Formetco, Inc.
Updated Filing received by DOL a plan year 2025 filing was received May 26, 2026 for 1 of this employer's 2 plans; this record moves to 2025 when all have arrived
Formetco, Inc., a manufacturing — metal, equipment, transportation employer in Duluth, Georgia, reported 138 participants in its health and welfare plans for plan year 2024. Its Form 5500 shows $721,843 in insurance premiums across 2 contracts and $66,219 in broker commissions and fees, 5.0% of medical premium against a national median of 3.8% among plans that paid commissions in plan year 2024. The plan is a mix of insured and self-funded coverage. The Department of Labor received the filing on April 7, 2025, before the deadline.
Who was paid on Formetco, Inc.'s plan
Schedule A, Part I lists each broker or agent paid on each insurance contract and the amount. Totals below add every contract Formetco, Inc. filed for 2024.
| Broker or agent | Commissions | Fees | Total | Contracts |
|---|---|---|---|---|
| Sterling Seacrest Pritchard Inc · Atlanta, GA | $25,799 | $0 | $25,799 | 2 |
| OneDigital · Atlanta, GA | $13,521 | $10,174 | $23,695 | 2 |
| David H Asbury · Atlanta, GA | $16,725 | $0 | $16,725 | 1 |
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. Where Part I rows added up to more than the contract's Schedule A total, they were scaled down to that total. 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 |
|---|---|---|---|---|
| Sun Life Assurance Company of Canadahealth, prescription drug, stop-loss, PPO | 120 | $523,057 | $26,227 | 5.0% |
| Standard Insurance Companydental, vision, life, short-term disability, long-term disability, indemnity | 165 | $198,786 | $39,992 | 20.1% |
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 Formetco, Inc. 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: $4,359 a year (national median $7,274).
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 | 137 | 138 | +0.7% |
| Premiums filed | $612,564 | $721,843 | +17.8% |
| Broker commissions + fees | $89,888 | $66,219 | −26.3% |
| Commission rate | 15.0% | 5.0% | −10.0 pts |
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 |
|---|---|---|---|---|
| Formetco, Inc. Ancillary Benefit Plan#503 · insurance, general assets | December 31, 2024 | April 7, 2025 | before deadline | 138 |
| Formetco, LLC Employee Health Benefit Plan#501 · insurance, trust | December 31, 2024 | October 8, 2025 | 69 days after deadline, no extension indicated | 120 |
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 Formetco, Inc. pay in health insurance broker commissions in 2024?
Formetco, Inc.'s 2024 Form 5500 reports $66,219 in broker commissions and fees across 2 insurance contracts ($56,045 in commissions, $10,174 in fees), with Sterling Seacrest Pritchard Inc receiving the largest share.
Is Formetco, Inc.'s health plan self-funded or fully insured?
The 2024 filing indicates the plan is a mix of insured and self-funded coverage. Medical coverage is written by Sun Life Assurance Company of Canada.
How does Formetco, Inc.'s broker compensation compare with similar employers?
Formetco, Inc. paid 5.0% of medical premium in commissions and fees. The median for employers with 100-199 participants is 4.2%, and the median in Georgia is 7.0%. 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.