1ST Summit Bancorpbenefits

1ST Summit Bancorp's benefits plans covered 182 active participants in 2024, providing health · life · dental · vision · long-term disability · death benefits. Insurance premiums totaled $38,647. Insurance brokers and agents were paid $52,364 in commissions and fees, costs that ultimately come out of what the employer and employees pay for coverage. That works out to 135.5% of premiums. That is $288 per covered person, above the median for employer plans that report broker pay. Brokers were paid 10.2x the $5,136 reported for 2023.