Usic, LLC 401(k) Review & Grade
Usic 401(k) Savings Plan
Indianapolis, INUtilities11,422 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$653Employer $ per active participant
$2,145Employee $ saved per active participant
0.25%Direct admin cost, % of plan assets
$206.7MNet plan assets, end of year
$33,583Average balance per account
Score breakdown
- Employer generosity12.9 / 5026th percentile for employer $ per participant
- Low cost3.2 / 2513th percentile for low admin cost vs. same-size plans
- Employee saving4.4 / 1529th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score21 / 100 · Grade F
This plan vs. peers
Peers: all industries, plans with 10,000+ active participants (fewer than 30 industry peers) (820 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 26th |
| Lower admin cost | 13th |
| Employee saving | 29th |
| Peers that auto-enroll | 50% |
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Red flags from the filing
Corrective distributions: the plan refunded $347,127 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Usic put in about $653 per active participant, below the typical peer ($2,229). 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.
- Direct plan expenses (0.25% of assets) are well above similar-size plans (0.09%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- 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 | $7,463,032 |
| Participant (employee) contributions | $24,499,356 |
| Other contributions (incl. rollovers in) | $1,666,820 |
| Administrative expenses paid from the plan | $482,612 |
| Contract administrator fees | $482,612 |
| Benefits paid out | $25,500,329 |
| Net assets, start / end of year | $176.6M / $206.7M |
| Active participants, start / end of year | 11,341 / 11,502 |
| Participants with account balances | 6,156 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Forvis Mazars, LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $482,612 reported compensation |
| Morningstar Investment Management L | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010120818NAL0018471970001, received 2025-10-10, EIN 26-2212803, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.