First Merchants Corporation 401(k) Review & Grade
First Merchants Corporation Retirement Income and Savings Plan
Muncie, INFinance & Insurance2,133 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,308Employer $ per active participant
$6,200Employee $ saved per active participant
0.07%Direct admin cost, % of plan assets
$260.9MNet plan assets, end of year
$96,703Average balance per account
Score breakdown
- Employer generosity22.4 / 5045th percentile for employer $ per participant
- Low cost20.6 / 2583th percentile for low admin cost vs. same-size plans
- Employee saving5.8 / 1538th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score46 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 45th |
| Lower admin cost | 83th |
| Employee saving | 38th |
| Peers that auto-enroll | 62% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($876 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $1,342 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- First Merchants put in about $3,308 per active participant, below the typical peer ($3,606). 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 | $7,055,296 |
| Participant (employee) contributions | $13,225,327 |
| Other contributions (incl. rollovers in) | $2,479,217 |
| Administrative expenses paid from the plan | $166,283 |
| Contract administrator fees | $166,283 |
| Benefits paid out | $32,720,380 |
| Net assets, start / end of year | $238.9M / $260.9M |
| Active participants, start / end of year | 2,210 / 2,056 |
| Participants with account balances | 2,698 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Forvis Mazars, LLP |
Largest service providers (Schedule C)
| Lincoln National Corporation | $166,283 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250625093540NAL0011075872001, received 2025-06-25, EIN 35-1544218, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.