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Industry · Form 5500 business code 524140
Direct Life, Health, & Medical Insurance Carriers: 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.
364 retirement plans in direct life, health, & medical insurance carriers with 100 or more participants filed Form 5500 for plan year 2024 (262 defined contribution, 102 defined benefit). All Form 5500 pension filers in the group reported 1,806,043 participant records and $244.1B in net assets.
The median defined contribution plan held $128,785 per participant, well above the national median of $53,031, and its employer put in $4,222 per active participant (national: $2,174). Among plans reporting Schedule C compensation the median was $94.75 per participant against $123 nationally.
Employers contributed $4.51B and participants $5.89B during the year, and the plans paid out $20.3B in benefits.
In 2009 the same group numbered 440 plans with $99.7B; by 2024 it was 364 plans (down 17%) and $244.1B (up 145%). 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 | $128,785 | $53,031 | $124,647 | $86,234 |
| Employer contributions per active participant | $4,222 | $2,174 | $6,571 | $10,244 |
| Schedule C compensation per participant | $94.75 | $123 | $310 | $344 |
| Schedule C compensation, share of net assets | 0.08% | 0.26% | 0.26% | 0.42% |
| Administrative expenses per participant | $84.16 | $116 | $436 | $527 |
Medians across plans with 100 or more participants (257 DC and 102 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 | $66,331 | $128,785 | $185,435 | 257 |
| Employer contributions per active participant | $2,453 | $4,222 | $6,650 | 248 |
| Schedule C compensation per participant | $49.86 | $94.75 | $171 | 235 |
| Administrative expenses per participant | $39.98 | $84.16 | $153 | 241 |
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 | 48 | 144,756 | $22.2B | $564M | $802M | $136,802 | $115 |
| 2024 | 364 | 1,806,043 | $244.1B | $4.51B | $5.89B | $128,785 | $94.75 |
| 2023 | 360 | 1,717,656 | $227.2B | $4.29B | $5.53B | $121,706 | $82.66 |
| 2022 | 370 | 1,698,259 | $209.0B | $4.19B | $5.17B | $101,716 | $83.90 |
| 2021 | 370 | 1,662,509 | $262.2B | $3.58B | $4.91B | $133,228 | $86.34 |
| 2020 | 365 | 1,640,022 | $243.5B | $4.39B | $4.66B | $123,042 | $77.41 |
| 2019 | 372 | 1,600,601 | $208.5B | $4.95B | $4.32B | $105,442 | $74.14 |
| 2018 | 374 | 1,636,949 | $182.4B | $4.67B | $4.00B | $88,582 | $72.46 |
| 2017 | 374 | 1,612,757 | $190.5B | $4.86B | $3.68B | $94,210 | $63.58 |
| 2016 | 378 | 1,559,741 | $165.0B | $4.85B | $3.48B | $81,636 | $54.75 |
| 2015 | 393 | 1,586,190 | $156.2B | $3.56B | $3.36B | $76,757 | $49.45 |
| 2014 | 403 | 1,575,110 | $157.5B | $4.42B | $3.03B | $74,648 | $40.87 |
| 2013 | 416 | 1,533,845 | $144.3B | $3.16B | $2.81B | $71,306 | $29.37 |
| 2012 | 424 | 1,552,996 | $132.0B | $3.98B | $2.69B | $61,252 | $23.96 |
| 2011 | 430 | 1,533,966 | $111.8B | $5.21B | $2.53B | $55,201 | $25.43 |
| 2010 | 438 | 1,601,794 | $116.9B | $4.34B | $2.45B | $53,912 | $21.78 |
| 2009 | 440 | 1,575,658 | $99.7B | $4.72B | $2.38B | $45,176 | $19.31 |
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 363 plans on this page's list, by number of plans. A plan usually names several providers.
Largest plans
The 40 largest by participants of 363 plans with a page on this site.
| Plan | Sponsor | State | Type | Participants | Net assets | Per participant | Employer / active | Sch. C / participant |
|---|---|---|---|---|---|---|---|---|
| Principal Ease 401(k) Plan | Principal Life Insurance Company | IA | DC | 163,954 | $651M | $3,970 | $254 | $40.43 |
| Elevance Health 401(k) Plan | Ath Holding Company, LLC | IN | DC | 94,427 | $12.1B | $128,246 | $4,249 | $66.74 |
| Humana Retirement Savings Plan | Humana Inc. | KY | DC | 57,219 | $8.73B | $152,495 | $6,183 | $42.50 |
| Retirement Plan for Employees of Aetna Inc. | Aetna Inc. | CT | DB | 49,504 | $5.19B | $104,891 | — | $280 |
| The 401(k) Plan | Health Care Service Corporation | TX | DC | 46,212 | $3.92B | $84,744 | $2,293 | $8.37 |
| The Prudential Merged Retirement Plan | The Prudential Insurance Company of America | NJ | DB | 44,305 | $8.87B | $200,165 | — | $434 |
| Nationwide Savings Plan | Nationwide Mutual Insurance Company | OH | DC | 40,207 | $8.31B | $206,790 | $3,885 | $50.10 |
| The Prudential Employee Savings Plan | The Prudential Insurance Company of America | NJ | DC | 38,003 | $10.7B | $282,328 | $5,241 | — |
| Highmark Retirement Plan | Highmark Health | PA | DB | 34,883 | $2.99B | $85,847 | — | $242 |
| The HCSC Employee Pension Plan | Healthcare Service Corporation, a Mututal Legal Reserve Co. | TX | DB | 32,884 | $2.54B | $77,158 | $2,345 | — |
| The HCSC Employee Pension Plan | Health Care Service Corporation, a Mututal Legal Reserve Co. | TX | DB | 32,884 | $2.54B | $77,158 | $2,345 | — |
| MetLife 401(k) Plan | MetLife Group, Inc. | NJ | DC | 32,414 | $8.31B | $256,501 | $4,416 | $325 |
| Transamerica Pension Plan | Transamerica Corporation | IA | DB | 29,045 | $2.20B | $75,648 | $6,835 | $55.82 |
| Nationwide Retirement Plan - Account Balance | Nationwide Mutual Insurance Company | OH | DB | 28,800 | $908M | $31,522 | $8,245 | — |
| Nylic Retirement Plan | New York Life Insurance Company | NY | DB | 25,159 | $3.14B | $124,919 | — | $237 |
| New York Life Insurance Company Pension Plan | New York Life Insurance Company | NY | DB | 22,822 | $3.95B | $173,153 | — | $304 |
| Elevance Health Cash Balance Plan a | Ath Holding Company LLC | IN | DB | 22,757 | $1.24B | $54,367 | — | $138 |
| MassMutual Thrift Plan | Massachusetts Mutual Life Insurance Company | MA | DC | 22,609 | $4.33B | $191,544 | $4,663 | $1.78 |
| MassMutual Pension Plan | Massachusetts Mutual Life Insurance Company | MA | DB | 22,293 | $2.40B | $107,630 | — | $127 |
| John Hancock Pension Plan | The Manufacturers Investment Corporation | MA | DB | 21,698 | $1.87B | $86,372 | — | $96.86 |
| Highmark Investment Plan | Highmark Health | PA | DC | 21,288 | $2.86B | $134,400 | $7,271 | $116 |
| Nationwide Retirement Plan - Final Average Pay | Nationwide Mutual Insurance Company | OH | DB | 19,904 | $3.46B | $173,747 | $21,893 | — |
| New York Life Insurance Company Employee Progress Sharing Investment Plan | New York Life Insurance Company | NY | DC | 19,407 | $4.99B | $257,067 | $4,965 | $78.61 |
| Principal Cash Balance Plan | Principal Financial Group, Inc. | IA | DB | 18,478 | $1.46B | $78,889 | $4,432 | $519 |
| The Principal Select Savings Plan | Principal Financial Group, Inc. | IA | DC | 17,643 | $4.58B | $259,567 | $6,008 | $57.14 |
| Blue Cross Blue Shield of SC Employee Savings and Salary Reduction Plan | Blue Cross and Blue Shield of South Carolina | SC | DC | 15,669 | $1.46B | $93,233 | $3,277 | $92.76 |
| New York Life Insurance Company Agents Progress- Sharing Investment Plan | New York Life Insurance Company | NY | DC | 15,340 | $1.17B | $76,137 | $125 | $26.41 |
| Zurich Savings Plan | Zurich American Insurance Company | IL | DC | 14,802 | $3.69B | $249,023 | $11,522 | $54.08 |
| Equitable Retirement Plan | Equitable Financial Life Insurance Company | NY | DB | 14,409 | $1.72B | $119,411 | — | $725 |
| The Northwestern Mutual Employee Retirement Plan | Northwestern Mutual Life Ins.co. | WI | DB | 14,379 | $3.23B | $224,472 | — | $344 |
| Transamerica 401(k) Retirement Savings Plan | Transamerica Corporation | IA | DC | 14,137 | $2.72B | $192,437 | $4,218 | $4.95 |
| The Northwestern Mutual Life Insurance Company Agents Retirement Plan | Northwestern Mutual Life Ins.co. | WI | DB | 13,879 | $2.06B | $148,343 | — | $229 |
| MetLife Retirement Plan | MetLife Group, Inc. | NJ | DB | 13,404 | $7.53B | $561,939 | $19,397 | $1,884 |
| The Equitable 401(k) Plan | Equitable Financial Life Insurance Company | NY | DC | 13,002 | $2.65B | $203,728 | $7,966 | $82.25 |
| Unum Group 401(k) Retirement Plan | Unum Group | ME | DC | 12,797 | $2.48B | $193,791 | $8,232 | $123 |
| The Northwestern Mutual Employee Savings Plan | Northwestern Mutual Life Ins. Co. | WI | DC | 12,763 | $2.89B | $226,612 | — | $49.61 |
| Corebridge Financial, Inc. Retirement Savings 401(k) Plan | Corebridge Financial, Inc. | TX | DC | 12,267 | $2.84B | $231,494 | $13,536 | $59.01 |
| Blue Cross Blue Shield of Michigan Employees' Retirement Account Plan | Blue Cross Blue Shield of Michigan | MI | DB | 11,988 | $893M | $74,528 | $343 | $75.29 |
| Blue Cross and Blue Shield of Florida, Inc. 401(k) Retirement Savings Plan | Blue Cross and Blue Shield of Florida, Inc. | FL | DC | 10,868 | $1.67B | $154,119 | $3,538 | $180 |
| Thrivent Individual Pension Account Plan | Thrivent Financial for Lutherans | MN | DB | 10,729 | $1.31B | $122,412 | — | $96.37 |
By plan size
By state
Questions and answers
How many retirement plans are there in direct life, health, & medical insurance carriers?
364 plans with 100 or more participants filed Form 5500 for plan year 2024, out of 409 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 direct life, health, & medical insurance carriers?
The median defined contribution plan reported $128,785 in net assets per participant (middle half of plans: $66,331 to $185,435); 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 direct life, health, & medical insurance carriers?
The median defined contribution plan received $4,222 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 direct life, health, & medical insurance carriers?
Among defined contribution plans that report any Schedule C compensation, the median was $94.75 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.