INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS)
Plan Contact
- Address: 2425 FREDERICA STREET,OWENSBORO,KY
- Contact person: TAWNA WRIGHT
- Phone: (270) 686-1776
Plan General Information
INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS) Total Retirement Plan Assets
At the end of 2023, the total retirement plan assets of INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS) is $82,783,822.00.This plan was established in 1995.
INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS) Total Number of Retirement Plan Participants
At the end of 2023, the total number of retirement plan participants in INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS) is 632
INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS) Average Participant Retirement Account Value
In 2023, the average participant retirement account value for INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS) is $130,987.00
INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS) Estimated Average Employee Contribution Amount
In 2023, the estimated average employee contribution amount per participant for INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS) is $8,831.00.
INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS) Estimated Average Employer Match
In 2023, the estimated average employer match for an employee in INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS) is approximately $1,365.00
Investing in this additonal $1,365.00 for 20 years would give you extra $87,392.00, assuming a 10% annual return.
Investing in this additonal $1,365.00 for 20 years would give you extra $87,392.00, assuming a 10% annual return.
INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS) Total Employer Contribution and Match Rate
In 2023, INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS) allocates $863,003.00 to match its employees' contributions, providing an employer match rate of 30.92% of their contributions
INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS) Total Retirement Plan Asset Growth Rate
In 2023, the total retirement plan asset growth rate of INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS) is -5.40%.
INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS) Estimated Aggregate Retirement Account Investment Gain/Loss
In 2023, the estimated aggregate retirement account investment gain/loss for INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS) is 1.03%. This measures the effectiveness of the plan participants' investments in the year.
INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS) Expense Ratio
In 2023, the investment and administrative expense ratio of INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS) is 0.15%.
Enrollment Features
INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS) has the following features:Default Investments: It uses a default investment account for participants or employees who fail to direct assets in their account.
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