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Industry · Form 5500 business code 522110
Commercial Banking: retirement plans
Plans whose sponsor entered this principal business activity code 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, 1,213 retirement plans in commercial banking with 100 or more participants filed Form 5500: 1,091 defined contribution and 122 defined benefit. They reported 2,217,917 participant records and $264.2B in net assets, counting every plan on the form.
The median defined contribution plan held $93,687 per participant, well above the national median of $53,031, and its employer put in $3,284 per active participant (national: $2,174). Among plans reporting Schedule C compensation the median was $166 per participant against $123 nationally.
Employers contributed $5.02B and participants $7.92B during the year, and the plans paid out $22.4B in benefits.
In 2009 the same group numbered 1,567 plans with $99.8B; by 2024 it was 1,213 plans (down 23%) and $264.2B (up 165%). 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 | $93,687 | $53,031 | $105,286 | $86,234 |
| Employer contributions per active participant | $3,284 | $2,174 | $4,179 | $10,244 |
| Schedule C compensation per participant | $166 | $123 | $313 | $344 |
| Schedule C compensation, share of net assets | 0.18% | 0.26% | 0.29% | 0.42% |
| Administrative expenses per participant | $154 | $116 | $378 | $527 |
Medians across plans with 100 or more participants (1,029 DC and 121 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 | $67,290 | $93,687 | $128,895 | 1,029 |
| Employer contributions per active participant | $2,296 | $3,284 | $4,549 | 1,003 |
| Schedule C compensation per participant | $70.45 | $166 | $293 | 908 |
| Administrative expenses per participant | $57.45 | $154 | $281 | 951 |
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 | 333 | 441,793 | $60.6B | $1.25B | $2.46B | $108,282 | $152 |
| 2024 | 1,213 | 2,217,917 | $264.2B | $5.02B | $7.92B | $93,687 | $166 |
| 2023 | 1,243 | 2,271,023 | $242.6B | $6.22B | $7.80B | $83,823 | $146 |
| 2022 | 1,281 | 2,347,694 | $218.5B | $5.11B | $7.27B | $72,558 | $141 |
| 2021 | 1,289 | 2,348,441 | $264.9B | $4.91B | $6.76B | $85,721 | $147 |
| 2020 | 1,296 | 2,314,802 | $235.4B | $5.83B | $6.28B | $77,348 | $126 |
| 2019 | 1,283 | 2,325,817 | $208.4B | $6.03B | $5.79B | $69,065 | $111 |
| 2018 | 1,294 | 2,315,811 | $172.0B | $3.82B | $5.37B | $60,251 | $108 |
| 2017 | 1,300 | 2,300,808 | $184.0B | $5.83B | $4.99B | $63,795 | $86.90 |
| 2016 | 1,346 | 2,315,085 | $158.6B | $4.41B | $4.57B | $55,962 | $74.14 |
| 2015 | 1,368 | 2,328,044 | $144.9B | $4.63B | $4.43B | $50,297 | $71.89 |
| 2014 | 1,383 | 2,324,332 | $144.8B | $4.24B | $4.12B | $50,290 | $58.78 |
| 2013 | 1,420 | 2,382,825 | $137.3B | $3.97B | $3.96B | $47,448 | $49.99 |
| 2012 | 1,435 | 2,350,291 | $114.0B | $3.97B | $3.72B | $41,505 | $51.82 |
| 2011 | 1,461 | 2,565,235 | $112.2B | $3.77B | $3.44B | $36,211 | $49.08 |
| 2010 | 1,493 | 2,495,964 | $110.7B | $2.82B | $3.25B | $35,338 | $49.33 |
| 2009 | 1,567 | 2,515,294 | $99.8B | $6.84B | $3.53B | $30,290 | $42.56 |
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 1,213 plans on this page's list, by number of plans. A plan usually names several providers.
Largest plans
The 40 largest by participants of 1,213 plans with a page on this site.
| Plan | Sponsor | State | Type | Participants | Net assets | Per participant | Employer / active | Sch. C / participant |
|---|---|---|---|---|---|---|---|---|
| JPMorgan Chase 401(k) Savings Plan | JPMorgan Chase Bank, National Association | NJ | DC | 300,272 | $52.4B | $174,384 | $6,810 | $72.73 |
| JPMorgan Chase Retirement Plan | JPMorgan Chase Bank, National Association | NJ | DB | 202,919 | $14.6B | $71,770 | $0 | $222 |
| The PNC Financial Services Group, Inc. Pension Plan | The PNC Financial Services Group, Inc. | PA | DB | 115,646 | $5.53B | $47,784 | — | $184 |
| Truist Financial Corporation Pension Plan | Truist Financial Corporation | NC | DB | 92,130 | $14.7B | $159,352 | — | $161 |
| U.S. Bank 401(k) Savings Plan | U.S. Bancorp | MN | DC | 85,667 | $13.0B | $151,521 | $3,803 | $60.31 |
| 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 |
| Truist Financial Corporation 401(k) Savings Plan | Truist Financial Corporation | NC | DC | 58,823 | $10.2B | $173,871 | $3,702 | $50.27 |
| U.S. Bank Legacy Pension Plan | U.S. Bancorp | MN | DB | 45,327 | $3.48B | $76,713 | — | $56.12 |
| M & T Bank Corporation Retirement Savings Plan | Manufacturers and Traders Trust Co. | NY | DC | 32,455 | $5.20B | $160,155 | $6,786 | $40.78 |
| Regions Financial Corporation 401(k) Plan | Regions Financial Corporation | AL | DC | 29,490 | $3.20B | $108,426 | $5,184 | $52.56 |
| BMO 401(k) Savings Plan | BMO Financial Corp. | IL | DC | 29,464 | $4.97B | $168,689 | $7,870 | $36.93 |
| Keycorp 401(k) Savings Plan | Keycorp | OH | DC | 28,272 | $4.13B | $146,050 | $5,822 | $191 |
| The Huntington 401(k) Plan | Huntington Bancshares Incorporated | OH | DC | 26,640 | $2.84B | $106,552 | $3,161 | $63.46 |
| CFG Retirement Savings Plan | Citizens Financial Group, Inc. | RI | DC | 25,795 | $3.25B | $125,984 | $4,818 | $106 |
| Fifth Third Bancorp 401(k) Savings Plan | Fifth Third Bancorp | OH | DC | 25,787 | $4.01B | $155,341 | $6,042 | $66.72 |
| M&T Bank Corporation Pension Plan | Manufacturers and Traders Trust Co. | NY | DB | 23,068 | $3.21B | $139,081 | — | $159 |
| First-Citizens Bank & Trust Company 401(k) Plan | First-Citizens Bank & Trust Company | NC | DC | 20,246 | $2.69B | $132,692 | $10,000 | $27.98 |
| Barclays 401(k) Plan | Barclays Services Corporation | NY | DC | 19,531 | $3.55B | $182,017 | $8,732 | $56.56 |
| BMO U.S. Pension Plan | BMO Financial Corp. | IL | DB | 18,124 | $1.25B | $68,839 | — | $144 |
| Keycorp Consolidated Cash Balance Plan | Keycorp | OH | DB | 16,110 | $798M | $49,553 | — | $89.08 |
| Zions Bancorporation, N.A. Payshelter 401(k) and Employee Stock Ownership Plan | Zions Bancorporation, National Association | UT | DC | 14,957 | $1.89B | $126,066 | $4,881 | $55.37 |
| The Northern Trust Company Thrift-Incentive Plan | The Northern Trust Company | IL | DC | 14,565 | $3.76B | $258,225 | $3,746 | $97.08 |
| Comerica Incorporated Retirement Income Account Plan | Comerica Incorporated | TX | DB | 14,456 | $2.74B | $189,315 | — | $271 |
| Mufg Bank Ltd. 401(k) Plan | Mufg Bank, Ltd. | NY | DC | 12,779 | $2.86B | $223,832 | $6,294 | $52.02 |
| Huntington Bancshares Retirement Plan | Huntington Bancshares Incorporated | OH | DB | 11,497 | $702M | $61,035 | — | $137 |
| Comerica Incorporated Preferred Savings Plan | Comerica Incorporated | TX | DC | 11,287 | $1.97B | $174,780 | $3,806 | $34.70 |
| Regions Financial Corporation Retirement Plan | Regions Financial Corporation | AL | DB | 11,265 | $1.15B | $102,279 | — | $161 |
| CFG Pension Plan | Citizens Financial Group, Inc. | RI | DB | 11,051 | $1.16B | $104,977 | — | $249 |
| Popular, Inc. PR Savings and Investment Plan Savings and Investment Plan | Popular, Inc. | PR | DC | 10,240 | $1.00B | $97,891 | $4,124 | $15.12 |
| First Horizon Corporation Savings Plan | First Horizon Corporation | TN | DC | 9,529 | $1.27B | $132,919 | $4,944 | $119 |
| City National Bank 401(k) Plan | City National Bank | CA | DC | 8,846 | $1.96B | $221,902 | $8,265 | $83.46 |
| Arvest Bank 401(k) & Profit Sharing Retirement Plan | Arvest Bank | AR | DC | 8,139 | $926M | $113,743 | $7,287 | $35.24 |
| Cadence 401(k) Profit-Sharing Plan | Cadence Bank | MS | DC | 8,076 | $817M | $101,182 | $3,855 | $20.19 |
| Banco Popular de Puerto Rico Retirement Plan | Banco Popular de Puerto Rico | PR | DB | 7,517 | $589M | $78,292 | — | $365 |
| The 401(k) Stock Purchase Plan for Employees of Cullen/frost Bankers, Inc. and Its Affiliates | Cullen/frost Bankers, Inc. | TX | DC | 7,179 | $1.21B | $169,154 | $5,033 | $74.99 |
| Wintrust Financial Corporation Retirement Savings Plan | Wintrust Financial Corporation | IL | DC | 7,016 | $798M | $113,679 | $3,359 | $16.58 |
| Cadence Retirement Plan and Trust Agreement | Cadence Bank | MS | DB | 6,779 | $341M | $50,365 | — | $131 |
| F.N.B. Corporation Progress Savings 401(k) Plan | F.N.B. Corporation | PA | DC | 6,574 | $603M | $91,749 | $6,239 | $12.87 |
| BOK Financial 401(k) Plan | Bokf, NA | OK | DC | 6,556 | $1.33B | $203,034 | $7,251 | $28.40 |
By plan size
By state
Questions and answers
How many retirement plans are there in commercial banking?
1,213 plans with 100 or more participants filed Form 5500 for plan year 2024, out of 1,608 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 commercial banking?
The median defined contribution plan reported $93,687 in net assets per participant (middle half of plans: $67,290 to $128,895); 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 commercial banking?
The median defined contribution plan received $3,284 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 commercial banking?
Among defined contribution plans that report any Schedule C compensation, the median was $166 per participant and 0.18% 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.