Michigan › Finance and insurance › 250 to 499 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Sterling Bank & Trust 401(k) Plan
Sponsored by Sterling Bank & Trust FSB, Southfiled, MI
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
Sterling Bank & Trust 401(k) Plan is a 401(k) plan sponsored by Sterling Bank & Trust FSB of Southfiled, Michigan. For the plan year ending 31 Dec 2024 it reported 461 participants, 223 of them active, and net assets of $29.0M.
Net assets came to $62,866 per participant, well above the $48,746 median for defined contribution plans with 250 to 499 participants and well below the $92,294 median for defined contribution plans in finance and insurance. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
The employer contributed $1.2M during the year, or $5,392 per active participant against a same-size median of $2,017; participants contributed $1.9M and $26K arrived as rollovers and other contributions. Benefits paid out totalled $2.8M.
Schedule C lists 3 service provider organisations paid $5,000 or more, with reported compensation of $61K: $132 per participant, below the same-size median of $141. Administrative expenses charged to the plan were $61K. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
Across the filings on record, net assets went from $3.3M in 2009 to $29.0M in 2024 (up 789%), and participants from 137 to 461 (up 236%).
The independent accountant's opinion on the financial statements was unmodified (unqualified), from an audit whose scope was limited under ERISA section 103(a)(3)(C) to exclude investment information certified by a bank or insurer.
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $62,866 | $48,746 | $92,294 | $53,102 |
| Employer contributions per active participant | $5,392 | $2,017 | $3,564 | $2,175 |
| Schedule C compensation per participant | $132 | $141 | $137 | $123 |
| Schedule C compensation, share of net assets | 0.21% | 0.30% | 0.17% | 0.26% |
| Administrative expenses per participant | $132 | $133 | $130 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 250 to 499 participants (17,456 plans), finance and insurance (4,391) and all US plans (63,460). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2024 | 461 | $29.0M | $62,866 | $1.2M | $1.9M | $61K |
| 2023 | 473 | $25.6M | $54,182 | $1.2M | $2.0M | $90K |
| 2022 | 469 | $22.2M | $47,422 | $1.3M | $2.0M | $96K |
| 2021 | 430 | $23.8M | $55,356 | $1.3M | $2.1M | $67K |
| 2020 | 399 | $19.8M | $49,574 | $509K | $2.1M | $53K |
| 2019 | 410 | $22.8M | $55,624 | $750K | $2.1M | $77K |
| 2018 | 398 | $16.7M | $41,977 | $753K | $2.1M | $41K |
| 2017 | 348 | $14.5M | $41,563 | $546K | $1.7M | $21K |
| 2016 | 231 | $9.9M | $42,887 | $390K | $1.1M | $22K |
| 2015 | 199 | $7.9M | $39,673 | $235K | $905K | $22K |
| 2014 | 172 | $8.1M | $47,337 | $189K | $674K | $19K |
| 2013 | 137 | $7.1M | $51,540 | $185K | $546K | $17K |
| 2012 | 138 | $5.4M | $39,413 | $88K | $506K | $17K |
| 2011 | 142 | $4.5M | $31,338 | $62K | $389K | $1,000 |
| 2010 | 142 | $4.0M | $27,901 | $78K | $349K | $7,000 |
| 2009 | 137 | $3.3M | $23,803 | $86K | $297K | $0 |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began.
Statement for the year
- Net assets, beginning of year$25,628,446
- Employer contributions$1,202,307
- Participant contributions$1,862,115
- Rollovers and other contributions$26,134
- Total contributions$3,090,556
- Total income, including investment results$6,184,314
- Benefits paid$2,771,103
- Administrative expenses$60,650
- Total expenses$2,831,753
- Net income$3,352,561
- Net transfers$0
- Net assets, end of year$28,981,007
Participants
- Active participants223
- Retired or separated, receiving benefits0
- Retired or separated, entitled to future benefits238
- Participants with account balances451
- Total participants, end of year461
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Global Retirement Partners | Investment advisory (plan) | $29,058 | $0 |
| The Vanguard Group, Inc. | Participant loan processing; Recordkeeping and information management | $15,823 | $0 |
| Dahring Cusmano and Associates | Investment advisory (plan) | $15,769 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Administrative expenses on Schedule H
- Investment advisory and management fees$44,827
- Contract administrator fees$15,823
- Total administrative expenses$60,650
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Registered investment companies (mutual funds)$25.0M · 86.1%
- Common/collective trusts$1.6M · 5.6%
- Receivables$1.3M · 4.3%
- Employer securities$861K · 3.0%
- Participant loans$300K · 1.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmMeaden & Moore, Ltd.
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $10,000,000
- Blackout period during the yearYes
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
2S401(k) plan or 403(b) plan that provides for automatic enrollment2EProfit-sharing plan3DPre-approved pension plan2GTotal participant-directed account plan2JCode section 401(k) feature2KCode section 401(m) arrangement2FERISA section 404(c) plan2TTotal or partial participant-directed account plan with a default investment account
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 522110: Commercial Banking.
Similar plans in Michigan
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Frankenmuth Credit Union 401(k) Retirement Savings | Frankenmuth Credit Union | 488 | $35.1M | $71,828 |
| Accident Fund Holdings, Inc. Represented Employees' Savings Plan | Accident Fund Holdings, Inc. | 453 | $26.4M | $58,364 |
| Gold Star Mortgage Financial Group 401(k) Plan | Gold Star Mortgage Financial Group, Corporation | 490 | $14.0M | $28,510 |
| Community Choice Credit Union 401(k) Savings Plan | Community Choice Credit Union | 452 | $39.9M | $88,362 |
| Neca-Ibew Local Union 1701 Pension Benefit Trust Fund | Joint Board of Trustees of Neca IBEW Local 1701 Pen. Ben. TRST Fun | 495 | $72.5M | $146,488 |
| Bank of Ann Arbor Employees 401(k) Profit Sharing Plan | Bank of Ann Arbor | 447 | $74.4M | $166,337 |
Defined contribution plans in finance and insurance closest in size.
Questions and answers
How big is Sterling Bank & Trust 401(k) Plan?
461 participants at the end of the plan year ending 31 Dec 2024, of whom 223 were active employees, with net assets of $28,981,007. Among defined contribution plans that places it in the 250 to 499 participants band, which held 17,456 plans in plan year 2024.
What does Sterling Bank & Trust FSB contribute per participant?
The filing reports $1,202,307 in employer contributions for the year, which is $5,392 per active participant; the median for plans of the same type and size was $2,017 in plan year 2024. Form 5500 reports the total only. It does not state the match formula, and the per-participant figure is an average, not any one person's contribution.
What fees does the plan pay and how do they compare?
Schedule C reports $60,650 in compensation to service provider organisations, $132 per participant or 0.21% of net assets. The same-size median among plans reporting any Schedule C compensation was $141 per participant. Administrative expenses on Schedule H were $60,650. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is Sterling Bank & Trust FSB. Recordkeeping or administration: The Vanguard Group, Inc.. Investment advisory or management: Global Retirement Partners and Dahring Cusmano and Associates. The financial statements were audited by Meaden & Moore, Ltd.. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an unmodified (unqualified) opinion from a limited-scope audit, in which the accountant did not audit investment information certified by a bank or insurance company. Unmodified (formerly "unqualified") is the standard clean opinion.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 1 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 15 Oct 2025. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 38-2524834, plan 001, received 15 Oct 2025; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.