Horizon Bancorp 401(k) Review & Grade
Horizon Bancorp Employees' Thrift Plan
Michigan City, INManagement of Companies826 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,002Employer $ per active participant
$5,345Employee $ saved per active participant
0.26%Direct admin cost, % of plan assets
$67.1MNet plan assets, end of year
$68,677Average balance per account
Score breakdown
- Employer generosity19.3 / 5039th percentile for employer $ per participant
- Low cost11.4 / 2546th percentile for low admin cost vs. same-size plans
- Employee saving7.0 / 1547th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score35 / 100 · Grade D
This plan vs. peers
Peers: Management of Companies plans with 500–2,499 active participants (172 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 39th |
| Lower admin cost | 46th |
| Employee saving | 47th |
| Peers that auto-enroll | 58% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($18,599 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $43,026 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Horizon Bancorp put in about $2,002 per active participant, below the typical peer ($2,492). Any match is still an instant return, so contribute enough to get all of it.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $1,654,409 |
| Participant (employee) contributions | $4,417,254 |
| Other contributions (incl. rollovers in) | $1,009,744 |
| Administrative expenses paid from the plan | $166,114 |
| Contract administrator fees | $153,207 |
| Investment advisory & management fees | $12,907 |
| Benefits paid out | $6,593,392 |
| Net assets, start / end of year | $59.3M / $67.1M |
| Active participants, start / end of year | 836 / 817 |
| Participants with account balances | 977 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Kruggel, Lawton & Company LLC |
| Employer stock held by plan | $10,967,451 |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $153,207 reported compensation |
| Creative Planning, Inc. | $81,177 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014170235NAL0003348545001, received 2025-10-14, EIN 35-1562417, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.