New York › Professional, scientific and technical services › 25,000 or more participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
IBM Personal Pension Plan
Sponsored by International Business Machines Corporation, Armonk, NY
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.
International Business Machines Corporation of Armonk, New York sponsors IBM Personal Pension Plan, a cash balance pension plan. Its Form 5500 for the plan year ending 31 Dec 2024 shows 144,666 participants (43,052 active) and $17.6B in net assets.
Net assets came to $121,482 per participant, well above the $88,040 median for defined benefit plans with 25,000 or more participants and well below the $176,808 median for defined benefit plans in professional, scientific and technical 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 15 service provider organisations paid $5,000 or more, with reported compensation of $56.9M: $393 per participant, well above the same-size median of $143. Administrative expenses charged to the plan were $72.4M. 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 $47.3B in 2009 to $17.6B in 2024 (down 63%), and participants from 322,260 to 144,666 (down 55%).
The independent accountant's opinion on the financial statements was unmodified (unqualified).
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DB plans |
|---|---|---|---|---|
| Net assets per participant | $121,482 | $88,040 | $176,808 | $86,221 |
| Employer contributions per active participant | — | $6,524 | $35,855 | $10,244 |
| Schedule C compensation per participant | $393 | $143 | $450 | $344 |
| Schedule C compensation, share of net assets | 0.32% | 0.26% | 0.30% | 0.42% |
| Administrative expenses per participant | $500 | $306 | $596 | $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), professional, scientific and technical services (277) 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 | 144,666 | $17.6B | $121,482 | — | — | $56.9M |
| 2023 | 140,566 | $24.5B | $174,091 | — | — | $53.8M |
| 2022 | 144,002 | $25.2B | $174,938 | — | — | $97.7M |
| 2021 | 250,506 | $51.9B | $207,149 | — | — | $110M |
| 2020 | 257,221 | $54.5B | $211,983 | — | — | $116M |
| 2019 | 263,841 | $51.8B | $196,280 | — | — | $109M |
| 2018 | 269,426 | $48.2B | $178,780 | — | — | $113M |
| 2017 | 275,587 | $52.8B | $191,503 | — | — | $117M |
| 2016 | 281,793 | $51.5B | $182,629 | — | — | $119M |
| 2015 | 287,809 | $51.7B | $179,776 | — | — | $128M |
| 2014 | 294,925 | $55.8B | $189,278 | — | — | $140M |
| 2013 | 301,331 | $54.1B | $179,531 | — | — | $134M |
| 2012 | 306,725 | $53.7B | $175,123 | — | — | $123M |
| 2011 | 312,090 | $51.3B | $164,225 | — | — | $125M |
| 2010 | 317,217 | $50.3B | $158,717 | — | — | $121M |
| 2009 | 322,260 | $47.3B | $146,819 | — | — | $116M |
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$24,471,256,720
- Employer contributions—
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$0
- Total income, including investment results$828,330,433
- Benefits paid$7,652,918,740
- Administrative expenses$72,355,518
- Total expenses$7,725,274,258
- Net income−$6,896,943,825
- Net transfers$0
- Net assets, end of year$17,574,312,895
Participants
- Active participants43,052
- Retired or separated, receiving benefits46,821
- Retired or separated, entitled to future benefits48,815
- Total participants, end of year144,666
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Fidelity Investments | Participant loan processing | $11,108,495 | $0 |
| Towers Watson Delaware Inc. | Actuarial | $10,305,311 | $0 |
| IBM | Recordkeeping and information management | $5,948,231 | $0 |
| Nisa Investment Advisors | Investment management fees paid directly by plan | $3,992,785 | $0 |
| Northern Trust Company | Investment management fees paid directly by plan | $3,566,930 | $0 |
| JP Morgan Investment MGMT | Investment advisory (plan); Investment management | $2,557,406 | $0 |
| Voya Investment Management Co. | Contract Administrator | $2,077,521 | $0 |
| Ifm Investors (US), LLC | Investment management; Foreign entity | $0 | $1,782,608 |
| Allspring Global Investments, LLC | Investment management | $1,640,745 | $0 |
| MetLife Investment MGMT Holdings, L | Investment management fees paid directly by plan | $1,531,336 | $0 |
| BlackRock Financial Management, Inc. | Investment management | $1,040,277 | $0 |
| Loomis, Sayles & Co. | Investment management fees paid directly by plan | $976,124 | $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
- Investment advisory and management fees$28,684,531
- Other administrative expenses$17,831,010
- Recordkeeping fees$11,377,891
- Actuarial fees$10,556,574
- Salaries and allowances$2,924,946
- Legal fees$557,261
- IQPA audit fees$313,453
- Trustee and custodial fees$109,536
- Contract administrator fees$316
- Total administrative expenses$72,355,518
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.
- U.S. Government securities$6.91B · 38.6%
- Corporate debt instruments$3.99B · 22.2%
- Other investments$2.22B · 12.4%
- Partnership/joint venture interests$1.46B · 8.2%
- Cash (interest and non-interest bearing)$663M · 3.7%
- Corporate stocks$649M · 3.6%
- Pooled separate accounts$590M · 3.3%
- Common/collective trusts$537M · 3.0%
- Registered investment companies (mutual funds)$443M · 2.5%
- Receivables$297M · 1.7%
- 103-12 investment entities$148M · 0.8%
- Employer securities$5.0M · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmPricewaterhouseCoopers LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $150,000,000
- 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 plan1IFrozen plan3HPlan sponsor(s) is (are) a member(s) of a controlled group3JU.S.-based plan that covers residents of Puerto Rico and is qualified under both codes
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 541519: Other Computer Related Services.
Other plans of International Business Machines Corporation
| Plan | Participants | Net assets |
|---|---|---|
| IBM 401(k) Plan | 144,897 | $63.3B |
Similar plans in New York
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| National Grid USA Companies Final Average Pay Pension Plan | National Grid USA Service Company, Inc. | 6,047 | $1.87B | $308,861 |
| Elevator Division Retirement Benefit Plan | Board of Trustees Elevator Division Retirement Plan | 5,146 | $258M | $50,160 |
| Pension Plan of the Segal Company | The Segal Group, Inc. | 2,348 | $470M | $200,319 |
| Ogilvy & Mather Account Balance Defined Benefit Continuation Pension Plan | The Ogilvy Group, LLC | 2,229 | $171M | $76,500 |
| Young & Rubicam LLC Career Cash Balance Continuation Plan | Young & Rubicam LLC | 2,078 | $60.5M | $29,119 |
| Weil, Gotshal & Manges Employees' Pension Plan | Weil, Gotshal & Manges LLP | 1,956 | $122M | $62,307 |
Defined benefit plans in professional, scientific and technical services closest in size.
Questions and answers
How big is IBM Personal Pension Plan?
144,666 participants at the end of the plan year ending 31 Dec 2024, of whom 43,052 were active employees, with net assets of $17,574,312,895. 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 International Business Machines Corporation 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 $56,860,441 in compensation to service provider organisations, $393 per participant or 0.32% of net assets. The same-size median among plans reporting any Schedule C compensation was $143 per participant. Administrative expenses on Schedule H were $72,355,518. 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 International Business Machines Corporation. Recordkeeping or administration: Fidelity Investments, IBM and Voya Investment Management Co.. Investment advisory or management: JP Morgan Investment MGMT, Ifm Investors (US), LLC and Allspring Global Investments, LLC. The financial statements were audited by PricewaterhouseCoopers 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. 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 26 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 13-0871985, plan 001, received 26 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.