Massachusetts › Educational services › 25,000 or more participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Massachusetts Institute of Technology Basic Retirement Plan
Sponsored by Massachusetts Institute of Technology, Cambridge, MA
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. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
Massachusetts Institute of Technology of Cambridge, Massachusetts sponsors Massachusetts Institute of Technology Basic Retirement Plan, a cash balance pension plan. Its Form 5500 for the plan year ending 31 Dec 2024 shows 30,211 participants (13,100 active) and $5.74B in net assets.
Net assets came to $190,155 per participant, well above the $88,040 median for defined benefit plans with 25,000 or more participants and well above the $86,333 median for defined benefit plans in educational services. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
Schedule C lists 9 service provider organisations paid $5,000 or more, with reported compensation of $4.2M: $138 per participant, close to the same-size median of $143. Administrative expenses charged to the plan were $34.5M. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
Across the filings on record, net assets went from $2.41B in 2009 to $5.74B in 2024 (up 139%), and participants from 22,510 to 30,211 (up 34%).
The independent accountant's opinion on the financial statements was unmodified (unqualified), from an audit whose scope was limited under ERISA section 103(a)(3)(C) to exclude investment information certified by a bank or insurer.
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DB plans |
|---|---|---|---|---|
| Net assets per participant | $190,155 | $88,040 | $86,333 | $86,221 |
| Employer contributions per active participant | — | $6,524 | $9,921 | $10,244 |
| Schedule C compensation per participant | $138 | $143 | $339 | $344 |
| Schedule C compensation, share of net assets | 0.07% | 0.26% | 0.37% | 0.42% |
| Administrative expenses per participant | $1,141 | $306 | $462 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 25,000 or more participants (215 plans), educational services (74) and all US plans (5,308). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2024 | 30,211 | $5.74B | $190,155 | — | — | $4.2M |
| 2023 | 29,372 | $5.27B | $179,402 | — | — | $5.5M |
| 2022 | 28,573 | $5.22B | $182,846 | — | — | $5.0M |
| 2021 | 28,125 | $6.45B | $229,196 | — | — | $4.0M |
| 2020 | 28,135 | $5.57B | $197,860 | — | — | $3.6M |
| 2019 | 27,664 | $4.22B | $152,612 | — | — | $3.8M |
| 2018 | 26,899 | $3.74B | $139,036 | $0 | — | $3.5M |
| 2017 | 26,459 | $3.82B | $144,506 | — | — | $2.9M |
| 2016 | 25,888 | $3.38B | $130,559 | $83.0M | — | $3.7M |
| 2015 | 26,399 | $3.29B | $124,637 | $7.5M | — | $2.7M |
| 2014 | 26,344 | $3.15B | $119,593 | $20.4M | — | $3.4M |
| 2013 | 25,782 | $3.00B | $116,363 | $33.0M | — | $3.0M |
| 2012 | 25,550 | $2.63B | $102,773 | — | — | $3.3M |
| 2011 | 24,987 | $2.50B | $100,128 | — | — | $1.9M |
| 2010 | 23,409 | $2.51B | $107,311 | — | $2.1M | $3.5M |
| 2009 | 22,510 | $2.41B | $106,887 | — | $2.6M | $3.8M |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began.
Statement for the year
- Net assets, beginning of year$5,269,381,300
- Employer contributions—
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$0
- Total income, including investment results$702,417,909
- Benefits paid$192,561,970
- Administrative expenses$34,473,782
- Total expenses$227,035,752
- Net income$475,382,157
- Net transfers$0
- Net assets, end of year$5,744,763,457
Participants
- Active participants13,100
- Retired or separated, receiving benefits5,188
- Retired or separated, entitled to future benefits10,583
- Total participants, end of year30,211
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Willis Towers Watson | Actuarial; Other services | $2,423,493 | $0 |
| State Street Bank and Trust Company | Custodial (securities) | $646,806 | $0 |
| KPMG LLP | Accounting (including auditing) | $431,752 | $0 |
| Hedgeserve Cayman Ltd. | Recordkeeping and information management | $408,109 | $0 |
| Northeast Retirement Services | Recordkeeping and information management | $89,592 | $0 |
| PricewaterhouseCoopers | Accounting (including auditing) | $69,160 | $0 |
| Groom Law | Legal | $35,662 | $0 |
| K1X | Recordkeeping and information management | $31,523 | $0 |
| The Bank of New York Mellon | Custodial (securities) | $20,983 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Administrative expenses on Schedule H
- Other administrative expenses$18,744,188
- Investment advisory and management fees$12,533,490
- Contract administrator fees$1,986,416
- Trustee and custodial fees$667,789
- Actuarial fees$437,077
- IQPA audit fees$69,160
- Legal fees$35,662
- Total administrative expenses$34,473,782
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Partnership/joint venture interests$4.26B · 72.4%
- Corporate stocks$768M · 13.0%
- U.S. Government securities$560M · 9.5%
- Cash (interest and non-interest bearing)$244M · 4.1%
- Other investments$30.6M · 0.5%
- Receivables$23.1M · 0.4%
- Corporate debt instruments$14K · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmPricewaterhouseCoopers
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $25,000,000
- Blackout period during the yearNo
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
1ABenefits are primarily pay related1CCash balance or similar plan3HPlan sponsor(s) is (are) a member(s) of a controlled group
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 611000: Educational Services (including schools, colleges, & universities).
Other plans of Massachusetts Institute of Technology
| Plan | Participants | Net assets |
|---|---|---|
| Massachusetts Institute of Technology Supplemental 401(k) Plan | 27,513 | $8.87B |
Similar plans in Massachusetts
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Harvard University Retirement Plan | President & Fellows of Harvard College Harvard Human Resources, Benefi | 8,705 | $1.56B | $178,869 |
| Holy Cross Retirement Plan for Nonexempt Employees | Trustees of the College of the Holy Cross | 839 | $86.3M | $102,828 |
| Berklee College of Music, Inc. Retirement Plan | Berklee College of Music, Inc. | 706 | $104M | $147,238 |
| Wellesley Coll Pension PLN for Classified Ofc and SVC Ees | Wellesley College | 393 | $69.4M | $176,470 |
| Massachusetts Teachers Association Retirement Plan | Massachusetts Teachers Association | 384 | $242M | $629,102 |
| Amherst College Staff Retirement Plan | Amherst College Trustees | 331 | $21.8M | $65,944 |
Defined benefit plans in educational services closest in size.
Questions and answers
How big is Massachusetts Institute of Technology Basic Retirement Plan?
30,211 participants at the end of the plan year ending 31 Dec 2024, of whom 13,100 were active employees, with net assets of $5,744,763,457. Among defined benefit plans that places it in the 25,000 or more participants band, which held 215 plans in plan year 2024.
What does Massachusetts Institute of Technology contribute per participant?
This filing has no Schedule H financial statement, so employer contributions are not reported here.
What fees does the plan pay and how do they compare?
Schedule C reports $4,157,080 in compensation to service provider organisations, $138 per participant or 0.07% of net assets. The same-size median among plans reporting any Schedule C compensation was $143 per participant. Administrative expenses on Schedule H were $34,473,782. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is Massachusetts Institute of Technology. Recordkeeping or administration: Hedgeserve Cayman Ltd., Northeast Retirement Services and K1X. Trustee or custodian: State Street Bank and Trust Company and The Bank of New York Mellon. The financial statements were audited by PricewaterhouseCoopers. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an unmodified (unqualified) opinion from a limited-scope audit, in which the accountant did not audit investment information certified by a bank or insurance company. Unmodified (formerly "unqualified") is the standard clean opinion.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 1 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 23 Jul 2025. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 04-2103594, plan 002, received 23 Jul 2025; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.