South Carolina › Manufacturing › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Nov 2024 to 31 Oct 2025
Michelin Retirement Plan
Sponsored by Michelin North America, Inc., Greenville, SC
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.
Michelin Retirement Plan is a defined benefit pension plan sponsored by Michelin North America, Inc. of Greenville, South Carolina. For the plan year ending 31 Oct 2025 it reported 15,447 participants, 2,927 of them active, and net assets of $1.96B.
Net assets came to $126,620 per participant, well above the $87,623 median for defined benefit plans with 5,000 to 24,999 participants and well above the $67,961 median for defined benefit plans in manufacturing. 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 15 service provider organisations paid $5,000 or more, with reported compensation of $6.5M: $420 per participant, well above the same-size median of $232. Administrative expenses charged to the plan were $18.1M. 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 $3.08B in 2019 to $1.96B in 2024 (down 37%), and participants from 21,933 to 15,447 (down 30%).
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 | $126,620 | $87,623 | $67,961 | $86,221 |
| Employer contributions per active participant | — | $9,468 | $6,915 | $10,244 |
| Schedule C compensation per participant | $420 | $232 | $299 | $344 |
| Schedule C compensation, share of net assets | 0.33% | 0.30% | 0.47% | 0.42% |
| Administrative expenses per participant | $1,173 | $396 | $498 | $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), manufacturing (1,532) 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 | 15,447 | $1.96B | $126,620 | — | — | $6.5M |
| 2023 | 18,855 | $2.10B | $111,461 | $50.0M | — | $5.9M |
| 2022 | 19,397 | $1.96B | $101,275 | — | — | $6.4M |
| 2021 | 20,278 | $2.24B | $110,618 | — | — | $7.8M |
| 2020 | 21,144 | $3.11B | $146,996 | — | — | $9.5M |
| 2019 | 21,933 | $3.08B | $140,452 | $2,000 | — | $8.4M |
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$2,101,594,040
- Employer contributions—
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$0
- Total income, including investment results$143,431,633
- Benefits paid$271,010,713
- Administrative expenses$18,112,991
- Total expenses$289,123,704
- Net income−$145,692,071
- Net transfers$0
- Net assets, end of year$1,955,901,969
Participants
- Active participants2,927
- Retired or separated, receiving benefits8,850
- Retired or separated, entitled to future benefits1,436
- Total participants, end of year15,447
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Aon Consulting | Actuarial; Consulting (pension) | $1,019,230 | $0 |
| Conduent HR Services | Claims processing; Recordkeeping and information management; Consulting (general); Participant communication | $954,494 | $0 |
| Pimco | Investment management | $770,995 | $0 |
| JP Morgan | Investment advisory (plan); Investment management | $717,377 | $0 |
| Wellington Management | Investment management | $562,232 | $0 |
| BlackRock Institutional Trust Co. NA | Investment management | $526,123 | $0 |
| Northern Trust | Recordkeeping and information management; Custodial (securities); Trustee (bank, trust company, or similar financial institution); Investment advisory (plan); Investment management; Other services | $474,336 | $0 |
| Aksia LLC | Consulting (pension) | $329,294 | $0 |
| Legal & General Investment | Investment management | $314,451 | $0 |
| Schroders | Investment management | $180,904 | $0 |
| MFS Global Low Volatility | Investment management | $158,905 | $0 |
| Acadian | Investment management | $139,871 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. 3 smaller rows are not shown. 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$11,156,882
- Investment advisory and management fees$4,481,449
- Actuarial fees$1,019,230
- Salaries and allowances$981,094
- Trustee and custodial fees$474,336
- Total administrative expenses$18,112,991
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.
- 103-12 investment entities$679M · 33.0%
- Corporate debt instruments$643M · 31.3%
- Corporate stocks$161M · 7.8%
- U.S. Government securities$155M · 7.6%
- Real estate$150M · 7.3%
- Registered investment companies (mutual funds)$130M · 6.3%
- Receivables$71.4M · 3.5%
- Partnership/joint venture interests$39.4M · 1.9%
- Cash (interest and non-interest bearing)$22.2M · 1.1%
- Other investments$7.2M · 0.4%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmPricewaterhouse Coopers LLC
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $500,000
- 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 326200: Rubber Product Mfg.
Other plans of Michelin North America, Inc.
| Plan | Participants | Net assets |
|---|---|---|
| Michelin 401(k) Savings Plan | 19,906 | $4.48B |
| BFG Wage Defined Contribution Retirement Plan | 3,030 | $300M |
| Asrc Wage Defined Contribution Retirement Plan | 345 | $59.1M |
Similar plans in South Carolina
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Kennametal Inc. Retirement Income Plan | Kennametal Inc. | 5,001 | $511M | $102,260 |
| Schaeffler Group USA Inc. Pension Plan | Schaeffler Group USA Inc. | 2,453 | $147M | $60,119 |
| Avx Pension Plan for Bargaining Unit and Hourly Employees | Kyocera Avx Components Corporation | 1,156 | $25.0M | $21,646 |
| Contitech USA, LLC Defined Benefit Plan | Contitech USA, LLC | 995 | $105M | $105,734 |
| Devro Employees Pension Plan | Devro, Inc. | 979 | $59.8M | $61,039 |
| Sonoco Pension Plan | Sonoco Products Company | 879 | $43.9M | $49,951 |
Defined benefit plans in manufacturing closest in size.
Questions and answers
How big is Michelin Retirement Plan?
15,447 participants at the end of the plan year ending 31 Oct 2025, of whom 2,927 were active employees, with net assets of $1,955,901,969. 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 Michelin North America, 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 $6,483,410 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 $232 per participant. Administrative expenses on Schedule H were $18,112,991. 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 Michelin North America, Inc.. Recordkeeping or administration: Conduent HR Services and Northern Trust. Investment advisory or management: Pimco, JP Morgan and Wellington Management. Trustee or custodian: Northern Trust. The financial statements were audited by Pricewaterhouse Coopers LLC. 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 Nov 2024 to 31 Oct 2025, received by the Department of Labor on 14 Aug 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 11-1724631, plan 010, received 14 Aug 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.