- Employee saving9.4 / 1562th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score44 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 49th |
| Lower admin cost | 29th |
| Employee saving | 62th |
| 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
- Merchants Bancorp put in about $3,508 per active participant, below the typical peer ($3,606). Any match is still an instant return, so contribute enough to get all of it.
- 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.
- Direct plan expenses (0.42% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- 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 | $2,229,649 |
| Participant (employee) contributions | $5,231,915 |
| Other contributions (incl. rollovers in) | $2,196,836 |
| Administrative expenses paid from the plan | $171,557 |
| Contract administrator fees | $101,478 |
| Investment advisory & management fees | $70,079 |
| Benefits paid out | $4,913,283 |
| Net assets, start / end of year | $35.8M / $45.8M |
| Active participants, start / end of year | 624 / 647 |
| Participants with account balances | 699 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Forvis Mazars |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $101,477 reported compensation |
| Morgan Stanley Global | $70,103 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250724123445NAL0013322226001, received 2025-07-24, EIN 35-0352710, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.