Employer · plans filed under one EIN
Norfolk Southern Corporation
Atlanta, GA · Management of companies (holding companies)
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.
3 retirement plans with 100 or more participants file Form 5500 under Norfolk Southern Corporation's employer identification number (Atlanta, Georgia). Their latest filings total 34,892 participant records and $5.47B in net assets.
The largest is Thoroughbred Retirement Investment Plan of Norfolk Southern Corporation and Participating Subsidiary Companies, an ESOP with a 401(k) feature with 14,235 participants. A person can be counted in more than one plan, so the participant total is a count of records rather than of people.
Employer contributions across the plans were $18.9M and participant contributions $92.7M in the latest plan years; benefits paid were $387M. Schedule C compensation reported to service provider organisations totalled $12.3M.
Combined net assets moved from $2.70B in 2009 to $2.92B in 2025 (up 8%). Plan mergers and spin-offs show up here as steps in the series.
Plans
| Plan | Kind | Plan year | Participants | Net assets | Per participant | Employer / active | Sch. C compensation |
|---|---|---|---|---|---|---|---|
| Thoroughbred Retirement Investment Plan of Norfolk Southern Corporation and Participating Subsidiary Companies | ESOP with a 401(k) feature | 2025 | 14,235 | $1.22B | $85,482 | $302 | $1.2M |
| Retirement Plan of Norfolk Southern Corporation and Participating Subsidiary Companies | defined benefit pension plan | 2024 | 14,020 | $2.54B | $181,431 | — | $10.3M |
| Thrift and Investment Plan of Norfolk Southern Corporation and Participating Subsidiary Companies | ESOP with a 401(k) feature | 2025 | 6,637 | $1.71B | $257,208 | $3,377 | $786K |
| US median, plan year 2024: DC plans $53,102 per participant, $2,175 employer contribution per active participant; DB plans $86,221 and $10,244. | |||||||
Trend by plan year
| Plan year | Plans | Participant records | Net assets | Employer contributions | Participant contributions |
|---|---|---|---|---|---|
| 2025 | 2 | 20,872 | $2.92B | $18.9M | $92.7M |
| 2024 | 3 | 35,001 | $5.14B | $18.1M | $92.9M |
| 2023 | 3 | 35,630 | $4.93B | $17.9M | $91.5M |
| 2022 | 3 | 35,387 | $4.45B | $16.0M | $76.8M |
| 2021 | 3 | 35,456 | $5.55B | $15.6M | $75.6M |
| 2020 | 3 | 36,130 | $5.03B | $15.5M | $73.5M |
| 2019 | 3 | 37,196 | $4.60B | $16.5M | $79.6M |
| 2018 | 3 | 40,343 | $3.87B | $16.6M | $77.9M |
| 2017 | 3 | 39,852 | $4.28B | $16.7M | $71.2M |
| 2016 | 3 | 40,841 | $3.75B | $16.1M | $70.9M |
| 2015 | 3 | 42,962 | $3.59B | $16.9M | $80.5M |
| 2014 | 3 | 44,977 | $3.91B | $16.5M | $74.0M |
| 2013 | 3 | 44,815 | $3.74B | $16.0M | $67.6M |
| 2012 | 3 | 44,258 | $3.11B | $15.1M | $65.1M |
| 2011 | 3 | 40,419 | $3.03B | $14.8M | $63.6M |
| 2010 | 2 | 24,100 | $1.31B | $14.0M | $61.4M |
| 2009 | 3 | 39,955 | $2.70B | $14.0M | $59.7M |
History of the plans listed above, in the years each filed the full Form 5500 with 100 or more participants. Plans that have since terminated are not included.
Service providers
| Organisation | Services reported | Plans | Compensation reported |
|---|---|---|---|
| Primecap Management Company | Investment management | 1 | $1,512,007 |
| Silchester International Investors | Investment management | 1 | $1,485,230 |
| Vanguard Advisers Inc. | Investment advisory (participants) | 2 | $1,476,170 |
| Conestoga Capital Advisors | Investment management | 1 | $1,169,002 |
| Aon Consulting | Actuarial | 1 | $988,298 |
| Invesco Capital Management | Investment management | 1 | $914,805 |
| Diamond Hill Capital Management Inc. | Investment management | 1 | $897,122 |
| John W. Bristol & Co., Inc. | Investment management | 1 | $735,867 |
| Capital International Inc. | Investment management | 1 | $708,287 |
| Western Asset Management Company | Investment management | 1 | $610,155 |
| The Vanguard Group, Inc. | Recordkeeping and information management; Trustee (directed); Participant loan processing | 2 | $543,295 |
| Northern Trust Company | Trustee (bank, trust company, or similar financial institution); Investment management | 1 | $367,616 |
| Cooke & Bieler Inc. | Investment advisory (plan) | 1 | $316,563 |
| LCG Associates, Inc. | Consulting (pension) | 1 | $250,000 |
| Qdro Consultants Co. LLC | Consulting (general) | 1 | $10,450 |
Organisations paid $5,000 or more by any of these plans, from Schedule C. Individuals are not shown.
Questions and answers
How many retirement plans does Norfolk Southern Corporation have?
3 plans with 100 or more participants filed Form 5500 under its employer identification number for the latest plan years: Thoroughbred Retirement Investment Plan of Norfolk Southern Corporation and Participating Subsidiary Companies, Retirement Plan of Norfolk Southern Corporation and Participating Subsidiary Companies and Thrift and Investment Plan of Norfolk Southern Corporation and Participating Subsidiary Companies. Smaller plans and plans filed under a subsidiary's number are not grouped here.
How much does Norfolk Southern Corporation contribute to its plans?
$18,948,319 in employer contributions across these plans in their latest plan years, about $891 per active participant record. Form 5500 reports totals and not the match or accrual formula.
Who provides services to these plans?
Schedule C filings name Primecap Management Company, Silchester International Investors, Vanguard Advisers Inc. and Conestoga Capital Advisors and others. Only organisations paid $5,000 or more by a plan are listed on Schedule C.
Where does this come from?
Form 5500 annual reports filed with the Department of Labor's EFAST2 system, from the EBSA research files, with filings received through 24 Aug 2026. Figures are as filed and may be amended.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files, public domain, with filings received through 24 Aug 2026. Plans are grouped by the sponsor's employer identification number exactly as filed; a company that files under several EINs appears as several employers. See the methodology and corrections.