Sturgis Bank & Trust Companybenefits

Sturgis Bank & Trust Company's benefits plans covered 192 active participants in 2024, providing life · short-term disability · long-term disability · death benefits. Insurance premiums totaled $2,565,507. Insurance brokers and agents were paid $92,311 in commissions and fees, costs that ultimately come out of what the employer and employees pay for coverage. That works out to 3.6% of premiums. That is $481 per covered person, in the top quarter of employer plans that report broker pay. Broker pay rose 40% from $65,768 in 2023.