Horace Mann Service Corporation 401(k) Review & Grade
Horace Mann 401k Plan
Springfield, ILFinance & Insurance1,785 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$5,868Employer $ per active participant
$6,674Employee $ saved per active participant
0.11%Direct admin cost, % of plan assets
$265.8MNet plan assets, end of year
$108,239Average balance per account
Score breakdown
- Employer generosity37.5 / 5075th percentile for employer $ per participant
- Low cost17.7 / 2571th percentile for low admin cost vs. same-size plans
- Employee saving6.8 / 1545th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score72 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 75th |
| Lower admin cost | 71th |
| Employee saving | 45th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Horace Mann Service put in about $5,868 per active participant, more than the typical peer ($3,606). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- 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.
- 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 | $10,473,910 |
| Participant (employee) contributions | $11,913,546 |
| Other contributions (incl. rollovers in) | $1,216,563 |
| Administrative expenses paid from the plan | $292,574 |
| Contract administrator fees | $158,463 |
| Investment advisory & management fees | $98,392 |
| Other admin expenses | −$1,991 |
| Benefits paid out | $34,110,153 |
| Net assets, start / end of year | $245.6M / $265.8M |
| Active participants, start / end of year | – / 1,785 |
| Participants with account balances | 2,456 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Kerber Eck & Braeckel LLP |
| Employer stock held by plan | $1,138,056 |
Largest service providers (Schedule C)
| Transamerica Retirement Solutions | $157,589 reported compensation |
| Mercer | $98,392 reported compensation |
| Edelman Financial Services, LLC | $51,967 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250911155444NAL0000318979001, received 2025-09-11, EIN 37-0972590, plan #004, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.