Mechanics Bankbenefits

Mechanics Bank's benefits plans covered 1,439 active participants in 2024, providing health · life · dental · vision · short-term disability · long-term disability · death benefits · other. Insurance premiums totaled $267,256. Insurance brokers and agents were paid $199,367 in commissions and fees, costs that ultimately come out of what the employer and employees pay for coverage. That works out to 74.6% of premiums. That is $139 per covered person, below the median for employer plans that report broker pay. Broker pay rose 6.4% from $187,412 in 2023.