The Savings Bank Mutual Life Insurance Company of Massachusetts
Updated Filing received by DOL a plan year 2025 filing was received March 3, 2026 for 1 of this employer's 2 plans; this record moves to 2025 when all have arrived
The Savings Bank Mutual Life Insurance Company of Massachusetts, a finance & insurance employer in Woburn, Massachusetts, reported 185 participants in its health and welfare plans for plan year 2024. Its Form 5500 shows $19,160 in insurance premiums across 3 contracts and $10,438 in broker commissions and fees. The plan is self-funded (the employer pays claims itself). The Department of Labor received the filing on October 7, 2025, within the extension window.
Who was paid on The Savings Bank Mutual Life Insurance Company of Massachusetts's plan
Schedule A, Part I lists each broker or agent paid on each insurance contract and the amount. Totals below add every contract The Savings Bank Mutual Life Insurance Company of Massachusetts filed for 2024.
| Broker or agent | Commissions | Fees | Total | Contracts |
|---|---|---|---|---|
| The Protector Group Insurance · Conshohocken, PA | $8,020 | $0 | $8,020 | 2 |
| The Nia Group · Conshohocken, PA | $0 | $1,322 | $1,322 | 2 |
| Mass Financial SVCS Ins Agency Inc · Boston, MA | $1,096 | $0 | $1,096 | 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. 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 |
|---|---|---|---|---|
| Vision Service Planvision | 129 | $19,160 | $1,096 | 5.7% |
| Life Insurance Company of North Americalong-term disability | 202 | — | $5,600 | — |
| Life Insurance Company of North Americashort-term disability | 96 | — | $3,742 | — |
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 The Savings Bank Mutual Life Insurance Company of Massachusetts 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 | 197 | 185 | −6.1% |
| Premiums filed | $19,391 | $19,160 | −1.2% |
| Broker commissions + fees | $10,031 | $10,438 | +4.1% |
| 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 |
|---|---|---|---|---|
| The Savings Bank Mutual Life Insurance Company of Massachusetts#503 · insurance, general assets | December 31, 2024 | October 7, 2025 | within extension | 185 |
| The Savings Bank Mutual Life Insurance Company of Massachusetts Hra Plan#502 · general assets | December 31, 2024 | April 2, 2025 | before deadline | 100 |
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 The Savings Bank Mutual Life Insurance Company of Massachusetts pay in health insurance broker commissions in 2024?
The Savings Bank Mutual Life Insurance Company of Massachusetts's 2024 Form 5500 reports $10,438 in broker commissions and fees across 3 insurance contracts ($9,116 in commissions, $1,322 in fees), with The Protector Group Insurance receiving the largest share.
Is The Savings Bank Mutual Life Insurance Company of Massachusetts's health plan self-funded or fully insured?
The 2024 filing indicates the plan is self-funded (the employer pays claims itself).
How does The Savings Bank Mutual Life Insurance Company of Massachusetts's broker compensation compare with similar employers?
A commission-to-premium ratio cannot be computed for The Savings Bank Mutual Life Insurance Company of Massachusetts 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.
Send the full findings to your inbox.
A specialist writes up every finding for The Savings Bank Mutual Life Insurance Company of Massachusetts with the methodology and public-source citations, in a form you can forward to your CFO or counsel. Tick the box if you also want a 15-minute walkthrough call.
We don't sell your email. By submitting, you agree that BenefitsLedger and its benefits advisory partner, WellthCare, may email or call you about these findings. Opt out anytime by replying. See our privacy policy.
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.