Industry sector · Form 5500 business code 52xxxx
Finance and insurance: 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.
For plan year 2024, 5,318 retirement plans in finance and insurance with 100 or more participants filed Form 5500: 4,617 defined contribution and 701 defined benefit. They reported 12,378,347 participant records and $1.45T in net assets, counting every plan on the form.
The median defined contribution plan held $92,380 per participant, well above the national median of $53,031, and its employer put in $3,566 per active participant (national: $2,174). Among plans reporting Schedule C compensation the median was $137 per participant against $123 nationally.
Employers contributed $32.7B and participants $43.1B during the year, and the plans paid out $114.5B in benefits.
In 2009 the same group numbered 5,903 plans with $545.8B; by 2024 it was 5,318 plans (down 10%) and $1.45T (up 166%). 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 | $92,380 | $53,031 | $119,725 | $86,234 |
| Employer contributions per active participant | $3,566 | $2,174 | $7,692 | $10,244 |
| Schedule C compensation per participant | $137 | $123 | $353 | $344 |
| Schedule C compensation, share of net assets | 0.17% | 0.26% | 0.32% | 0.42% |
| Administrative expenses per participant | $130 | $116 | $433 | $527 |
Medians across plans with 100 or more participants (4,409 DC and 694 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 | $55,257 | $92,380 | $148,338 | 4,409 |
| Employer contributions per active participant | $2,177 | $3,566 | $5,958 | 4,258 |
| Schedule C compensation per participant | $60.12 | $137 | $258 | 4,036 |
| Administrative expenses per participant | $49.78 | $130 | $247 | 4,195 |
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 | 1,037 | 1,671,793 | $256.9B | $5.92B | $9.89B | $118,003 | $140 |
| 2024 | 5,318 | 12,378,347 | $1.45T | $32.7B | $43.1B | $92,380 | $137 |
| 2023 | 5,382 | 12,206,596 | $1.32T | $32.3B | $40.6B | $82,607 | $123 |
| 2022 | 5,550 | 11,868,407 | $1.16T | $29.6B | $37.3B | $68,511 | $119 |
| 2021 | 5,530 | 11,482,984 | $1.39T | $27.6B | $34.3B | $83,343 | $119 |
| 2020 | 5,476 | 11,190,334 | $1.28T | $29.7B | $31.1B | $76,422 | $111 |
| 2019 | 5,488 | 11,291,379 | $1.13T | $30.1B | $28.5B | $67,666 | $102 |
| 2018 | 5,634 | 12,216,462 | $1.01T | $30.2B | $26.5B | $58,209 | $95.68 |
| 2017 | 5,651 | 11,991,916 | $1.05T | $35.6B | $24.1B | $62,465 | $80.48 |
| 2016 | 5,686 | 11,638,094 | $900.4B | $30.1B | $22.5B | $55,610 | $67.79 |
| 2015 | 5,708 | 15,971,443 | $849.9B | $29.1B | $21.2B | $50,912 | $60.67 |
| 2014 | 5,720 | 11,810,936 | $850.4B | $28.2B | $19.5B | $51,724 | $54.75 |
| 2013 | 5,727 | 11,946,184 | $817.0B | $26.2B | $18.8B | $49,811 | $44.47 |
| 2012 | 5,722 | 11,419,820 | $710.1B | $27.5B | $17.6B | $43,198 | $42.36 |
| 2011 | 5,776 | 12,122,217 | $638.0B | $29.4B | $16.6B | $38,598 | $41.10 |
| 2010 | 5,778 | 11,441,156 | $621.4B | $24.7B | $15.4B | $38,371 | $38.53 |
| 2009 | 5,903 | 11,575,760 | $545.8B | $28.0B | $15.2B | $32,733 | $30.87 |
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 5,341 plans on this page's list, by number of plans. A plan usually names several providers.
Largest plans
The 50 largest by participants of 5,341 plans with a page on this site.
| Plan | Sponsor | State | Type | Participants | Net assets | Per participant | Employer / active | Sch. C / participant |
|---|---|---|---|---|---|---|---|---|
| Paychex Pooled Employer 401(k) Plan | Paychex Retirement LLC | NY | DC | 661,036 | $1.77B | $2,675 | $272 | $21.87 |
| JPMorgan Chase 401(k) Savings Plan | JPMorgan Chase Bank, National Association | NJ | DC | 300,272 | $52.4B | $174,384 | $6,810 | $72.73 |
| Central Pension Fund of the IUOE & Participating Employers | Board of Trustees of the CPF of the IUOE and Participating Employers | DC | DB | 233,478 | $27.4B | $117,266 | $11,930 | $133 |
| JPMorgan Chase Retirement Plan | JPMorgan Chase Bank, National Association | NJ | DB | 202,919 | $14.6B | $71,770 | $0 | $222 |
| Legacy Plan of the National Retirement Fund | BD of Trustees-Legacy Plan of the National Retirement Fund | NY | DB | 184,550 | $1.83B | $9,920 | $5,771 | $107 |
| Principal Ease 401(k) Plan | Principal Life Insurance Company | IA | DC | 163,954 | $651M | $3,970 | $254 | $40.43 |
| Steelworkers Pension Trust | Steelworkers Pension Trust | PA | DB | 123,674 | $7.18B | $58,059 | $6,786 | $319 |
| The Citigroup Pension Plan | Citigroup Inc. | CT | DB | 119,922 | $9.84B | $82,064 | — | $535 |
| Citi Retirement Savings Plan | Citigroup Inc. | CT | DC | 117,332 | $26.9B | $229,141 | $7,309 | $125 |
| The PNC Financial Services Group, Inc. Pension Plan | The PNC Financial Services Group, Inc. | PA | DB | 115,646 | $5.53B | $47,784 | — | $184 |
| State Farm Insurance Companies Retirement Plan for United States Employees | State Farm Mutual Automobile Insurance Company | IL | DB | 114,467 | $37.7B | $329,660 | — | $73.82 |
| State Farm 401(k) Savings Plan | State Farm Mutual Automobile Insurance Company | IL | DC | 101,896 | $19.0B | $186,564 | $2,123 | $5.75 |
| Elevance Health 401(k) Plan | Ath Holding Company, LLC | IN | DC | 94,427 | $12.1B | $128,246 | $4,249 | $66.74 |
| Fidelity Retirement Savings Plan | FMR LLC | MA | DC | 93,003 | $34.2B | $367,747 | $18,761 | $0.08 |
| Truist Financial Corporation Pension Plan | Truist Financial Corporation | NC | DB | 92,130 | $14.7B | $159,352 | — | $161 |
| The Cigna Group 401(k) Plan | The Cigna Group | PA | DC | 91,385 | $14.1B | $154,730 | $4,486 | $25.13 |
| SEIU 775 Secure Retirement Plan | Board of Trustees, SEIU 775 Secure Retirement Trust | WA | DC | 89,810 | $497M | $5,538 | $1,060 | $48.45 |
| Aon Pooled Employer Plan | Aon Consulting, Inc. | IL | DC | 87,813 | $3.14B | $35,743 | $1,707 | $85.96 |
| The Legacy Plan of the Unite Here Retirement Fund | Board of Trustees - Legacy Plan of the Unite Here Retirement Fund | NY | DB | 87,313 | $601M | $6,887 | $5,745 | $96.84 |
| U.S. Bank 401(k) Savings Plan | U.S. Bancorp | MN | DC | 85,667 | $13.0B | $151,521 | $3,803 | $60.31 |
| Morgan Stanley 401(k) Plan | Morgan Stanley Domestic Holdings, LLC | NY | DC | 80,789 | $22.0B | $272,542 | $7,353 | $211 |
| The Progressive 401(k) Plan | The Progressive Corporation & Its Participating Subsidiaries | OH | DC | 77,919 | $12.4B | $159,058 | $3,642 | $17.50 |
| The PNC Financial Services Group, Inc. Incentive Savings Plan | The PNC Financial Services Group, Inc. | PA | DC | 75,644 | $10.2B | $134,705 | $3,334 | $105 |
| U.S. Bank Pension Plan | U.S. Bancorp | MN | DB | 73,390 | $4.38B | $59,708 | — | $56.71 |
| The Adjustable Plan of the Unite Here Retirement | Board of Trustees - Adjustable Plan of the Unite Here Retirement Fund | NY | DB | 72,394 | $449M | $6,207 | $1,468 | $57.39 |
| Liberty Mutual Retirement Benefit Plan | Liberty Mutual Group Inc. | MA | DB | 71,087 | $6.25B | $87,898 | — | $228 |
| Centene Management Corporation Retirement Plan | Centene Corporation | MO | DC | 67,132 | $4.72B | $70,260 | $2,041 | $35.78 |
| Truist Financial Corporation 401(k) Savings Plan | Truist Financial Corporation | NC | DC | 58,823 | $10.2B | $173,871 | $3,702 | $50.27 |
| Edward D. Jones & Co. Profit Sharing and 401(k) Plan | Edward D. Jones & Co., L.P. | MO | DC | 58,392 | $12.4B | $211,809 | $8,470 | $26.89 |
| Humana Retirement Savings Plan | Humana Inc. | KY | DC | 57,219 | $8.73B | $152,495 | $6,183 | $42.50 |
| The Bank of New York Mellon Corporation Pension Plan | The Bank of New York Mellon | PA | DB | 54,048 | $5.18B | $95,816 | — | $264 |
| USAA Retirement Savings Plan | United Services Automobile Association | TX | DC | 53,564 | $10.9B | $203,611 | $8,493 | $11.76 |
| Cigna Pension Plan | Cigna Holding Company | PA | DB | 51,700 | $3.84B | $74,319 | — | $166 |
| Southern District Ubc Defined Contribution Fund | Board of Trustees of the Southern District Ubc Defined Contribution F | TN | DC | 51,643 | $1.24B | $23,996 | $962 | $35.89 |
| Liberty Mutual 401(k) Plan | Liberty Mutual Group Inc. | MA | DC | 49,659 | $10.8B | $216,904 | $4,269 | $236 |
| The Goldman Sachs 401(k) Plan | The Goldman Sachs Group, Inc. | NY | DC | 49,526 | $12.8B | $257,605 | $8,403 | $325 |
| Retirement Plan for Employees of Aetna Inc. | Aetna Inc. | CT | DB | 49,504 | $5.19B | $104,891 | — | $280 |
| USAA Pension Plan | United Services Automobile Association | TX | DB | 49,301 | $4.28B | $86,844 | — | $131 |
| Sequoia One 401(k) Plan | Sequoia One PEO, LLC | AZ | DC | 47,034 | $1.40B | $29,733 | $1,808 | $41.92 |
| New York State Nurses Association Pension Plan | Board of Trustees-New York State Nurses Association Pension Plan | NY | DB | 46,491 | $5.84B | $125,702 | $10,383 | $682 |
| The 401(k) Plan | Health Care Service Corporation | TX | DC | 46,212 | $3.92B | $84,744 | $2,293 | $8.37 |
| The Travelers Pension Plan | Travelers Companies, Inc. | MN | DB | 45,786 | $4.23B | $92,478 | — | $283 |
| U.S. Bank Legacy Pension Plan | U.S. Bancorp | MN | DB | 45,327 | $3.48B | $76,713 | — | $56.12 |
| Pentegra Defined Contribution Plan for Financial Institutions | Board of Directors of Pentegra Defined Contribution Plan | NY | DC | 45,161 | $2.26B | $50,049 | $1,181 | $198 |
| Adjustable Plan of the National Retirement Fund | BD of Trustees-Adjustable Plan of the National Retirement Fund | NY | DB | 45,017 | $161M | $3,583 | $519 | $75.81 |
| UFCW Retirement and Savings Plan | Trustees of UFCW Retirement and Savings Plan | NJ | DC | 44,614 | $225M | $5,040 | $889 | $43.59 |
| The Prudential Merged Retirement Plan | The Prudential Insurance Company of America | NJ | DB | 44,305 | $8.87B | $200,165 | — | $434 |
| Schwabplan Retirement Savings and Investment Plan | The Charles Schwab Corporation | TX | DC | 43,502 | $8.93B | $205,327 | $6,786 | $104 |
| The Travelers 401(k) Savings Plan | Travelers Companies, Inc. | MN | DC | 42,215 | $10.4B | $245,929 | $4,857 | $85.36 |
| The Bank of New York Mellon Corporation 401(k) Savings Plan | The Bank of New York Mellon Corporation | PA | DC | 42,007 | $9.91B | $235,818 | $7,498 | $34.10 |
By plan size
By state
Business codes in this sector
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 finance and insurance?
5,318 plans with 100 or more participants filed Form 5500 for plan year 2024, out of 8,802 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 finance and insurance?
The median defined contribution plan reported $92,380 in net assets per participant (middle half of plans: $55,257 to $148,338); 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 finance and insurance?
The median defined contribution plan received $3,566 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 finance and insurance?
Among defined contribution plans that report any Schedule C compensation, the median was $137 per participant and 0.17% 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.