Texas › Manufacturing › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Hess Corporation Employees' Pension Plan
Sponsored by Hess Corporation, Houston, TX
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.
Hess Corporation of Houston, Texas sponsors Hess Corporation Employees' Pension Plan, a cash balance pension plan. Its Form 5500 for the plan year ending 31 Dec 2024 shows 6,598 participants (1,520 active) and $1.85B in net assets.
Net assets came to $281,105 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 $5.8M: $883 per participant, well above the same-size median of $232. Administrative expenses charged to the plan were $7.4M. 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 $882M in 2009 to $1.85B in 2024 (up 110%), and participants from 16,698 to 6,598 (down 60%).
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 | $281,105 | $87,623 | $67,961 | $86,221 |
| Employer contributions per active participant | — | $9,468 | $6,915 | $10,244 |
| Schedule C compensation per participant | $883 | $232 | $299 | $344 |
| Schedule C compensation, share of net assets | 0.31% | 0.30% | 0.47% | 0.42% |
| Administrative expenses per participant | $1,125 | $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 | 6,598 | $1.85B | $281,105 | — | — | $5.8M |
| 2023 | 6,467 | $1.87B | $289,622 | — | — | $6.9M |
| 2022 | 8,242 | $1.91B | $232,102 | — | — | $7.8M |
| 2021 | 9,415 | $2.48B | $263,345 | — | — | $9.2M |
| 2020 | 9,341 | $2.19B | $234,564 | — | — | $7.5M |
| 2019 | 9,357 | $1.96B | $209,717 | $36.0M | — | $9.1M |
| 2018 | 13,774 | $1.90B | $137,899 | $49.5M | — | $8.4M |
| 2017 | 13,771 | $2.01B | $146,136 | $130M | — | $8.6M |
| 2016 | 13,880 | $1.66B | $119,657 | $20.0M | — | $7.9M |
| 2015 | 15,470 | $1.64B | $106,299 | $30.0M | — | $6.3M |
| 2014 | 15,509 | $1.67B | $107,792 | $36.0M | — | $6.5M |
| 2012 | 17,587 | $1.31B | $74,203 | $90.0M | — | $5.1M |
| 2011 | 16,346 | $1.14B | $69,497 | $143M | — | $5.1M |
| 2010 | 16,717 | $1.05B | $62,925 | $86.4M | — | $3.4M |
| 2009 | 16,698 | $882M | $52,819 | $192M | — | $2.5M |
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$1,872,986,270
- Employer contributions—
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$0
- Total income, including investment results$56,185,792
- Benefits paid$67,021,838
- Administrative expenses$7,420,101
- Total expenses$74,441,939
- Net income−$18,256,147
- Net transfers$0
- Net assets, end of year$1,854,730,123
Participants
- Active participants1,520
- Retired or separated, receiving benefits1,767
- Retired or separated, entitled to future benefits2,967
- Total participants, end of year6,598
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Winslow Capital Management, LLC | Investment management | $708,257 | $0 |
| Wellington Management Company LLP | Investment management | $647,312 | $0 |
| WCM Investment Management, LLC | Investment management | $601,766 | $0 |
| Vaughan Nelson Inv MGMT, LP | Investment management | $545,021 | $0 |
| LSV Asset Management | Investment management | $538,095 | $0 |
| The Northern Trust Company | Trustee (bank, trust company, or similar financial institution) | $514,461 | $0 |
| Lazard Asset Management LLC | Investment management | $466,847 | $0 |
| Barrow Hanley Mewhinney & Strauss | Investment management | $377,630 | $0 |
| BlackRock Financial Management, Inc. | Investment management | $326,761 | $0 |
| Demarche Associates, Inc. | Consulting (general) | $304,000 | $0 |
| Loomis Sayles & Company LP | Investment management | $264,136 | $0 |
| Mercer | Actuarial | $206,500 | $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$4,968,156
- Other administrative expenses$1,594,303
- Trustee and custodial fees$514,461
- Actuarial fees$206,500
- Legal fees$104,825
- Recordkeeping fees$31,856
- Total administrative expenses$7,420,101
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.
- Partnership/joint venture interests$466M · 24.9%
- U.S. Government securities$397M · 21.2%
- Corporate debt instruments$394M · 21.1%
- Corporate stocks$377M · 20.1%
- 103-12 investment entities$155M · 8.3%
- Common/collective trusts$52.8M · 2.8%
- Pooled separate accounts$13.8M · 0.7%
- Other investments$10.3M · 0.5%
- Receivables$6.6M · 0.4%
- Cash (interest and non-interest bearing)$483K · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmErnst & Young
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $100,000,000
- 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 related1CCash balance or similar plan
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 324110: Petroleum Refineries (including integrated).
Other plans of Hess Corporation
| Plan | Participants | Net assets |
|---|---|---|
| Hess Corporation Employees' Savings Plan | 2,994 | $1.12B |
Similar plans in Texas
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Flowserve Corporation Pension Plan | Flowserve Corporation | 8,031 | $362M | $45,134 |
| Heidelberg Materials US Pension Plan | HM US Services, LLC | 6,556 | $518M | $79,066 |
| Valero Energy Corporation Pension Plan | Valero Energy Corporation | 11,896 | $2.63B | $221,486 |
| Chevron Phillips Chemical Company LP Retirement Plan | Chevron Phillips Chemical Company LP | 6,028 | $1.04B | $172,563 |
| Lyondellbasell Pension Plan | Lyondell Chemical Company | 14,052 | $934M | $66,492 |
| Occidental Chemical Corporation Retirement Plan for Niagara Hrly Union Employees | Occidental Chemical Corporation | 5,820 | $510M | $87,623 |
Defined benefit plans in manufacturing closest in size.
Questions and answers
How big is Hess Corporation Employees' Pension Plan?
6,598 participants at the end of the plan year ending 31 Dec 2024, of whom 1,520 were active employees, with net assets of $1,854,730,123. 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 Hess 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 $5,825,799 in compensation to service provider organisations, $883 per participant or 0.31% of net assets. The same-size median among plans reporting any Schedule C compensation was $232 per participant. Administrative expenses on Schedule H were $7,420,101. 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 Hess Corporation. Investment advisory or management: Winslow Capital Management, LLC, Wellington Management Company LLP and WCM Investment Management, LLC. Trustee or custodian: The Northern Trust Company. The financial statements were audited by Ernst & Young. 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 10 Jul 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 13-4921002, plan 333, received 10 Jul 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.