First Source Federal Credit Union
Updated Filing received by DOL
First Source Federal Credit Union, a finance & insurance employer in New Hartford, New York, reported 244 participants in its health and welfare plan for plan year 2024. Its Form 5500 shows $2.9M in insurance premiums across 2 contracts and $115,293 in broker commissions and fees, 3.0% of medical premium against a national median of 3.8% among plans that paid commissions in plan year 2024. The plan is fully insured (an insurance carrier pays claims). The Department of Labor received the filing on July 28, 2025, before the deadline.
Who was paid on First Source Federal Credit Union's plan
Schedule A, Part I lists each broker or agent paid on each insurance contract and the amount. Totals below add every contract First Source Federal Credit Union filed for 2024.
| Broker or agent | Commissions | Fees | Total | Contracts |
|---|---|---|---|---|
| Brown & Brown · Syracuse, NY | $104,109 | $11,184 | $115,293 | 3 |
Source: DOL Form 5500 Schedule A, Part I (broker commissions and fees), plan year 2024, as published in EBSA's 2024 "Latest" dataset. Part I names whoever the carrier paid, which can be a firm or an individual agent; both are public record. Amounts exclude pay from carriers not tied to a listed contract.
Insurance contracts and carriers
Every insurance contract reported on Schedule A: carrier, what it covers, people covered at year end, earned premium, and broker compensation.
| Carrier · coverage | Covered | Premium | Broker pay | Rate |
|---|---|---|---|---|
| Excellus Blue Cross Blue Shieldhealth, prescription drug | 146 | $2.9M | $86,361 | 3.0% |
| The Guardian Life Insurance Company of Americadental, vision, life, short-term disability, long-term disability | 237 | — | $28,932 | — |
Source: DOL Form 5500 Schedule A, plan year 2024. Self-funded medical coverage has no premium; amounts shown for it are stop-loss or administrative contracts.
How First Source Federal Credit Union compares
Medians across employers for plan year 2024, the most recent complete year. Commission rates use fully insured medical contracts only; dollar medians use every employer that disclosed broker pay.
Premium per covered person on medical contracts: $20,007 a year (national median $7,274).
Source: BenefitsLedger benchmarks from 58,547 employer health plans with 100 or more participants, plan year 2024. Methodology.
Filings and timeliness
Plans this employer filed under its EIN with a health benefit code. Large plans are due seven months after the plan year ends, or two and a half months later with an extension; amended filings carry the amendment date, so no timing is asserted for them.
| Plan | Plan year end | Received by DOL | Timing | Participants |
|---|---|---|---|---|
| First Source Federal Credit Union Life Benefit Plan#503 · insurance | December 31, 2024 | July 28, 2025 | before deadline | 244 |
Source: DOL Form 5500 Part I and signature dates; "late" means received after the extended deadline (the 15th day of the tenth month after plan year end). What a late Form 5500 costs.
How much did First Source Federal Credit Union pay in health insurance broker commissions in 2024?
First Source Federal Credit Union's 2024 Form 5500 reports $115,293 in broker commissions and fees across 2 insurance contracts ($104,109 in commissions, $11,184 in fees), with Brown & Brown receiving the largest share.
Is First Source Federal Credit Union's health plan self-funded or fully insured?
The 2024 filing indicates the plan is fully insured (an insurance carrier pays claims). Medical coverage is written by Excellus Blue Cross Blue Shield.
How does First Source Federal Credit Union's broker compensation compare with similar employers?
First Source Federal Credit Union paid 3.0% of medical premium in commissions and fees. The median for employers with 200-499 participants is 3.6%, and the median in New York is 3.7%. Percentages are computed only on fully insured medical contracts with filed premiums.
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Record built October 24, 2026 from U.S. Department of Labor, EBSA Form 5500 datasets (2025, 2024, 2023 plan years, 'Latest' files). Filings can run 7 to 10 months behind the plan year; always confirm against current plan documents. BenefitsLedger is not affiliated with the U.S. Department of Labor. Open the DOL filing search.