Connecticut › Educational services › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jul 2024 to 30 Jun 2025
Yale University Retirement Plan for Staff Employees
Sponsored by Yale University, New Haven, CT
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.
Yale University Retirement Plan for Staff Employees is a defined benefit pension plan sponsored by Yale University of New Haven, Connecticut. For the plan year ending 30 Jun 2025 it reported 13,392 participants, 7,550 of them active, and net assets of $2.17B.
Net assets came to $162,054 per participant, well above the $87,623 median for defined benefit plans with 5,000 to 24,999 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 $2.8M: $209 per participant, below the same-size median of $232. Administrative expenses charged to the plan were $26.5M. 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 $700M in 2009 to $2.17B in 2024 (up 210%), and participants from 12,868 to 13,392 (up 4%).
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 | $162,054 | $87,623 | $86,333 | $86,221 |
| Employer contributions per active participant | — | $9,468 | $9,921 | $10,244 |
| Schedule C compensation per participant | $209 | $232 | $339 | $344 |
| Schedule C compensation, share of net assets | 0.13% | 0.30% | 0.37% | 0.42% |
| Administrative expenses per participant | $1,976 | $396 | $462 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 5,000 to 24,999 participants (651 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 | 13,392 | $2.17B | $162,054 | — | — | $2.8M |
| 2023 | 13,352 | $2.05B | $153,429 | — | — | $2.4M |
| 2022 | 12,963 | $1.98B | $152,402 | — | — | $2.5M |
| 2021 | 12,593 | $1.91B | $151,642 | $52.7M | — | $2.3M |
| 2020 | 12,518 | $2.08B | $165,950 | $41.8M | — | $2.1M |
| 2019 | 12,348 | $1.59B | $129,007 | $61.7M | — | $2.1M |
| 2018 | 12,039 | $1.43B | $118,812 | $100M | — | $2.3M |
| 2017 | 13,153 | $1.51B | $114,738 | $90.8M | — | $2.1M |
| 2016 | 13,492 | $1.34B | $99,512 | $71.8M | — | $2.1M |
| 2015 | 13,343 | $1.17B | $87,785 | $78.4M | — | $2.2M |
| 2014 | 13,401 | $1.12B | $83,752 | $48.1M | — | $2.6M |
| 2013 | 13,238 | $1.06B | $79,786 | $2.0M | — | $2.5M |
| 2012 | 13,096 | $959M | $73,208 | $72.8M | — | $2.1M |
| 2011 | 13,020 | $813M | $62,446 | $13.5M | — | $1.8M |
| 2010 | 12,669 | $824M | $65,061 | $9.6M | — | $1.8M |
| 2009 | 12,868 | $700M | $54,417 | $1.2M | — | $1.8M |
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$2,048,582,322
- Employer contributions—
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$0
- Total income, including investment results$211,402,645
- Benefits paid$63,306,225
- Administrative expenses$26,456,744
- Total expenses$89,762,969
- Net income$121,639,676
- Net transfers$0
- Net assets, end of year$2,170,221,998
Participants
- Active participants7,550
- Retired or separated, receiving benefits3,317
- Retired or separated, entitled to future benefits2,001
- Total participants, end of year13,392
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Alight Solutions LLC | Contract Administrator | $1,126,927 | $0 |
| Morgan Stanley | Direct payment from the plan; Other investment fees and expenses | $455,259 | $0 |
| Brookdale Realty Services, LLC | Investment management | $0 | $417,417 |
| Yale University | Plan Administrator | $225,033 | $0 |
| Aon Consulting | Actuarial | $215,478 | $0 |
| Northern Trust | Custodial (securities) | $187,366 | $0 |
| Deloitte Tax LLP | Accounting (including auditing) | $100,137 | $0 |
| Trigran Investments, Inc. | Investment management | $41,464 | $0 |
| Grant Thornton | Accounting (including auditing) | $36,225 | $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$22,749,985
- Other administrative expenses$2,216,209
- Contract administrator fees$1,126,927
- Actuarial fees$215,478
- IQPA audit fees$136,362
- Legal fees$11,783
- Total administrative expenses$26,456,744
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$1.67B · 73.1%
- U.S. Government securities$334M · 14.6%
- Registered investment companies (mutual funds)$95.9M · 4.2%
- Cash (interest and non-interest bearing)$87.4M · 3.8%
- Corporate stocks$53.0M · 2.3%
- Receivables$35.2M · 1.5%
- Other investments$8.0M · 0.4%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmGrant Thornton LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $10,000,000
- Blackout period during the year—
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 related
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 Yale University
| Plan | Participants | Net assets |
|---|---|---|
| Yale University Retirement Account Plan | 25,753 | $8.34B |
| Yale University Tax-Deferred 403(b) Savings Plan | 24,635 | $874M |
| Yale University Matching Retirement Plan | 8,440 | $602M |
Similar plans in Connecticut
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| The American School for the Deaf Defined Benefit Pension Plan | American School for the Deaf | 271 | $36.0M | $132,958 |
| Ret Plan of the Norwich Free Academy Staff in Pentegra Ret Trust | The Norwich Free Academy | 148 | $12.5M | $84,330 |
Defined benefit plans in educational services closest in size.
Questions and answers
How big is Yale University Retirement Plan for Staff Employees?
13,392 participants at the end of the plan year ending 30 Jun 2025, of whom 7,550 were active employees, with net assets of $2,170,221,998. Among defined benefit plans that places it in the 5,000 to 24,999 participants band, which held 651 plans in plan year 2024.
What does Yale University 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 $2,805,306 in compensation to service provider organisations, $209 per participant or 0.13% of net assets. The same-size median among plans reporting any Schedule C compensation was $232 per participant. Administrative expenses on Schedule H were $26,456,744. 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 Yale University. Recordkeeping or administration: Alight Solutions LLC and Yale University. Investment advisory or management: Brookdale Realty Services, LLC and Trigran Investments, Inc.. Trustee or custodian: Northern Trust. The financial statements were audited by Grant Thornton 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 13 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 06-0646973, plan 002, received 13 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.