New York › Finance and insurance › 500 to 999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
The Retirement Plan for Employees of the United States Offices of Lloyds Bank PLC
Sponsored by Lloyds Bank PLC, New York, 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.
Lloyds Bank PLC of New York, New York sponsors The Retirement Plan for Employees of the United States Offices of Lloyds Bank PLC, a defined benefit pension plan. Its Form 5500 for the plan year ending 31 Dec 2024 shows 620 participants (43 active) and $122M in net assets.
Net assets came to $197,498 per participant, well above the $86,583 median for defined benefit plans with 500 to 999 participants and well 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.
Employer contributions were $279K for the year ($6,477 per active participant) and benefits paid were $6.7M. 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 5 service provider organisations paid $5,000 or more, with reported compensation of $702K: $1,133 per participant, well above the same-size median of $377. Administrative expenses charged to the plan were $778K. 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 $45.9M in 2009 to $122M in 2024 (up 167%), and participants from 453 to 620 (up 37%).
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 | $197,498 | $86,583 | $119,983 | $86,221 |
| Employer contributions per active participant | $6,477 | $10,758 | $7,849 | $10,244 |
| Schedule C compensation per participant | $1,133 | $377 | $352 | $344 |
| Schedule C compensation, share of net assets | 0.57% | 0.48% | 0.32% | 0.42% |
| Administrative expenses per participant | $1,254 | $591 | $433 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 500 to 999 participants (873 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 | 620 | $122M | $197,498 | $279K | — | $702K |
| 2023 | 625 | $130M | $208,666 | — | — | $812K |
| 2022 | 625 | $127M | $202,757 | $323K | — | $1.0M |
| 2021 | 631 | $180M | $285,339 | — | — | $1.3M |
| 2020 | 632 | $185M | $291,932 | $0 | — | $1.3M |
| 2019 | 636 | $162M | $255,170 | $3.2M | — | $1.2M |
| 2018 | 640 | $135M | $211,203 | $1.7M | — | $1.4M |
| 2017 | 647 | $148M | $229,283 | $4.2M | — | $913K |
| 2016 | 458 | $106M | $231,070 | $1.9M | — | $797K |
| 2015 | 448 | $102M | $226,596 | $10.7M | — | $547K |
| 2014 | 451 | $97.4M | $215,914 | $14.3M | — | $273K |
| 2013 | 459 | $76.7M | $167,094 | $3.1M | — | $399K |
| 2012 | 468 | $69.4M | $148,239 | $1.5M | — | $440K |
| 2011 | 477 | $63.4M | $132,876 | $3.1M | — | $384K |
| 2010 | 472 | $62.0M | $131,350 | $13.1M | — | $233K |
| 2009 | 453 | $45.9M | $101,377 | $1.1M | — | $405K |
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$130,415,560
- Employer contributions$278,512
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$278,512
- Total income, including investment results−$509,199
- Benefits paid$6,680,131
- Administrative expenses$777,626
- Total expenses$7,457,757
- Net income−$7,966,956
- Net transfers$0
- Net assets, end of year$122,448,604
Participants
- Active participants43
- Retired or separated, receiving benefits248
- Retired or separated, entitled to future benefits296
- Total participants, end of year620
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Mercer(us),inc. | Actuarial; Recordkeeping and information management | $283,767 | $0 |
| Mercer Investments LLC | Investment management fees paid directly by plan | $232,679 | $0 |
| Deloitte & Touche LLP | Accounting (including auditing) | $79,700 | $0 |
| Chartwell Invest Partners LC | Investment advisory (plan) | $53,309 | $0 |
| The Bank of New York Mellon | Trustee (bank, trust company, or similar financial institution) | $53,000 | $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$285,988
- Actuarial fees$283,767
- IQPA audit fees$79,700
- Other administrative expenses$66,196
- Trustee and custodial fees$53,000
- Legal fees$8,975
- Total administrative expenses$777,626
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$122M · 99.8%
- Receivables$281K · 0.2%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmCliftonlarsonallenllp
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $2,000,000
- 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 522190: Other Depository Credit Intermediation.
Similar plans in New York
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| TD Securities USA Pension Plan | TD Securities USA LLC | 650 | $58.2M | $89,483 |
| Natixis US Cib Defined Benefit Pension Plan | Natixis North America LLC | 602 | $99.4M | $165,133 |
| The Retirement Plan of Apple Bank for Savings | Apple Bank | 670 | $60.2M | $89,899 |
| IBEW Local 325 Pension Fund | Trustees of IBEW Local 325 Pension Fund | 596 | $73.0M | $122,418 |
| Banco Santander USA Offices Retirement Plan | Banco Santander S.A. New York Branch | 783 | $123M | $157,439 |
| Bethpage Federal Credit Union Pension Plan | Bethpage Federal Credit Union | 571 | $114M | $198,989 |
Defined benefit plans in finance and insurance closest in size.
Questions and answers
How big is The Retirement Plan for Employees of the United States Offices of Lloyds Bank PLC?
620 participants at the end of the plan year ending 31 Dec 2024, of whom 43 were active employees, with net assets of $122,448,604. Among defined benefit plans that places it in the 500 to 999 participants band, which held 873 plans in plan year 2024.
What does Lloyds Bank PLC contribute per participant?
The filing reports $278,512 in employer contributions for the year, which is $6,477 per active participant; the median for plans of the same type and size was $10,758 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 $702,455 in compensation to service provider organisations, $1,133 per participant or 0.57% of net assets. The same-size median among plans reporting any Schedule C compensation was $377 per participant. Administrative expenses on Schedule H were $777,626. 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 Lloyds Bank PLC. Recordkeeping or administration: Mercer(us),inc.. Investment advisory or management: Chartwell Invest Partners LC. Trustee or custodian: The Bank of New York Mellon. The financial statements were audited by Cliftonlarsonallenllp. 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 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 14 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 13-3321516, plan 001, received 14 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.