First State Bank of the Florida Keys
Updated Filing received by DOL
First State Bank of the Florida Keys, a finance & insurance employer in Key West, Florida, reported 175 participants in its health and welfare plan for plan year 2024. Its Form 5500 shows 2 insurance contracts with no premium reported and $42,506 in broker commissions and fees. The plan is fully insured (an insurance carrier pays claims). The Department of Labor received the filing on January 28, 2026, before the deadline.
Who was paid on First State Bank of the Florida Keys'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 State Bank of the Florida Keys filed for 2024.
| Broker or agent | Commissions | Fees | Total | Contracts |
|---|---|---|---|---|
| Edbrooke/Stelcner and Assoc Inc · Coral Gables, FL | $10,470 | $32,036 | $42,506 | 2 |
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 |
|---|---|---|---|---|
| Blue Cross Blue Shield of Floridahealth, prescription drug, HMO | 133 | — | $32,036 | — |
| The Guardiandental, vision, life, short-term disability, long-term disability | 171 | — | $10,470 | — |
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 State Bank of the Florida Keys 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.
Not computable: no insured medical premium on the filing.
Source: BenefitsLedger benchmarks from 58,547 employer health plans with 100 or more participants, plan year 2024. Methodology.
Year over year
| 2023 | 2024 | Change | |
|---|---|---|---|
| Participants | 165 | 175 | +6.1% |
| Premiums filed | $0 | $0 | not comparable |
| Broker commissions + fees | $45,168 | $42,506 | −5.9% |
| Commission rate | — | — | — |
Source: DOL Form 5500 filings for plan years 2023 and 2024.
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 State Bank Employee Benefits Plan#501 · insurance | June 30, 2025 | January 28, 2026 | before deadline | 175 |
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 State Bank of the Florida Keys pay in health insurance broker commissions in 2024?
First State Bank of the Florida Keys's 2024 Form 5500 reports $42,506 in broker commissions and fees across 2 insurance contracts ($10,470 in commissions, $32,036 in fees), with Edbrooke/Stelcner and Assoc Inc receiving the largest share.
Is First State Bank of the Florida Keys'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 Blue Cross Blue Shield of Florida.
How does First State Bank of the Florida Keys's broker compensation compare with similar employers?
A commission-to-premium ratio cannot be computed for First State Bank of the Florida Keys because the filing does not report medical premium on Schedule A (usual for self-funded plans). In dollars, employers with 100-199 participants that disclosed broker pay reported a median of $53,852.
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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.