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Industry · Form 5500 business code 523110
Investment Banking & Securities Dealing: 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.
91 retirement plans in investment banking & securities dealing with 100 or more participants filed Form 5500 for plan year 2024 (83 defined contribution, 8 defined benefit). All Form 5500 pension filers in the group reported 196,586 participant records and $39.3B in net assets.
The median defined contribution plan held $157,264 per participant, well above the national median of $53,031, and its employer put in $5,009 per active participant (national: $2,174). Among plans reporting Schedule C compensation the median was $104 per participant against $123 nationally.
Employers contributed $676M and participants $1.32B during the year, and the plans paid out $3.24B in benefits.
In 2009 the same group numbered 106 plans with $22.4B; by 2024 it was 91 plans (down 14%) and $39.3B (up 75%). 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 | $157,264 | $53,031 | $112,351 | $86,234 |
| Employer contributions per active participant | $5,009 | $2,174 | $14,669 | $10,244 |
| Schedule C compensation per participant | $104 | $123 | $662 | $344 |
| Schedule C compensation, share of net assets | 0.08% | 0.26% | 0.42% | 0.42% |
| Administrative expenses per participant | $95.33 | $116 | $770 | $527 |
Medians across plans with 100 or more participants (81 DC and 8 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 | $85,656 | $157,264 | $257,605 | 81 |
| Employer contributions per active participant | $2,689 | $5,009 | $9,028 | 79 |
| Schedule C compensation per participant | $37.33 | $104 | $241 | 72 |
| Administrative expenses per participant | $31.60 | $95.33 | $196 | 74 |
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 | 18 | 44,853 | $8.75B | $89.1M | $489M | $147,961 | $82.72 |
| 2024 | 91 | 196,586 | $39.3B | $676M | $1.32B | $157,264 | $104 |
| 2023 | 90 | 215,138 | $35.9B | $715M | $1.29B | $136,873 | $92.87 |
| 2022 | 92 | 214,850 | $30.9B | $606M | $1.19B | $113,327 | $100 |
| 2021 | 86 | 202,486 | $36.8B | $561M | $1.08B | $155,413 | $86.43 |
| 2020 | 87 | 195,679 | $32.8B | $561M | $994M | $127,989 | $86.79 |
| 2019 | 82 | 194,396 | $28.6B | $510M | $914M | $114,350 | $79.91 |
| 2018 | 77 | 192,111 | $23.7B | $521M | $840M | $97,221 | $95.04 |
| 2017 | 84 | 191,365 | $25.9B | $526M | $792M | $105,075 | $64.87 |
| 2016 | 92 | 190,067 | $23.0B | $686M | $769M | $95,178 | $55.89 |
| 2015 | 92 | 193,235 | $21.6B | $768M | $746M | $89,734 | $54.08 |
| 2014 | 90 | 189,412 | $21.7B | $580M | $853M | $100,278 | $41.01 |
| 2013 | 91 | 216,089 | $28.3B | $774M | $962M | $103,454 | $27.45 |
| 2012 | 94 | 238,666 | $24.4B | $859M | $919M | $80,939 | $31.97 |
| 2011 | 97 | 300,128 | $20.9B | $751M | $930M | $65,121 | $34.08 |
| 2010 | 97 | 315,450 | $17.2B | $592M | $744M | $66,973 | $43.29 |
| 2009 | 106 | 383,119 | $22.4B | $710M | $930M | $57,166 | $37.42 |
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 91 plans on this page's list, by number of plans. A plan usually names several providers.
Largest plans
The 40 largest by participants of 91 plans with a page on this site.
| Plan | Sponsor | State | Type | Participants | Net assets | Per participant | Employer / active | Sch. C / participant |
|---|---|---|---|---|---|---|---|---|
| The Goldman Sachs 401(k) Plan | The Goldman Sachs Group, Inc. | NY | DC | 49,526 | $12.8B | $257,605 | $8,403 | $325 |
| Raymond James Financial, Inc. 401(k) Plan | Raymond James Financial, Inc. | FL | DC | 18,916 | $3.33B | $176,060 | $876 | $33.44 |
| Raymond James Financial, Inc. & Affiliates Profit Sharing Plan | Raymond James Financial, Inc. | FL | DC | 18,022 | $1.35B | $74,739 | $7,487 | $29.29 |
| Raymond James Financial, Inc. & Affiliates Employee Stock Ownership Plan | Raymond James Financial, Inc. | FL | DC | 18,007 | $1.13B | $62,772 | $2,702 | $32.18 |
| Stifel Financial Profit Sharing 401(k) Plan | Stifel Financial Corp. | MO | DC | 11,227 | $2.65B | $236,204 | $1,663 | $45.50 |
| Employees Savings and Retirement Plan of Credit Suisse | Credit Suisse Securities USA LLC | NY | DC | 10,947 | $5.43B | $496,439 | $2,680,289 | $24.78 |
| BNP Paribas 401(k) Savings Plan | BNP Paribas | NY | DC | 6,608 | $2.18B | $329,241 | $9,809 | $49.63 |
| Societe Generale Savings and Investment/retirement Plan | Societe Generale (New York) | NY | DC | 4,531 | $1.10B | $243,029 | $7,849 | — |
| Fulton Financial Corporation 401(k) Retirement Plan | Fulton Financial Corporation | PA | DC | 4,324 | $640M | $147,961 | $4,117 | $24.74 |
| Macquarie Holdings (USA) Inc. 401(k) Plan and Trust | Macquarie Holdings (U.S.A.) Inc. | NY | DC | 3,874 | $721M | $186,023 | $7,404 | $140 |
| Barclays Pension Plan | Barclays Services Corporation | NY | DB | 3,057 | $505M | $165,338 | — | $427 |
| Lazard Freres & Co. LLC Employees' Savings Plan | Lazard Freres & Co. LLC | NY | DC | 3,047 | $832M | $273,063 | $7,413 | $98.50 |
| POINT72, L.P. 401(k) Plan | POINT72, L.P. | CT | DC | 2,910 | $582M | $200,053 | $9,054 | $21.66 |
| Piper Sandler Companies Retirement Plan | Piper Sandler Companies | MN | DC | 2,855 | $809M | $283,351 | $8,198 | $73.64 |
| Houlihan Lokey Retirement Savings Plan | Houlihan Lokey | CA | DC | 2,746 | $396M | $144,369 | $2,416 | $79.48 |
| Apollo Management Holdings, LP 401(k) Plan | Apollo Management Holdings, LP | CT | DC | 2,485 | $396M | $159,429 | $3,768 | $88.77 |
| SG Pension Plan | Societe Generale | NY | DB | 2,052 | $225M | $109,774 | — | $394 |
| Employees Pension Plan of Credit Suisse | Credit Suisse Securities USA LLC | NY | DB | 1,776 | $295M | $166,320 | — | $897 |
| The Federal Savings Bank Retirement Plan | The Federal Savings Bank | IL | DC | 1,444 | $48.8M | $33,817 | $308 | $158 |
| ING Financial Services LLC Retirement Plan | ING Financial Services LLC | NY | DB | 1,339 | $259M | $193,731 | — | $899 |
| ING Financial Services LLC 401(k) Savings Plan | ING Financial Services LLC | NY | DC | 1,271 | $510M | $401,509 | $13,097 | $190 |
| Kestra Financial, Inc. 401(k) Plan | Kestra Financial, Inc. | TX | DC | 1,183 | $115M | $97,554 | $2,902 | $91.80 |
| BNP Paribas Pension Plan | BNP Paribas | NY | DB | 1,075 | $124M | $114,927 | $2,249 | $1,055 |
| PWP 401(k) Plan | PWP Employer LP | NY | DC | 1,025 | $122M | $118,605 | $7,043 | $242 |
| Lincoln International LLC 401(k) Plan | Lincoln International LLC | IL | DC | 902 | $105M | $116,364 | $4,160 | $79.21 |
| Resurgent Capital Services Group Retirement Savings Plan | Resurgent Capital Services, LP | SC | DC | 797 | $85.9M | $107,836 | $3,333 | $140 |
| Bbva, S.A. New York Branch 401(k) Plan | Bbva S.A. New York Branch | NY | DC | 693 | $119M | $171,266 | $9,001 | $41.03 |
| TD Securities USA Pension Plan | TD Securities USA LLC | NY | DB | 650 | $58.2M | $89,483 | — | $332 |
| Centerview Partners LLC 401(k) Plan | Centerview Partners LLC | NY | DC | 639 | $91.7M | $143,505 | $0 | $2.99 |
| Amherst Services Corp. 401(k) Profit Sharing Plan | Amherst Services, Corp. | TX | DC | 614 | $45.8M | $74,639 | $3,954 | $134 |
| BTG Pactual 401(k) Plan | BTG Pactual Asset Managementus | NY | DC | 614 | $59.0M | $96,032 | $5,075 | $6.03 |
| Prosus 401(k) Plan | Stack Exchange, Inc. | CA | DC | 604 | $47.6M | $78,836 | $8,235 | $100 |
| Canaccord Genuity LLC 401(k) Plan | Canaccord Genuity LLC | NY | DC | 592 | $111M | $186,733 | $3,899 | $178 |
| Leerink Partners 401(k) Plan | Leerink Partners LLC | MA | DC | 571 | $76.1M | $133,267 | $1,861 | $201 |
| Vestwell Holdings, Inc. 401(k) Plan | Vestwell Holdings, Inc. | NY | DC | 570 | $23.8M | $41,709 | $4,102 | $26.41 |
| Geneva Financial, LLC 401(k) Plan | Geneva Financial, LLC | AZ | DC | 548 | $5.3M | $9,703 | — | $104 |
| The Glenmede Corporation Savings and Investment Plan | The Glenmede Corporation | PA | DC | 541 | $230M | $425,778 | $14,218 | $109 |
| Kayne Anderson Capital Advisors 401(k) Plan | Kayne Anderson Capital Advisors, L.P. | CA | DC | 540 | $141M | $260,538 | $18,298 | $686 |
| Stearns Financial Services, Inc. 401(k) Plan and Trust | Stearns Financial Services, Inc. | MN | DC | 540 | $37.2M | $68,868 | $3,152 | $115 |
| Macquarie Management Holdings, Inc. Retirement Plan | Macquarie Management Holdings, Inc. | NY | DC | 513 | $125M | $243,776 | $4,513 | $22.74 |
By plan size
By state
Questions and answers
How many retirement plans are there in investment banking & securities dealing?
91 plans with 100 or more participants filed Form 5500 for plan year 2024, out of 178 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 investment banking & securities dealing?
The median defined contribution plan reported $157,264 in net assets per participant (middle half of plans: $85,656 to $257,605); 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 investment banking & securities dealing?
The median defined contribution plan received $5,009 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 investment banking & securities dealing?
Among defined contribution plans that report any Schedule C compensation, the median was $104 per participant and 0.08% 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.