New York › Manufacturing › 25,000 or more participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Pepsico Employees Retirement Plan I
Sponsored by Pepsico, Inc., Purchase, 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.
In the plan year ending 31 Dec 2024, Pepsico Employees Retirement Plan I covered 55,326 participants and held $6.82B in net assets. The plan is a cash balance pension plan sponsored by Pepsico, Inc. of Purchase, New York.
Net assets came to $123,315 per participant, well above the $88,040 median for defined benefit plans with 25,000 or more 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.
Employer contributions were $250M for the year ($24,958 per active participant) and benefits paid were $840M. In a defined benefit plan the employer's contribution follows funding rules rather than a match formula, so it can swing widely from year to year.
Schedule C lists 15 service provider organisations paid $5,000 or more, with reported compensation of $17.6M: $318 per participant, well above the same-size median of $143. Administrative expenses charged to the plan were $12.9M. 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 $2.73B in 2009 to $6.82B in 2024 (up 150%), and participants from 65,707 to 55,326 (down 16%).
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 | $123,315 | $88,040 | $67,961 | $86,221 |
| Employer contributions per active participant | $24,958 | $6,524 | $6,915 | $10,244 |
| Schedule C compensation per participant | $318 | $143 | $299 | $344 |
| Schedule C compensation, share of net assets | 0.26% | 0.26% | 0.47% | 0.42% |
| Administrative expenses per participant | $232 | $306 | $498 | $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), 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 | 55,326 | $6.82B | $123,315 | $250M | — | $17.6M |
| 2023 | 65,067 | $7.58B | $116,562 | — | — | $18.6M |
| 2022 | 66,886 | $7.64B | $114,154 | — | — | $21.7M |
| 2021 | 62,045 | $8.59B | $138,391 | — | — | $14.1M |
| 2020 | 46,575 | $6.72B | $144,190 | — | — | $12.9M |
| 2019 | 47,460 | $6.04B | $127,225 | — | — | $15.5M |
| 2018 | 52,373 | $5.31B | $101,311 | — | — | $14.7M |
| 2017 | 53,591 | $5.96B | $111,279 | — | — | $48.0M |
| 2016 | 141,391 | $11.7B | $83,089 | $400M | — | $27.4M |
| 2015 | 109,357 | $5.89B | $53,849 | — | — | $26.9M |
| 2014 | 107,322 | $6.39B | $59,504 | — | — | $30.1M |
| 2013 | 112,516 | $6.16B | $54,717 | — | — | $26.5M |
| 2012 | 107,473 | $5.63B | $52,426 | $405M | — | $9.8M |
| 2011 | 114,579 | $4.82B | $42,068 | $492M | — | $16.4M |
| 2010 | 103,042 | $4.24B | $41,137 | $114M | — | $12.1M |
| 2009 | 65,707 | $2.73B | $41,479 | $510M | — | $9.8M |
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$7,584,331,000
- Employer contributions$250,000,000
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$250,000,000
- Total income, including investment results$110,214,000
- Benefits paid$839,556,000
- Administrative expenses$12,854,000
- Total expenses$852,410,000
- Net income−$742,196,000
- Net transfers−$19,615,000
- Net assets, end of year$6,822,520,000
Participants
- Active participants10,017
- Retired or separated, receiving benefits17,548
- Retired or separated, entitled to future benefits24,494
- Total participants, end of year55,326
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Fidelity Insti Asset MGMT | Investment management fees paid directly by plan | $3,391,975 | $0 |
| MFS Institutional Advisors | Investment management fees paid directly by plan; 'Soft dollars' commissions | $1,709,743 | $0 |
| State Street | Investment management fees paid directly by plan; 'Soft dollars' commissions | $1,439,278 | $0 |
| Nisa | Investment management fees paid directly by plan | $1,111,573 | $0 |
| Mercer | Actuarial | $1,026,618 | $0 |
| Jennison Associates LLC | Investment management fees paid directly by plan; 'Soft dollars' commissions | $820,841 | $0 |
| Pepsico, Inc. | Plan Administrator | $705,596 | $0 |
| Marathon Asset Management | Investment management fees paid directly by plan; 'Soft dollars' commissions | $694,098 | $0 |
| Cambridge Advisory Group | Actuarial | $671,488 | $0 |
| JP Morgan Investment Management | Investment management fees paid directly by plan | $633,527 | $0 |
| Dodge and Cox | Investment management fees paid directly by plan; 'Soft dollars' commissions | $578,838 | $0 |
| Times Square Capital Management LLC | Investment management fees paid directly by plan; 'Soft dollars' commissions | $541,871 | $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$7,883,000
- Recordkeeping fees$3,345,000
- Actuarial fees$1,182,000
- Trustee and custodial fees$276,000
- IQPA audit fees$88,000
- Legal fees$80,000
- Total administrative expenses$12,854,000
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.
- Master trust investment accounts$6.59B · 96.3%
- Receivables$250M · 3.7%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmKPMG, LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $50,000,000
- 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 related1BBenefits are primarily flat dollar (includes dollars per year of service)1CCash balance or similar plan1ECode section 401(h) arrangement3HPlan 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 codes1IFrozen plan
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 312110: Soft Drink & Ice Mfg.
Other plans of Pepsico, Inc.
| Plan | Participants | Net assets |
|---|---|---|
| The Pepsico Savings Plan | 161,067 | $16.7B |
| Pepsico, Inc. Employees Retirement Plan H | 85,189 | $4.20B |
| Pepsico Puerto Rico Savings and Retirement Plan | 568 | $12.1M |
Similar plans in New York
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Pepsico, Inc. Employees Retirement Plan H | Pepsico, Inc. | 85,189 | $4.20B | $49,271 |
| Pfizer Consolidated Pension Plan | Pfizer Inc. | 52,666 | $9.96B | $189,103 |
| GE Energy Pension Plan | Ropcor, Inc. | 51,368 | $8.92B | $173,644 |
| Kodak Retirement Income Plan | Eastman Kodak Company | 33,088 | $3.11B | $94,041 |
| Corning Incorporated Pension Plan | Corning Incorporated | 33,086 | $2.84B | $85,902 |
| The Estee Lauder Companies Retirement Growth Account Plan | Estee Lauder, Inc. | 18,663 | $841M | $45,062 |
Defined benefit plans in manufacturing closest in size.
Questions and answers
How big is Pepsico Employees Retirement Plan I?
55,326 participants at the end of the plan year ending 31 Dec 2024, of whom 10,017 were active employees, with net assets of $6,822,520,000. 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 Pepsico, Inc. contribute per participant?
The filing reports $250,000,000 in employer contributions for the year, which is $24,958 per active participant; the median for plans of the same type and size was $6,524 in plan year 2024. Form 5500 reports the total only. It does not state the match formula, and the per-participant figure is an average, not any one person's contribution.
What fees does the plan pay and how do they compare?
Schedule C reports $17,582,527 in compensation to service provider organisations, $318 per participant or 0.26% of net assets. The same-size median among plans reporting any Schedule C compensation was $143 per participant. Administrative expenses on Schedule H were $12,854,000. 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 Pepsico, Inc.. Recordkeeping or administration: Pepsico, Inc.. The financial statements were audited by KPMG, 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 2 Oct 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 13-1584302, plan 004, received 2 Oct 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.