Rhode Island › Finance and insurance › 1,000 to 4,999 participants
Form 5500 statement · plan year 1 Jul 2024 to 30 Jun 2025
Investors Bank Pension Plan
Sponsored by Citizens Financial Group, Inc., Johnston, RI
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.
In the plan year ending 30 Jun 2025, Investors Bank Pension Plan covered 1,150 participants and held $146M in net assets. The plan is a defined benefit pension plan sponsored by Citizens Financial Group, Inc. of Johnston, Rhode Island.
Net assets came to $127,310 per participant, well above the $87,935 median for defined benefit plans with 1,000 to 4,999 participants and above the $119,983 median for defined benefit 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 5 service provider organisations paid $5,000 or more, with reported compensation of $484K: $420 per participant, well above the same-size median of $325. Administrative expenses charged to the plan were $628K. 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 $134M in 2022 to $146M in 2024 (up 9%), and participants from 1,329 to 1,150 (down 13%).
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 | $127,310 | $87,935 | $119,983 | $86,221 |
| Employer contributions per active participant | — | $10,593 | $7,849 | $10,244 |
| Schedule C compensation per participant | $420 | $325 | $352 | $344 |
| Schedule C compensation, share of net assets | 0.33% | 0.41% | 0.32% | 0.42% |
| Administrative expenses per participant | $546 | $513 | $433 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 1,000 to 4,999 participants (1,540 plans), finance and insurance (690) 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 | 1,150 | $146M | $127,310 | — | — | $484K |
| 2023 | 1,264 | $140M | $110,680 | — | — | $769K |
| 2022 | 1,329 | $134M | $100,840 | — | — | $119K |
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$139,900,353
- Employer contributions—
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$0
- Total income, including investment results$14,705,577
- Benefits paid$7,571,928
- Administrative expenses$627,651
- Total expenses$8,199,579
- Net income$6,505,998
- Net transfers$0
- Net assets, end of year$146,406,351
Participants
- Active participants254
- Retired or separated, receiving benefits349
- Retired or separated, entitled to future benefits515
- Total participants, end of year1,150
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Willis Towers Watson, LLC | Actuarial | $262,867 | $0 |
| Mercer Investments, LLC | Investment advisory (plan) | $83,340 | $0 |
| Prudential | Investment management | $64,064 | $0 |
| The Bank of New York Melon | Custodial (securities); Trustee (bank, trust company, or similar financial institution) | $51,596 | $0 |
| BlackRock Institutional Trust Co. | Investment management | $21,691 | $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
- Investment advisory and management fees$169,096
- Recordkeeping fees$162,673
- Other administrative expenses$128,572
- Actuarial fees$100,194
- IQPA audit fees$44,100
- Trustee and custodial fees$23,016
- Total administrative expenses$627,651
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.
- Common/collective trusts$117M · 79.8%
- Registered investment companies (mutual funds)$28.9M · 19.8%
- Cash (interest and non-interest bearing)$659K · 0.5%
- Receivables$1,792 · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmCliftonLarsonAllen LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $10,000,000
- 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 related1IFrozen 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 522110: Commercial Banking.
Other plans of Citizens Financial Group, Inc.
| Plan | Participants | Net assets |
|---|---|---|
| CFG Retirement Savings Plan | 25,795 | $3.25B |
| CFG Pension Plan | 11,051 | $1.16B |
Similar plans in Rhode Island
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| UA of Plumbers & Pipefitters Local 51 Pension Plan | Board of Trustees, UA of Plumbers & Pipefitters Loc 51 | 1,581 | $127M | $80,560 |
| Pension Plan for Employees of Centreville Savings Bank | Centreville Savings Bank | 156 | $19.4M | $124,501 |
| Amica Pension Fund | Amica Mutual Insurance Company | 5,706 | $1.66B | $291,561 |
| The People's Credit Union Defined Benefit Plan and Trust | The People's Credit Union | 130 | $15.8M | $121,489 |
| Factory Mutual Insurance Company Pension Plan | Factory Mutual Insurance Company | 8,907 | $2.98B | $335,075 |
| CFG Pension Plan | Citizens Financial Group, Inc. | 11,051 | $1.16B | $104,977 |
Defined benefit plans in finance and insurance closest in size.
Questions and answers
How big is Investors Bank Pension Plan?
1,150 participants at the end of the plan year ending 30 Jun 2025, of whom 254 were active employees, with net assets of $146,406,351. Among defined benefit plans that places it in the 1,000 to 4,999 participants band, which held 1,540 plans in plan year 2024.
What does Citizens Financial Group, Inc. 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 $483,558 in compensation to service provider organisations, $420 per participant or 0.33% of net assets. The same-size median among plans reporting any Schedule C compensation was $325 per participant. Administrative expenses on Schedule H were $627,651. 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 Citizens Financial Group, Inc.. Investment advisory or management: Mercer Investments, LLC, Prudential and BlackRock Institutional Trust Co.. Trustee or custodian: The Bank of New York Melon. The financial statements were audited by CliftonLarsonAllen 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 Jul 2024 to 30 Jun 2025, received by the Department of Labor on 8 Apr 2026. 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 05-0412693, plan 014, received 8 Apr 2026; 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.