Ohio › Utilities › 1,000 to 4,999 participants
Form 5500 statement · plan year 1 Jan 2025 to 31 Dec 2025
Employees' Thrift Plan of Indianapolis Power & Light Company
Sponsored by Indianapolis Power & Light Company, Dayton, OH
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
In the plan year ending 31 Dec 2025, Employees' Thrift Plan of Indianapolis Power & Light Company covered 1,082 participants and held $227M in net assets. The plan is an ESOP with a 401(k) feature sponsored by Indianapolis Power & Light Company of Dayton, Ohio.
Net assets came to $190,227 per participant in plan year 2024, well above the $50,295 median for defined contribution plans with 1,000 to 4,999 participants and well above the $137,166 median for defined contribution plans in utilities. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
The employer contributed $4.5M during the year, or $5,130 per active participant against a same-size median of $2,045; participants contributed $8.7M and $342K arrived as rollovers and other contributions. Benefits paid out totalled $20.5M.
Schedule C lists 4 service provider organisations paid $5,000 or more, with reported compensation of $117K: $108 per participant, well above the same-size median of $82.08. Administrative expenses charged to the plan were $119K. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
Across the filings on record, net assets went from $116M in 2009 to $227M in 2025 (up 96%), and participants from 1,420 to 1,082 (down 24%).
The independent accountant's opinion on the financial statements was unmodified (unqualified).
Compared with similar plans
| Measure, plan year 2024 | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $190,227 | $50,295 | $137,166 | $53,102 |
| Employer contributions per active participant | $4,414 | $2,045 | $5,334 | $2,175 |
| Schedule C compensation per participant | $114 | $82.08 | $145 | $123 |
| Schedule C compensation, share of net assets | 0.06% | 0.17% | 0.12% | 0.26% |
| Administrative expenses per participant | $115 | $82.20 | $139 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 1,000 to 4,999 participants (10,207 plans), utilities (393) and all US plans (63,460). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2025 | 1,082 | $227M | $210,146 | $4.5M | $8.7M | $117K |
| 2024 | 1,073 | $204M | $190,226 | $4.0M | $7.9M | $122K |
| 2023 | 1,079 | $198M | $183,362 | $3.7M | $7.4M | $123K |
| 2022 | 1,076 | $181M | $168,557 | $3.9M | $7.3M | $119K |
| 2021 | 1,117 | $220M | $196,653 | $3.5M | $7.3M | $74K |
| 2020 | 1,141 | $208M | $182,017 | $3.5M | $7.4M | $70K |
| 2019 | 1,145 | $190M | $165,791 | $3.2M | $6.7M | $78K |
| 2018 | 1,135 | $166M | $146,266 | $3.3M | $6.7M | $73K |
| 2017 | 1,200 | $181M | $151,126 | $3.4M | $7.3M | $74K |
| 2016 | 1,194 | $163M | $136,578 | $3.2M | $6.4M | $70K |
| 2015 | 1,221 | $151M | $123,609 | $3.0M | $6.2M | $199K |
| 2014 | 1,244 | $165M | $132,711 | $3.0M | $6.2M | $205K |
| 2013 | 1,326 | $166M | $124,813 | $3.0M | $6.3M | $317K |
| 2012 | 1,349 | $143M | $106,199 | $3.1M | $6.5M | $191K |
| 2011 | 1,326 | $130M | $97,833 | $2.9M | $6.0M | $234K |
| 2010 | 1,349 | $127M | $94,021 | $2.9M | $6.0M | $155K |
| 2009 | 1,420 | $116M | $81,680 | $2.9M | $5.9M | $33K |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began.
Statement for the year
- Net assets, beginning of year$204,113,355
- Employer contributions$4,488,761
- Participant contributions$8,710,243
- Rollovers and other contributions$342,076
- Total contributions$13,541,080
- Total income, including investment results$43,988,053
- Benefits paid$20,474,836
- Administrative expenses$119,390
- Total expenses$20,594,226
- Net income$23,393,827
- Net transfers−$128,702
- Net assets, end of year$227,378,480
Participants
- Active participants875
- Retired or separated, receiving benefits71
- Retired or separated, entitled to future benefits113
- Participants with account balances1,043
- Total participants, end of year1,082
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| T Rowe Price RPS Inc. | Recordkeeping and information management; Trustee (bank, trust company, or similar financial institution); Trustee (directed); Investment management; Securities brokerage; Participant loan processing; Participant communication; Other services | $77,263 | $0 |
| Mercer | Consulting (general) | $27,714 | $0 |
| Capital Cities, LLC | Consulting (general); Investment advisory (plan) | $11,250 | $0 |
| Charles Schwab & Co., Inc. | Securities brokerage | $551 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Administrative expenses on Schedule H
- Recordkeeping fees$77,263
- Other administrative expenses$29,714
- Investment advisory and management fees$11,250
- Legal fees$1,163
- Total administrative expenses$119,390
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Common/collective trusts$208M · 91.4%
- Other investments$7.5M · 3.3%
- Employer securities$6.3M · 2.8%
- Participant loans$4.2M · 1.9%
- Receivables$1.6M · 0.7%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmErnst & Young LLP
- Participant contributions reported as transmitted lateYes, $529,026
- Covered by a fidelity bondYes, $1,000,000
- Blackout period during the yearYes
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
2EProfit-sharing plan2FERISA section 404(c) plan2GTotal participant-directed account plan2JCode section 401(k) feature2KCode section 401(m) arrangement2OESOP other than a leveraged ESOP2RParticipant-directed brokerage accounts provided as an investment option under the plan2S401(k) plan or 403(b) plan that provides for automatic enrollment2TTotal or partial participant-directed account plan with a default investment account3HPlan sponsor(s) is (are) a member(s) of a controlled group
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 221100: Electric Power Generation, Transmission & Distribution.
Other plans of Indianapolis Power & Light Company
| Plan | Participants | Net assets |
|---|---|---|
| Employees' Retirement Plan of Indianapolis Power & Light Company | 1,933 | $555M |
Similar plans in Ohio
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Igs Energy 401(k) Plan | Interstate Gas Supply, LLC | 1,746 | $129M | $73,760 |
| Supplemental Pension & Savings Plan for Ees of Ohio Valley Electric Corp. and Indiana-Kentucky Electric Corp. | Ohio Valley Electric Corporation | 641 | $150M | $233,943 |
| Firstenergy Corp. Savings Plan | Firstenergy Corp. | 16,218 | $4.22B | $259,902 |
| Cardinal Operating Company 401(k) Plan | Cardinal Operating Company | 279 | $70.7M | $253,480 |
| Aep Retirement Savings 401(k) Plan | American Electric Power Service Corporation | 21,396 | $5.22B | $243,927 |
| Utility Pipeline, Ltd. 401(k) Profit Sharing Plan | Utility Pipeline, Ltd. | 174 | $11.5M | $65,909 |
Defined contribution plans in utilities closest in size.
Questions and answers
How big is Employees' Thrift Plan of Indianapolis Power & Light Company?
1,082 participants at the end of the plan year ending 31 Dec 2025, of whom 875 were active employees, with net assets of $227,378,480. Among defined contribution plans that places it in the 1,000 to 4,999 participants band, which held 10,207 plans in plan year 2024.
What does Indianapolis Power & Light Company contribute per participant?
The filing reports $4,488,761 in employer contributions for the year, which is $5,130 per active participant; the median for plans of the same type and size was $2,045 in plan year 2024. Form 5500 reports the total only. It does not state the match formula, and the per-participant figure is an average, not any one person's contribution.
What fees does the plan pay and how do they compare?
Schedule C reports $116,778 in compensation to service provider organisations, $108 per participant or 0.05% of net assets. The same-size median among plans reporting any Schedule C compensation was $82.08 per participant. Administrative expenses on Schedule H were $119,390. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is Indianapolis Power & Light Company. Recordkeeping or administration: T Rowe Price RPS Inc.. Investment advisory or management: T Rowe Price RPS Inc. and Capital Cities, LLC. Trustee or custodian: T Rowe Price RPS Inc.. The financial statements were audited by Ernst & Young LLP. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an unmodified (unqualified) opinion. Unmodified (formerly "unqualified") is the standard clean opinion.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 1 Jan 2025 to 31 Dec 2025, received by the Department of Labor on 1 Jul 2026. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 35-0413620, plan 003, received 1 Jul 2026; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.