1st Source Corporation 401(k): Ascensus, match 5% max
1st Source Corporation Employee Stock Ownership and Profit Sharing Plan · SRCE · CIK 34782
Ascensus is the recordkeeper named on the Form 5500 filed for this plan, the company that keeps the account records. Where to log in, and what the filing says.
Matched to this employer by sponsor name, not by an identifier stated in the filing.
Maximum employer match, as a share of pay
5%
1st Source Corporation matches 100% (dollar-for-dollar) of the first 4% of pay, then 50% of the next 2% of pay, for a maximum employer match of 5% of pay.
From the Form 11-K filed June 25, 2026 ↗, covering the plan year ended December 31, 2025. Page data last updated July 28, 2026, when the Form 5500 bulk data was last refreshed. Why filings lag
On this page: what the employer actually paid in · the formula, word for word · when the money becomes yours · who can join · who holds your account · what the plan reports to the DOL · how it compares · what to do next
What 1st Source puts in, and what the plan costs
What 1st Source put into the plan, per active participant
$4,440
1st Source Corporation put $4,440 into this plan for each of its 1,196 active participants in plan year 2024. This is the whole employer side of the plan: matching money, profit sharing, non-elective and safe-harbor contributions, and reallocated forfeitures. The Form 5500 does not separate them, so this is what the employer put in and not the match.
1st Source put in more per active participant than 68% of plans with 1,000–4,999 participants at holding companies. The middle plan in that group of 157 reported $2,643. Holding companies comes from business code 551111, which 1st Source entered on its own Form 5500. Sponsors pick that code themselves, so a code that does not describe what the employer does ranks the plan against the wrong companies.
Matched to this employer by sponsor name, not by an identifier stated in the filing. This record could cover another plan of the same employer.
What this figure cannot separate: how much 1st Source pays, and how much it puts in
This is dollars, not a rate. A Form 5500 carries no payroll, so the figure reflects both how much the employer puts in and how much the employer pays: two plans running the same formula report different amounts when one pays better. Crossing the peer group with industry holds most of that difference still, and none of it disappears.
This is one plan year, not an average. A true-up, a plan merger or a one-off contribution moves a single year on its own.
Source: DOL Form 5500 for the plan year ended December 31, 2024, EIN 351068133, plan 003 · DOL EFAST2 ↗
The $4,440 above is the Form 5500 figure for plan year 2024, and it counts every employer dollar on one line. 1st Source Corporation also files a Form 11-K, which states the match formula for plan year 2025: the card below reads $2,475 a year at a $49,500 salary, and the same filing states employer contributions made outside the match. That second figure is what the formula pays one worker on that salary, and not an amount either filing reports. The two figures cover different plan years and measure different things, so neither one is the other one corrected.
What 1st Source puts in
$2,475
a year, at a $49,500 salary.
The match paragraph, word for word
“Matching Contribution — contribution is discretionary. The first 4% of a participant's eligible compensation contributed to the Plan is matched 100%, and the next 2% of a participant's eligible compensation contributed to the Plan is matched 50%.”
What you contribute to collect all of it
Contribute at least 6% of your pay to collect the full match.
That is $2,970 a year at a $49,500 salary, and it scales with your own.
Vesting score
47.14 out of 100
How fast the employer’s money becomes yours. Higher than 3% of the 369 schedules we have scored.
It measures vesting speed and nothing else. It says nothing about the size of the match, what the plan charges, or the funds inside it.
Share of the employer's money that is the worker's at hire and at each of the first 6 anniversaries: 0%, 10%, 20%, 40%, 60%, 100%, 100%. The score is the average of those 7 readings.
Vesting, word for word
“Vesting of the 1st Source Employer Contributions, including match, fixed profit sharing, discretionary profit sharing, and regular contributions, is based on years of credited service. A credited year of service is at least 1,000 hours worked in a 12-month period. A participant is 10%, 20%, 40%, 60%, or 100% vested after completing one, two, three, four, or five or more years of credited service, respectively.”
The wait before the match starts and the year-end true-up appear above when the filing states them. Neither is part of the score, and a filing that is silent on one of them is not a plan without it.
What the plan costs, against plans of its size
71st percentile
$119.23 per participant in plan-paid administrative cost, more expensive than 71% of plans with 1,000–4,999 participants.
What is 1st Source's 401(k) match formula?
1st Source's 401(k) employer match tops out at 5% of pay. A tiered formula pays its best rate on the first slice of pay and less on the next, which is how the rate steps down.
| Match formula | 100% (dollar-for-dollar) of the first 4% of pay |
|---|---|
| then | 50% of the next 2% of pay |
| Maximum employer match | 5% of compensation |
| Conditions | The matching contribution is labeled discretionary; employer contributions are provided to eligible full-time participants and may be made in cash or shares of 1st Source common stock |
| Other employer contribution | Fixed Profit Sharing Contribution: 2% of eligible annual compensation |
| Other employer contribution | Discretionary Profit Sharing Contribution: 1% of 1st Source's net profit awarded to eligible participants, determined annually by the Board of Directors |
| Other employer contribution | Regular Contribution: discretionary, determined annually by the Board of Directors |
At a $75,000 salary, contributing 6% ($4,500) earns the full employer match of $3,750 for the year.
What the filing says, word for word
“Matching Contribution — contribution is discretionary. The first 4% of a participant's eligible compensation contributed to the Plan is matched 100%, and the next 2% of a participant's eligible compensation contributed to the Plan is matched 50%.”
Source: Form 11-K filed June 25, 2026, SEC EDGAR, corroborated by the filing's inline-XBRL facts · SEC ↗
What is 1st Source's 401(k) vesting schedule?
1st Source vests the employer match on a graded schedule: 10% after one year, rising to 100% after five. Each step is money that leaves with you that year, which is how a graded schedule differs from a cliff.
| Employer match vesting | Graded: 10% at 1 yr, 20% at 2 yr, 40% at 3 yr, 60% at 4 yr, 100% at 5 yr |
|---|---|
| Your own contributions | Not disclosed in the filing |
| Year of service | A credited year of service is at least 1,000 hours worked in a 12-month period |
| Accelerated vesting | 100% vested upon reaching early retirement age, normal retirement age, death or disability |
| Other employer contributions | Same graded schedule applies to all 1st Source employer contributions (match, fixed profit sharing, discretionary profit sharing, and regular contributions) |
Vesting, word for word
“Vesting of the 1st Source Employer Contributions, including match, fixed profit sharing, discretionary profit sharing, and regular contributions, is based on years of credited service. A credited year of service is at least 1,000 hours worked in a 12-month period. A participant is 10%, 20%, 40%, 60%, or 100% vested after completing one, two, three, four, or five or more years of credited service, respectively.”
Source: Form 11-K filed June 25, 2026, SEC EDGAR · SEC ↗
Who can join 1st Source's 401(k), and is enrollment automatic?
1st Source enrolls new hires automatically at 6% of pay.
| Plan entry | All employees of 1st Source Corporation and its subsidiaries with at least 90 consecutive days of service |
|---|---|
| Match eligibility | Employer contributions are provided to eligible full-time participants |
| Automatic enrollment | Yes: default deferral 6% of pay |
Eligibility, word for word
“The Plan is a defined contribution plan offered to all employees of 1st Source Corporation (1st Source) and its subsidiaries who have at least 90 consecutive days of service.”
Automatic enrollment, word for word
“Eligible participants are automatically enrolled in the Plan once they have completed 90 consecutive days of service unless they affirmatively decline to participate. The Plan has an automatic pre-tax deferral of 6% of compensation if a participant does not elect a different compensation deferral percentage.”
Source: Form 11-K filed June 25, 2026, SEC EDGAR · SEC ↗
Who holds your account
Schedule C of the Form 5500 filed for plan year 2024 reports Ascensus, filed as “FUTUREPLAN BY ASCENSUS”. That is the company paid to keep the account records: what is in an account, what went into it, and usually the site a participant signs in to. The trustee that holds the plan’s assets can be a different company, and this filing does not name it.
Matched to this employer by sponsor name, not by an identifier stated in the filing. This record could cover another plan of the same employer.
913 plans on file name Ascensus as their recordkeeper. Of those, the 911 with a computable fee have a median plan-paid cost of $136.09 per participant.
Participants log in at Ascensus ↗. 401(k) Monitor is not affiliated with Ascensus or with any other recordkeeper, and takes nothing for this link. It is here because that is where the account is.
| Recordkeeper | Ascensus |
|---|---|
| Recordkeeper address | Po Box 55788, Boston, MA 02205 |
What does the 1st Source plan report on Form 5500?
The 1st Source plan reported $268.0M in assets and 1,460 participants for plan year 2024.
Matched to this employer by sponsor name, not by an identifier stated in the filing. This record could cover another plan of the same employer.
| Plan named in the DOL record | 1st Source Corporation Employee Stock Ownership And Profit Sharing Plan |
|---|---|
| Total plan assets | $267,994,889 |
| Participants | 1,460 |
| Plan-paid admin cost per participant | $119.23 |
How that cost compares
This plan pays $119.23 per participant. The median across plans at holding companies is $106.24, from the 612 of 643 whose Form 5500 yields a per-participant cost.
Read from the Form 5500 filing of 1st Source Corporation Employee Stock Ownership And Profit Sharing Plan, which has no page of its own here.
How does 1st Source's 401(k) match compare?
1st Source Corporation's maximum 401(k) match of 5% of pay compares with a median of 4% across the 269 companies in our data with a computable formula.
Employers worth reading next
Of the six employers below, three file at holding companies, two land near 1st Source's maximum match and one vests on the same schedule.
Maximum match 4.5% of pay. Also at holding companies.
Maximum match 5% of pay. Also at holding companies.
Maximum match 4% of pay. Also at holding companies.
Maximum match 4.5% of pay, 0.5 points below 1st Source.
Maximum match 5% of pay, level with 1st Source.
Maximum match 4% of pay. Also fully vested after 5 years, like 1st Source.
Compare 1st Source Corporation with any company, side by side
What can you do next?
- Read the Form 11-K on SEC EDGAR ↗
Form 11-K filed June 25, 2026, SEC EDGAR. Every match fact on this page comes from it.
- Changed jobs? Find an old 401(k) ↗
The Department of Labor's Retirement Savings Lost & Found, a free government database.
- This year's IRS contribution limits ↗
The official deferral and catch-up limits every formula operates under.
Questions this filing answers
What is 1st Source Corporation's 401(k) match?
1st Source Corporation matches 100% (dollar-for-dollar) of the first 4% of pay, then 50% of the next 2% of pay, for a maximum employer match of 5% of compensation (plan year ended December 31, 2025).
When does the 1st Source Corporation 401(k) match vest?
Graded: 10% at 1 yr, 20% at 2 yr, 40% at 3 yr, 60% at 4 yr, 100% at 5 yr.
Does 1st Source Corporation's 401(k) plan have automatic enrollment?
Yes: default deferral 6% of pay.
Who is the recordkeeper for 1st Source Corporation's 401(k)?
Ascensus is named as the recordkeeper on the Form 5500 filed for 1st Source Corporation Employee Stock Ownership And Profit Sharing Plan for plan year 2024. That is the company paid to keep the account records: what is in an account, what went into it, and usually the site a participant signs in to. Matched to this employer by sponsor name, not by an identifier stated in the filing. This record could cover another plan of the same employer.
Source
The match formula, the vesting schedule and the enrollment rules on this page were read from one document: the Form 11-K annual report that 1st Source Corporation filed with the US Securities and Exchange Commission for the plan year ended December 31, 2025. Each of those fields carries the filing sentence it was read from, expandable where the field appears. Nothing on this page was supplied by the employer to this site.
The plan assets, the participant counts, the plan-paid fees and the recordkeeper come from a different document, the plan’s DOL Form 5500 annual return, and the section that reports them links it. Comparisons with other employers are computed across the filings named in the section they appear in.
Read the filing on SEC EDGAR ↗
| Document | Form 11-K annual report |
|---|---|
| Filed with | US Securities and Exchange Commission (EDGAR) |
| Filed by | 1st Source Corporation |
| SEC CIK | 34782 |
| Accession number | 0000034782-26-000039 |
| Plan | 1st Source Corporation Employee Stock Ownership and Profit Sharing Plan |
| Period of report | December 31, 2025 |
| Filed | June 25, 2026 |
401(k) Monitor is not affiliated with 1st Source Corporation, with the Securities and Exchange Commission or with this plan’s recordkeeper, and publishes this page without their involvement. It republishes a public filing and says where it came from.
Cite this page
401(k) Monitor, “1st Source Corporation 401(k) plan facts”, from SEC Form 11-K accession 0000034782-26-000039, plan year ended December 31, 2025.
