Based on the 2023 DOL 5500 form data Indiana is home to 189 ESOPs, providing retirement benefits to over 185 thousand individuals with total assets exceeding $25 billion dollars.  The average participant account value is over $142 thousand dollars.  The average 401K value in 2023 according to Vanguard was just over $134 thousand dollars.  However, unlike a 401K most ESOP accounts are fully funded by the employer requiring no contribution from the employee, and in many cases ESOP companies also provide a 401K plan!

From a historical perspective how have Indiana ESOPs performed 2012 to 2023?

In 2023, Indiana ESOPs distributed over $1.8 Billion dollars to plan participants in retirement benefits.  The average age of an Indiana ESOP is 17 years, with a median age of 15 years!

The number of Indiana ESOPs over time, based on the DOL5500 form data for Indiana, there has been an increase in the number of ESOPs since 2012.  The average number of ESOPs during this time period is, 183.5 ESOPs with a standard deviation of 9.1.  From a low of 164 ESOPs in 2012, to a high of 194 in 2021 and 2022.

Consistent with an increase in the number of ESOPs, the number of employee Owners (participants) in the ESOPs has also increased from  115,761 in 2012 to 183,077 as of 2023, an increase of 36% over the 12 years analyzed.

Assets held in these retirement plans has also increased from 9.7 billion in 2012 to over 25 billion in 2023!  The average account balance (Assets divided by participants) of these ESOPs have increased substantially, from an average balance of $83 thousand in 2012 to an average balance of over $140 thousand in 2023 a 62% increase over this time period.

Even during the COVID years from 2019 to 2023, Indiana ESOPs performed well.  With an 11% increase in the number of ESOP participants, an increase of 26% of plan assets, and an average share balance that increased by 17%.

Note: Data sourced from US Department of Labor – DOL 5500 Forms.