New York › Finance and insurance › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Dec 2024 to 30 Nov 2025
Goldman Sachs Employees' Pension Plan
Sponsored by The Goldman Sachs Group, Inc., 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.
In the plan year ending 30 Nov 2025, Goldman Sachs Employees' Pension Plan covered 16,716 participants and held $920M in net assets. The plan is a defined benefit pension plan sponsored by The Goldman Sachs Group, Inc. of New York, New York.
Net assets came to $55,054 per participant, well below the $87,332 median for defined benefit plans with 5,000 to 24,999 participants and well below the $119,536 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.
Schedule C lists 4 service provider organisations paid $5,000 or more, with reported compensation of $1.5M: $91.36 per participant, well below the same-size median of $233. Administrative expenses charged to the plan were $1.7M. 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 $533M in 2012 to $920M in 2024 (up 73%), and participants from 17,600 to 16,716 (down 5%).
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 | $55,054 | $87,332 | $119,536 | $86,073 |
| Employer contributions per active participant | — | $9,482 | $7,692 | $10,170 |
| Schedule C compensation per participant | $91.36 | $233 | $352 | $344 |
| Schedule C compensation, share of net assets | 0.17% | 0.30% | 0.32% | 0.43% |
| Administrative expenses per participant | $104 | $397 | $432 | $526 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 5,000 to 24,999 participants (660 plans), finance and insurance (694) and all US plans (5,366). 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 | 16,716 | $920M | $55,054 | — | — | $1.5M |
| 2023 | 16,824 | $903M | $53,693 | — | — | $1.7M |
| 2022 | 16,902 | $837M | $49,549 | — | — | $1.7M |
| 2021 | 16,986 | $861M | $50,715 | — | — | $1.9M |
| 2020 | 17,064 | $1.19B | $69,773 | — | — | $1.9M |
| 2019 | 17,137 | $1.21B | $70,676 | — | — | $2.4M |
| 2018 | 17,207 | $1.04B | $60,268 | — | — | $1.5M |
| 2017 | 17,267 | $804M | $46,548 | — | — | $294K |
| 2016 | 17,327 | $826M | $47,679 | $165M | — | $311K |
| 2015 | 17,383 | $563M | $32,403 | $22.0M | — | $299K |
| 2014 | 17,451 | $536M | $30,729 | — | — | $301K |
| 2012 | 17,600 | $533M | $30,282 | — | — | $300K |
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$903,323,458
- Employer contributions—
- Participant contributions—
- Rollovers and other contributions—
- Total contributions—
- Total income, including investment results$50,149,952
- Benefits paid$31,446,956
- Administrative expenses$1,740,052
- Total expenses$33,187,008
- Net income$16,962,944
- Net transfers$0
- Net assets, end of year$920,286,402
Participants
- Active participants1,164
- Retired or separated, receiving benefits3,692
- Retired or separated, entitled to future benefits11,476
- Participants with account balances0
- Total participants, end of year16,716
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Nisa | Investment management | $643,506 | $0 |
| Western Asset Management Co. LLC | Investment management | $438,656 | $0 |
| Doubleline Capital LP | Investment management | $414,516 | $0 |
| BlackRock Inst. Trust Co., NA | Trustee (bank, trust company, or similar financial institution); Trustee (discretionary); Investment management | $30,553 | $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$1,687,317
- Other administrative expenses$52,735
- Total administrative expenses$1,740,052
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.
- Corporate debt instruments$504M · 54.4%
- U.S. Government securities$260M · 28.1%
- Common/collective trusts$105M · 11.3%
- Other investments$29.3M · 3.2%
- Registered investment companies (mutual funds)$17.2M · 1.9%
- Receivables$8.9M · 1.0%
- Cash (interest and non-interest bearing)$1.7M · 0.2%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmPricewaterhouseCoopers LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $250,000,000
- 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 related1IFrozen plan3FPlan sponsor(s) received services of leased employees3HPlan 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 523110: Investment Banking & Securities Dealing.
Other plans of The Goldman Sachs Group, Inc.
| Plan | Participants | Net assets |
|---|---|---|
| The Goldman Sachs 401(k) Plan | 49,526 | $12.8B |
Similar plans in New York
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| The Retirement Plan of the Amalgamated Insurance Fund | Board of Trustees - the Retirement Plan of the Amalgamated Ins. Fund | 18,793 | −$852M | — |
| American Express Retirement Plan | American Express Company and Its Participating Subsidiaries | 16,121 | $1.01B | $62,481 |
| New York Life Insurance Company Pension Plan | New York Life Insurance Company | 22,822 | $3.95B | $173,153 |
| Pentegra Defined Benefit Plan for Financial Inst | Board of Directors of Pentegra Defined Benefit Plan | 15,292 | $3.01B | $196,895 |
| M&T Bank Corporation Pension Plan | Manufacturers and Traders Trust Co. | 23,068 | $3.21B | $139,081 |
| 32BJ School Workers Pension Fund | Board of Trustees of the 32BJ School Workers Pension Fund | 15,019 | $598M | $39,849 |
Defined benefit plans in finance and insurance closest in size.
Questions and answers
How big is Goldman Sachs Employees' Pension Plan?
16,716 participants at the end of the plan year ending 30 Nov 2025, of whom 1,164 were active employees, with net assets of $920,286,402. Among defined benefit plans that places it in the 5,000 to 24,999 participants band, which held 660 plans in plan year 2024.
What does The Goldman Sachs Group, 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 $1,527,231 in compensation to service provider organisations, $91.36 per participant or 0.17% of net assets. The same-size median among plans reporting any Schedule C compensation was $233 per participant. Administrative expenses on Schedule H were $1,740,052. 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 The Goldman Sachs Group, Inc.. Investment advisory or management: Nisa, Western Asset Management Co. LLC and Doubleline Capital LP. Trustee or custodian: BlackRock Inst. Trust Co., NA. 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 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 Dec 2024 to 30 Nov 2025, received by the Department of Labor on 15 Sep 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 Sep 2026. This page shows the latest filing on record for EIN 13-4019460, plan 002, received 15 Sep 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.