North Carolina › Finance and insurance › 250 to 499 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
New England Life Insurance Company Agents' Retirement Plan and Trust
Sponsored by New England Life Insurance Company, Charlotte, NC
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.
New England Life Insurance Company of Charlotte, North Carolina sponsors New England Life Insurance Company Agents' Retirement Plan and Trust, a money purchase plan. Its Form 5500 for the plan year ending 31 Dec 2024 shows 463 participants (0 active) and $84.5M in net assets.
Net assets came to $182,587 per participant, well above the $48,746 median for defined contribution plans with 250 to 499 participants and well above the $92,294 median for defined contribution plans in finance and insurance. 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 3 service provider organisations paid $5,000 or more, with reported compensation of $75K: $161 per participant, above the same-size median of $141. Administrative expenses charged to the plan were $80K. 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 $188M in 2010 to $84.5M in 2024 (down 55%), and participants from 3,506 to 463 (down 87%).
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 DC plans |
|---|---|---|---|---|
| Net assets per participant | $182,587 | $48,746 | $92,294 | $53,102 |
| Employer contributions per active participant | — | $2,017 | $3,564 | $2,175 |
| Schedule C compensation per participant | $161 | $141 | $137 | $123 |
| Schedule C compensation, share of net assets | 0.09% | 0.30% | 0.17% | 0.26% |
| Administrative expenses per participant | $172 | $133 | $130 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 250 to 499 participants (17,456 plans), finance and insurance (4,391) and all US plans (63,460). 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 | 463 | $84.5M | $182,587 | — | — | $75K |
| 2023 | 494 | $87.6M | $177,364 | — | — | $74K |
| 2022 | 539 | $95.1M | $176,455 | — | — | $54K |
| 2021 | 561 | $120M | $213,770 | — | — | $3,000 |
| 2020 | 588 | $116M | $197,146 | — | — | $3,000 |
| 2019 | 636 | $125M | $196,550 | — | — | $6,000 |
| 2018 | 746 | $130M | $174,005 | — | — | $172K |
| 2017 | 909 | $149M | $163,802 | — | — | $217K |
| 2016 | 1,262 | $152M | $120,265 | — | — | $262K |
| 2015 | 1,737 | $174M | $99,995 | — | — | $247K |
| 2014 | 1,995 | $189M | $94,947 | $1.7M | $621K | $12K |
| 2010 | 3,506 | $188M | $53,615 | $3.2M | $965K | $11K |
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$87,617,527
- Employer contributions—
- Participant contributions—
- Rollovers and other contributions$46,015
- Total contributions$46,015
- Total income, including investment results$11,014,171
- Benefits paid$14,014,196
- Administrative expenses$79,532
- Total expenses$14,093,728
- Net income−$3,079,557
- Net transfers$0
- Net assets, end of year$84,537,970
Participants
- Active participants0
- Retired or separated, receiving benefits36
- Retired or separated, entitled to future benefits386
- Participants with account balances423
- Total participants, end of year463
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Milliman, Inc. | Recordkeeping and information management; Participant loan processing | $56,316 | $0 |
| Charles Schwab Trust Bank | Custodial (securities); Trustee (directed) | $18,354 | $0 |
| Charles Schwab & Co., Inc. | Custodial (securities) | $0 | $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
- Recordkeeping fees$56,316
- Trustee and custodial fees$23,216
- Total administrative expenses$79,532
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.
- Registered investment companies (mutual funds)$51.7M · 61.2%
- Insurance company general account$28.9M · 34.2%
- Other investments$3.4M · 4.1%
- Cash (interest and non-interest bearing)$291K · 0.3%
- Corporate stocks$166K · 0.2%
- Employer securities$7,621 · 0.0%
- Receivables$1,931 · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmCrowe, LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $20,000,000
- 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
2CMoney purchase (other than target benefit) plan2GTotal participant-directed account plan2RParticipant-directed brokerage accounts provided as an investment option under the plan2TTotal or partial participant-directed account plan with a default investment account2FERISA section 404(c) plan
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 524140: Direct Life, Health, & Medical Insurance Carriers.
Other plans of New England Life Insurance Company
| Plan | Participants | Net assets |
|---|---|---|
| New England Agency Employees' Retirement Plan | 1,981 | $126M |
Similar plans in North Carolina
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Allegacy Retirement Savings Plan | Allegacy Federal Credit Union | 515 | $51.6M | $100,235 |
| 403(b) Plan for Self-Help Services Corporation | Self-Help Services Corporation | 423 | $84.0M | $198,561 |
| Builders Mutual Insurance Company 401(k) Retirement Plan | Builders Mutual Insurance Co. | 554 | $73.2M | $132,111 |
| Peoples Bank Profit Sharing and 401(k) Plan | Peoples Bank | 421 | $36.6M | $86,938 |
| The Enhanced Capital Accumulation Plan for the Employees of the Fidelity Bank | The Fidelity Bank | 605 | $71.6M | $118,342 |
| Skyla Federal Credit Union 401(k) Plan | Skyla Federal Credit Union | 412 | $23.0M | $55,721 |
Defined contribution plans in finance and insurance closest in size.
Questions and answers
How big is New England Life Insurance Company Agents' Retirement Plan and Trust?
463 participants at the end of the plan year ending 31 Dec 2024, of whom 0 were active employees, with net assets of $84,537,970. Among defined contribution plans that places it in the 250 to 499 participants band, which held 17,456 plans in plan year 2024.
What does New England Life Insurance Company 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 $74,670 in compensation to service provider organisations, $161 per participant or 0.09% of net assets. The same-size median among plans reporting any Schedule C compensation was $141 per participant. Administrative expenses on Schedule H were $79,532. 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 New England Life Insurance Company. Recordkeeping or administration: Milliman, Inc.. Trustee or custodian: Charles Schwab Trust Bank and Charles Schwab & Co., Inc.. The financial statements were audited by Crowe, LLP. 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 12 Sep 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 04-2708937, plan 003, received 12 Sep 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.