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Industry · Form 5500 business code 523900
Other Financial Investment Activities (including portfolio management & investment advice): 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, 651 retirement plans in other financial investment activities (including portfolio management & investment advice) with 100 or more participants filed Form 5500: 633 defined contribution and 18 defined benefit. They reported 1,205,732 participant records and $216.5B in net assets, counting every plan on the form.
The median defined contribution plan held $139,578 per participant, well above the national median of $53,031, and its employer put in $5,267 per active participant (national: $2,174). Among plans reporting Schedule C compensation the median was $96.51 per participant against $123 nationally.
Employers contributed $5.48B and participants $7.37B during the year, and the plans paid out $15.0B in benefits.
In 2009 the same group numbered 347 plans with $57.0B; by 2024 it was 651 plans (up 88%) and $216.5B (up 280%). 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 | $139,578 | $53,031 | $101,251 | $86,234 |
| Employer contributions per active participant | $5,267 | $2,174 | $8,331 | $10,244 |
| Schedule C compensation per participant | $96.51 | $123 | $264 | $344 |
| Schedule C compensation, share of net assets | 0.08% | 0.26% | 0.24% | 0.42% |
| Administrative expenses per participant | $94.82 | $116 | $393 | $527 |
Medians across plans with 100 or more participants (578 DC and 18 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 | $57,818 | $139,578 | $265,787 | 578 |
| Employer contributions per active participant | $2,249 | $5,267 | $10,415 | 561 |
| Schedule C compensation per participant | $31.84 | $96.51 | $203 | 518 |
| Administrative expenses per participant | $28.64 | $94.82 | $201 | 546 |
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 | 126 | 233,875 | $57.8B | $1.22B | $1.90B | $210,147 | $83.09 |
| 2024 | 651 | 1,205,732 | $216.5B | $5.48B | $7.37B | $139,578 | $96.51 |
| 2023 | 616 | 1,161,627 | $191.2B | $4.87B | $6.95B | $129,715 | $77.83 |
| 2022 | 594 | 1,100,781 | $160.0B | $4.34B | $6.01B | $109,898 | $76.07 |
| 2021 | 527 | 995,102 | $191.8B | $3.83B | $5.23B | $155,788 | $79.86 |
| 2020 | 481 | 964,458 | $170.6B | $3.75B | $4.70B | $149,768 | $73.51 |
| 2019 | 467 | 988,209 | $147.4B | $3.34B | $4.37B | $128,503 | $62.49 |
| 2018 | 437 | 985,044 | $121.9B | $3.64B | $4.04B | $107,484 | $62.86 |
| 2017 | 436 | 973,539 | $128.2B | $3.31B | $3.70B | $113,984 | $51.72 |
| 2016 | 427 | 975,653 | $109.2B | $2.96B | $3.46B | $97,769 | $41.54 |
| 2015 | 411 | 4,981,760 | $100.8B | $3.15B | $3.32B | $89,429 | $34.47 |
| 2014 | 378 | 981,261 | $98.6B | $2.84B | $2.87B | $93,595 | $28.41 |
| 2013 | 358 | 960,861 | $91.2B | $2.65B | $2.66B | $91,943 | $27.95 |
| 2012 | 351 | 959,796 | $77.8B | $2.78B | $2.65B | $75,975 | $18.88 |
| 2011 | 346 | 976,738 | $68.2B | $2.16B | $2.46B | $66,196 | $23.28 |
| 2010 | 337 | 983,732 | $67.6B | $2.89B | $2.33B | $66,934 | $19.12 |
| 2009 | 347 | 1,011,191 | $57.0B | $2.28B | $2.14B | $56,407 | $12.71 |
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 659 plans on this page's list, by number of plans. A plan usually names several providers.
Largest plans
The 40 largest by participants of 659 plans with a page on this site.
| Plan | Sponsor | State | Type | Participants | Net assets | Per participant | Employer / active | Sch. C / participant |
|---|---|---|---|---|---|---|---|---|
| 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 |
| Fidelity Retirement Savings Plan | FMR LLC | MA | DC | 93,003 | $34.2B | $367,747 | $18,761 | $0.08 |
| Morgan Stanley 401(k) Plan | Morgan Stanley Domestic Holdings, LLC | NY | DC | 80,789 | $22.0B | $272,542 | $7,353 | $211 |
| The Bank of New York Mellon Corporation Pension Plan | The Bank of New York Mellon | PA | DB | 54,048 | $5.18B | $95,816 | — | $264 |
| 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 |
| UBS 401(k) Plan Trust | UBS AG | NJ | DC | 34,848 | $10.2B | $292,500 | $8,975 | $375 |
| Morgan Stanley Employees Retirement Plan | Morgan Stanley Domestic Holdings, LLC | NY | DB | 23,726 | $2.03B | $85,559 | $25,316 | $166 |
| Fidelity Advantage 401(k) | Fidelity Workplace Services LLC | MA | DC | 14,959 | $185M | $12,338 | $1,717 | $86.96 |
| BlackRock Retirement Savings Plan | BlackRock, Inc. | NY | DC | 14,370 | $4.76B | $331,219 | $17,208 | $0.70 |
| The Platinum 401(k) Retirement Savings Plan | Plan Fiduciary Services, Inc. | FL | DC | 12,711 | $97.4M | $7,664 | $700 | $90.39 |
| Mercer Wise Pooled Employer Plan | Mercer Investments, LLC | MA | DC | 12,035 | $320M | $26,579 | $1,427 | $147 |
| T. Rowe Price U.S. Retirement Program | T. Rowe Price Group, Inc. | MD | DC | 12,005 | $5.57B | $464,125 | $21,825 | — |
| Ameriprise Financial 401(k) Plan | Ameriprise Financial, Inc. | MN | DC | 11,885 | $3.89B | $327,503 | $8,068 | $188 |
| Federal Home Loan Mortgage Corp. THRIFT/401(K) Savings Plan | Federal Home Loan Mortgage Corp. | VA | DC | 11,828 | $3.71B | $313,247 | $13,143 | $16.15 |
| Nelnet 401(k) Plan | Nelnet, Inc. | NE | DC | 10,864 | $755M | $69,510 | $2,450 | $67.76 |
| Employee Stock Ownership Plan of the Bank of New York Company, Inc. | The Bank of New York Mellon Corporation | PA | DC | 10,828 | $244M | $22,539 | — | — |
| The 401(k) Plan | Pentegra Services, Inc. | NY | DC | 9,376 | $192M | $20,490 | $709 | $80.24 |
| Ameriprise Financial Retirement Plan | Ameriprise Financial, Inc. | MN | DB | 8,972 | $922M | $102,710 | $5,129 | $208 |
| Profit Participation Plan of Moody's Corporation | Moodys Corporation | NY | DC | 8,244 | $2.08B | $252,887 | $12,629 | $86.06 |
| NFP Corp. 401(k) Plan | NFP Corp. | NY | DC | 7,812 | $977M | $125,054 | $3,049 | $54.31 |
| Cook Inlet Region 401(k) Retirement Plan | Cook Inlet Region, Inc. | AK | DC | 7,116 | $589M | $82,826 | $4,542 | $72.97 |
| Ivyrehab Physical Therapy PLLC 401(k) Profit Sharing Plan | Ivyrehab PT, Ot & Speech PLLC | NY | DC | 6,947 | $111M | $15,930 | — | $84.96 |
| Franklin Templeton 401(k) Retirement Plan | Franklin Resources, Inc. | CA | DC | 6,876 | $3.60B | $523,604 | $14,993 | $94.70 |
| Computershare 401(k) Retirement Plan | Computershare US Services Inc. | MA | DC | 6,582 | $635M | $96,451 | $3,742 | $46.59 |
| Citadel Retirement Savings Plan | Citadel Enterprise Americas LLC | FL | DC | 6,134 | $1.21B | $196,759 | $7,686 | — |
| Ascensus, LLC 401(k) Savings Plan | Ascensus, LLC. | PA | DC | 6,097 | $622M | $101,979 | $2,758 | $1.29 |
| Amtrust Retirement Plan | Amtrust North America Inc. | NY | DC | 6,089 | $458M | $75,239 | $2,249 | $90.27 |
| Profit Sharing Plan for Employees of AllianceBernstein L.P. | AllianceBernstein L.P. | TN | DC | 5,839 | $1.71B | $293,384 | $6,642 | $2.95 |
| OneDigital Open Pooled Employer Plan | Plan Fiduciary Services, Inc. | FL | DC | 5,757 | $93.6M | $16,250 | $885 | $163 |
| 401(k) Simplified Flexible | Advisortrust, Inc. | SD | DC | 5,743 | $159M | $27,705 | $1,482 | $96.30 |
| Fisher Investments 401(k) Plan | Fisher Asset Management, LLC DBA Fisher Investments | TX | DC | 5,627 | $1.24B | $220,670 | $6,549 | $15.17 |
| Blackstone 401(k) Savings Plan | Blackstone Administrative Services Partnership, L.P. | NY | DC | 5,290 | $923M | $174,427 | $2,316 | $109 |
| Allianz Asset Management of America 401(k) Savings and Retirement Plan | Allianz Asset Management of America LLC | CA | DC | 4,932 | $2.16B | $437,489 | $24,164 | $73.26 |
| Enterprise Select Pooled Employer Plan | Plan Fiduciary Services, Inc. | FL | DC | 4,868 | $76.5M | $15,717 | $1,287 | $64.93 |
| Invesco 401(k) Plan | Invesco Holding Company (US), Inc. | GA | DC | 4,845 | $2.17B | $446,910 | $15,712 | $41.35 |
| PBF Energy Retirement Savings Plan | PBF Holding Company LLC | NJ | DC | 4,642 | $1.18B | $254,969 | $9,499 | $77.38 |
| PBF Energy Pension Plan | PBF Holding Company LLC | NJ | DB | 4,492 | $427M | $94,951 | $8,331 | $1.32 |
| Golden Retirement Plan | Americantcs Fiduciary Services, LLC | PA | DC | 4,283 | $10.0M | $2,336 | $269 | $48.15 |
| Nomura Securities International, Inc. Retirement Investment Plan | Nomura Securities International, Inc. | NY | DC | 4,097 | $1.20B | $291,949 | $17,292 | $112 |
By plan size
By state
Questions and answers
How many retirement plans are there in other financial investment activities (including portfolio management & investment advice)?
651 plans with 100 or more participants filed Form 5500 for plan year 2024, out of 1,750 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 other financial investment activities (including portfolio management & investment advice)?
The median defined contribution plan reported $139,578 in net assets per participant (middle half of plans: $57,818 to $265,787); 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 other financial investment activities (including portfolio management & investment advice)?
The median defined contribution plan received $5,267 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 other financial investment activities (including portfolio management & investment advice)?
Among defined contribution plans that report any Schedule C compensation, the median was $96.51 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.