Industry sector · Form 5500 business code 22xxxx
Utilities: retirement plans
Plans whose sponsor entered a business code in this sector on Form 5500.
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. The business code is chosen by the filer from the list in the Form 5500 instructions.
589 retirement plans in utilities with 100 or more participants filed Form 5500 for plan year 2024 (414 defined contribution, 175 defined benefit). All Form 5500 pension filers in the group reported 1,864,221 participant records and $393.0B in net assets.
The median defined contribution plan held $135,514 per participant, well above the national median of $53,031, and its employer put in $5,334 per active participant (national: $2,174). Among plans reporting Schedule C compensation the median was $144 per participant against $123 nationally.
Employers contributed $7.98B and participants $7.56B during the year, and the plans paid out $33.9B in benefits.
In 2009 the same group numbered 639 plans with $195.7B; by 2024 it was 589 plans (down 8%) and $393.0B (up 101%). From plan year 2023 the 100-participant line counts participants with account balances, which moved many plans to the short form.
Medians compared with all US plans
| Median plan, plan year 2024 | Industry: DC | US: DC | Industry: DB | US: DB |
|---|---|---|---|---|
| Net assets per participant | $135,514 | $53,031 | $187,668 | $86,234 |
| Employer contributions per active participant | $5,334 | $2,174 | $12,900 | $10,244 |
| Schedule C compensation per participant | $144 | $123 | $468 | $344 |
| Schedule C compensation, share of net assets | 0.12% | 0.26% | 0.27% | 0.42% |
| Administrative expenses per participant | $138 | $116 | $804 | $527 |
Medians across plans with 100 or more participants (396 DC and 175 DB plans with a Schedule H here). Fee medians cover plans reporting an amount. DC: defined contribution, such as 401(k) and 403(b). DB: defined benefit pension.
Distribution of DC plans
| Measure | 25th percentile | Median | 75th percentile | Plans |
|---|---|---|---|---|
| Net assets per participant | $51,705 | $135,514 | $241,601 | 396 |
| Employer contributions per active participant | $2,901 | $5,334 | $8,339 | 393 |
| Schedule C compensation per participant | $65.69 | $144 | $244 | 367 |
| Administrative expenses per participant | $52.88 | $138 | $242 | 381 |
Trend by plan year
| Plan year | Plans 100+ | Participants | Net assets | Employer contributions | Participant contributions | Median DC assets / participant | Median DC Sch. C / participant |
|---|---|---|---|---|---|---|---|
| 2025partial | 102 | 238,642 | $62.4B | $1.10B | $2.10B | $224,864 | $192 |
| 2024 | 589 | 1,864,221 | $393.0B | $7.98B | $7.56B | $135,514 | $144 |
| 2023 | 599 | 1,884,715 | $378.3B | $7.15B | $7.16B | $127,412 | $132 |
| 2022 | 613 | 1,881,879 | $353.0B | $7.91B | $6.75B | $108,415 | $125 |
| 2021 | 599 | 1,825,431 | $433.2B | $7.17B | $6.21B | $144,065 | $130 |
| 2020 | 604 | 1,737,477 | $375.0B | $8.50B | $5.91B | $129,397 | $113 |
| 2019 | 607 | 1,766,261 | $352.6B | $8.75B | $5.40B | $115,417 | $100 |
| 2018 | 601 | 1,634,755 | $280.7B | $7.28B | $4.81B | $98,884 | $95.26 |
| 2017 | 593 | 1,704,017 | $318.5B | $9.08B | $4.89B | $115,239 | $79.75 |
| 2016 | 597 | 1,769,966 | $296.5B | $9.27B | $4.78B | $103,910 | $70.11 |
| 2015 | 606 | 1,814,027 | $282.9B | $7.68B | $4.69B | $98,304 | $71.59 |
| 2014 | 602 | 1,794,446 | $292.4B | $7.79B | $4.39B | $104,667 | $61.60 |
| 2013 | 612 | 1,808,908 | $279.1B | $7.65B | $4.22B | $100,532 | $45.70 |
| 2012 | 620 | 1,800,411 | $254.3B | $11.6B | $4.11B | $88,530 | $37.19 |
| 2011 | 625 | 1,814,013 | $224.4B | $9.93B | $3.85B | $84,634 | $32.90 |
| 2010 | 641 | 1,857,737 | $222.5B | $14.0B | $3.84B | $78,997 | $29.91 |
| 2009 | 639 | 1,870,843 | $195.7B | $8.52B | $3.79B | $67,591 | $26.44 |
Plan year is the year in which the plan year began. The drop in large plans from 2023 follows a rule change: the 100-participant line now counts participants with account balances, so many plans moved to the short form.
Provider share
Service provider organisations named most often on the Schedule C of the 587 plans on this page's list, by number of plans. A plan usually names several providers.
Largest plans
The 50 largest by participants of 587 plans with a page on this site.
| Plan | Sponsor | State | Type | Participants | Net assets | Per participant | Employer / active | Sch. C / participant |
|---|---|---|---|---|---|---|---|---|
| 401(k) Pension Plan | National Rural Electric Cooperative Association | VA | DC | 80,475 | $16.7B | $207,733 | $4,449 | $603 |
| Retirement Security Plan | National Rural Electric Cooperative Association | VA | DB | 75,823 | $11.5B | $151,057 | $20,194 | $349 |
| Pacific Gas and Electric Company Retirement Plan | Pacific Gas and Electric Company | CA | DB | 58,892 | $17.5B | $297,823 | $11,444 | $502 |
| The Southern Company Pension Plan | Southern Company Services, Inc. | GA | DB | 58,166 | $15.0B | $257,844 | — | $1,126 |
| Dominion Energy Pension Plan | Dominion Energy, Inc. | VA | DB | 38,980 | $8.33B | $213,770 | — | $45.43 |
| Firstenergy Corp. Master Pension Plan | Firstenergy Corp. | OH | DB | 38,934 | $6.35B | $163,030 | — | $596 |
| The Southern Company Employee Savings Plan | Southern Company Services, Inc. | GA | DC | 35,609 | $9.30B | $261,172 | $4,817 | $46.76 |
| Duke Energy Retirement Savings Plan | Duke Energy Corporation | NC | DC | 35,031 | $11.3B | $321,708 | $9,486 | $148 |
| American Electric Power System Retirement Plan | American Electric Power Service Corporation | OH | DB | 32,548 | $4.00B | $122,833 | $6,223 | $344 |
| Nextera Energy, Inc. Employee Pension Plan | Nextera Energy, Inc. | FL | DB | 29,209 | $5.11B | $174,847 | — | $1,502 |
| Consolidated Edison Retirement Plan | Consolidated Edison Company of New York, Inc. | NY | DB | 26,696 | $15.5B | $579,008 | $525 | $1,254 |
| Exelon Corporation Employee Savings Plan | Exelon Corporation | IL | DC | 26,632 | $6.31B | $237,011 | $5,621 | $208 |
| Duke Energy Retirement Cash Balance Plan | Duke Energy Corporation | NC | DB | 26,146 | $4.68B | $178,918 | — | $32.13 |
| National Grid USA Co. Incentive Thrift Plan | National Grid USA Service Company, Inc. | NY | DC | 24,480 | $6.44B | $262,887 | $7,375 | $50.47 |
| Exelon Corporation Retirement Program | Exelon Corporation | IL | DB | 23,999 | $6.05B | $251,966 | $23,393 | $342 |
| Consumers Energy Company Employees' Savings Plan | Consumers Energy Company | MI | DC | 23,741 | $2.85B | $120,226 | $11,270 | $14.33 |
| Clean Harbors Savings and Retirement Plan | Clean Harbors Enviromental Services, Inc. | MA | DC | 23,611 | $1.24B | $52,725 | $1,479 | $92.48 |
| Ameren Retirement Plan | Ameren Corporation | MO | DB | 23,302 | $4.38B | $188,079 | — | $498 |
| Nextera Energy, Inc. Employee Retirement Savings Plan | Nextera Energy, Inc. | FL | DC | 22,082 | $5.48B | $248,295 | $4,963 | $149 |
| The Consolidated Edison Thrift Savings Plan | Consolidated Edison Company of New York, Inc. | NY | DC | 21,431 | $6.35B | $296,197 | $5,837 | $173 |
| Aep Retirement Savings 401(k) Plan | American Electric Power Service Corporation | OH | DC | 21,396 | $5.22B | $243,927 | $4,973 | $326 |
| The Southern California Edison Company Retirement Plan | Southern California Edison Company | CA | DB | 21,342 | $4.43B | $207,605 | $2,011 | $613 |
| Constellation Employee Savings Plan | Constellation Energy Generation LLC | PA | DC | 20,615 | $5.98B | $289,918 | $8,044 | $240 |
| Pg&e Corp. Retirement Savings Plan for Union-Represented Employees | Pg&e Corporation | CA | DC | 20,327 | $5.71B | $280,870 | $5,832 | $160 |
| Dominion Energy 401(k) Plan | Dominion Energy, Inc. | VA | DC | 18,747 | $4.92B | $262,455 | $6,421 | $156 |
| NRG Affiliates Employee Savings Plan | NRG Affiliate Services, Inc. | NJ | DC | 17,981 | $2.33B | $129,380 | $4,057 | $40.94 |
| Eversource Pension Plan | Eversource Energy Service Company | CT | DB | 17,796 | $5.76B | $323,840 | — | $249 |
| Constellation Retirement Program | Constellation Energy Generation LLC | PA | DB | 17,060 | $4.99B | $292,361 | $24,386 | $467 |
| Edison 401(k) Savings Plan | Southern California Edison Company | CA | DC | 16,852 | $6.31B | $374,603 | $9,892 | $278 |
| Kinder Morgan Retirement Plan B | Kinder Morgan, Inc. | TX | DB | 16,410 | $518M | $31,553 | $3,193 | $95.21 |
| Firstenergy Corp. Savings Plan | Firstenergy Corp. | OH | DC | 16,218 | $4.22B | $259,902 | $3,542 | $117 |
| Kinder Morgan Savings Plan | Kinder Morgan, Inc. | TX | DC | 16,121 | $3.23B | $200,540 | $5,257 | $227 |
| Siemens Energy, Inc. Savings Plan | Siemens Energy, Inc. | FL | DC | 15,538 | $3.95B | $254,169 | $8,564 | $403 |
| Pg&e Corporation Retirement Savings Plan | Pg&e Corporation | CA | DC | 14,654 | $5.69B | $388,335 | $7,934 | $176 |
| Eversource 401(k) Plan | Eversource Energy Service Company | CT | DC | 14,558 | $4.05B | $277,947 | $6,958 | $92.34 |
| Duke Energy Legacy Pension Plan | Duke Energy Corporation | NC | DB | 14,346 | $2.35B | $163,809 | — | $93.49 |
| Xcel Energy 401(k) Savings Plan | Xcel Energy Inc. | MN | DC | 14,084 | $3.50B | $248,716 | $3,828 | $125 |
| Dte Energy Company Retirement Plan | Dte Energy Corporate Services, LLC | MI | DB | 13,899 | $3.69B | $265,598 | — | $171 |
| Savings Plan of Entergy Corporation and Subsidiaries | Entergy Corporation | LA | DC | 13,114 | $4.36B | $332,746 | $5,902 | $68.27 |
| Usic 401(k) Savings Plan | Usic, LLC | IN | DC | 12,318 | $207M | $16,783 | $649 | $39.18 |
| Southern California Gas Company Pension Plan | Southern California Gas Company | CA | DB | 12,106 | $2.36B | $194,679 | $11,072 | $462 |
| Centerpoint Energy Retirement Plan | Centerpoint Energy, Inc. | TX | DB | 12,081 | $1.09B | $90,335 | $25,501 | $315 |
| Centerpoint Energy Savings Plan | Centerpoint Energy, Inc. | TX | DC | 11,962 | $2.88B | $240,908 | $8,066 | $337 |
| Xcel Energy Pension Plan and Xcel Energy Pension Plan for Bargaining Employees | Xcel Energy Inc. | MN | DB | 11,750 | $1.24B | $105,647 | $15,743 | $416 |
| Ameren Corporation Savings Investment Plan | Ameren Corporation | MO | DC | 11,661 | $3.20B | $274,554 | $5,355 | $81.59 |
| Entergy Corporation Retirement Plan for Non-Bargaining Employees | Entergy Corporation | LA | DB | 11,455 | $1.77B | $154,526 | $31,334 | — |
| Salt River Project Employees' Retirement Plan | Salt River Valley Water Users Association | AZ | DB | 11,406 | $2.90B | $254,564 | $14,296 | $461 |
| Avangrid 401(k) Plan | Avangrid Management Company, LLC | CT | DC | 10,256 | $2.56B | $250,030 | $12,165 | $87.89 |
| Nisource Inc. Retirement Savings Plan | Nisource Inc. | IN | DC | 10,216 | $2.35B | $230,469 | $7,957 | $11.73 |
| Southern California Gas Company Retirement Savings Plan | Southern California Gas Company | CA | DC | 10,206 | $3.26B | $319,803 | $4,029 | $46.00 |
By plan size
By state
Business codes in this sector
| Code | Principal business activity | Plans 100+ | Participants | Net assets |
|---|---|---|---|---|
| 221100 | Electric Power Generation, Transmission & Distribution | 364 | 1,388,609 | $313.0B |
| 221210 | Natural Gas Distribution | 100 | 173,871 | $27.3B |
| 221300 | Water, Sewage & Other Systems | 91 | 105,040 | $10.8B |
| 221500 | Combination Gas & Electric | 34 | 196,701 | $41.9B |
Codes with 20 or more plans of 100+ participants in plan year 2024. Labels are from the official Form 5500 instructions.
Questions and answers
How many retirement plans are there in utilities?
589 plans with 100 or more participants filed Form 5500 for plan year 2024, out of 756 pension plans on the full form. Smaller plans file Form 5500-SF and are counted separately where shown.
What is the typical 401(k) balance in utilities?
The median defined contribution plan reported $135,514 in net assets per participant (middle half of plans: $51,705 to $241,601); nationally it was $53,031. This is a plan-level average that includes former employees, not a typical person's balance.
What do employers contribute in utilities?
The median defined contribution plan received $5,334 in employer contributions per active participant, against $2,174 nationally. Plans with no employer contribution are included at zero.
What are average 401(k) fees in utilities?
Among defined contribution plans that report any Schedule C compensation, the median was $144 per participant and 0.12% of net assets (nationally $123 and 0.26%). Schedule C leaves out fund expense ratios and fees the employer pays, so it understates total cost.
Where does this come from?
Form 5500 annual reports in the EBSA research files, with filings received through 24 Aug 2026. Medians are computed by this site across plans with 100 or more participants.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files, public domain, with filings received through 24 Aug 2026. Totals count every pension plan on the full form; medians and the plan list cover plans with 100 or more participants. See the methodology.