Morton Community Bank 401(k) Review & Grade
Morton Community Bank 401(k) Retirement Plan
Morton, ILFinance & Insurance604 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,223Employer $ per active participant
$4,137Employee $ saved per active participant
0.22%Direct admin cost, % of plan assets
$58.2MNet plan assets, end of year
$152,457Average balance per account
Score breakdown
- Employer generosity5.8 / 5012th percentile for employer $ per participant
- Low cost12.7 / 2551th percentile for low admin cost vs. same-size plans
- Employee saving2.2 / 1515th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score21 / 100 · Grade F
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 12th |
| Lower admin cost | 51th |
| Employee saving | 15th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $51,649 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Morton Community Bank put in about $1,223 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.
- 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 | $739,139 |
| Participant (employee) contributions | $2,501,049 |
| Other contributions (incl. rollovers in) | $669,430 |
| Administrative expenses paid from the plan | $121,950 |
| Investment advisory & management fees | $44,155 |
| Other admin expenses | $8,100 |
| Benefits paid out | $3,863,737 |
| Net assets, start / end of year | $51.0M / $58.2M |
| Active participants, start / end of year | 596 / 613 |
| Participants with account balances | 382 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Clifton Larson Allen LLP |
Largest service providers (Schedule C)
| Alliance Pension Consultants, Inc. | $69,695 reported compensation |
| David Vaughan Investments, LLC | $44,155 reported compensation |
| Charles Schwab Trust Bank | $11,115 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250926135802NAL0010948096001, received 2025-09-26, EIN 37-0808298, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.