New York › Finance and insurance › 25,000 or more participants
Form 5500 statement · plan year 1 Jan 2025 to 31 Dec 2025
American Express Retirement Savings Plan
Sponsored by American Express Company and Its Participating Subsidiaries, 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.
American Express Retirement Savings Plan is an ESOP with a 401(k) feature sponsored by American Express Company and Its Participating Subsidiaries of New York, New York. For the plan year ending 31 Dec 2025 it reported 39,763 participants, 26,033 of them active, and net assets of $10.4B.
Net assets came to $229,522 per participant in plan year 2024, well above the $62,774 median for defined contribution plans with 25,000 or more participants and well above the $92,294 median for defined contribution 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.
The employer contributed $290M during the year, or $11,156 per active participant against a same-size median of $2,417; participants contributed $337M and $74.1M arrived as rollovers and other contributions. Benefits paid out totalled $749M.
Schedule C lists 15 service provider organisations paid $5,000 or more, with reported compensation of $14.3M: $359 per participant, well above the same-size median of $36.41. Administrative expenses charged to the plan were $14.4M. 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 $2.96B in 2009 to $10.4B in 2025 (up 250%), and participants from 38,178 to 39,763 (up 4%).
The independent accountant's opinion on the financial statements was unmodified (unqualified).
Compared with similar plans
| Measure, plan year 2024 | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $229,522 | $62,774 | $92,294 | $53,102 |
| Employer contributions per active participant | $10,702 | $2,417 | $3,564 | $2,175 |
| Schedule C compensation per participant | $352 | $36.41 | $137 | $123 |
| Schedule C compensation, share of net assets | 0.15% | 0.07% | 0.17% | 0.26% |
| Administrative expenses per participant | $356 | $38.81 | $130 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 25,000 or more participants (608 plans), finance and insurance (4,391) and all US plans (63,460). 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 |
|---|---|---|---|---|---|---|
| 2025 | 39,763 | $10.4B | $260,405 | $290M | $337M | $14.3M |
| 2024 | 38,871 | $8.92B | $229,522 | $268M | $304M | $13.7M |
| 2023 | 38,796 | $7.72B | $198,940 | $265M | $292M | $13.4M |
| 2022 | 39,869 | $6.38B | $159,989 | $219M | $249M | $13.1M |
| 2021 | 35,161 | $7.72B | $219,614 | $186M | $210M | $14.8M |
| 2020 | 35,133 | $7.11B | $202,374 | $190M | $206M | $12.8M |
| 2019 | 35,790 | $6.23B | $174,074 | $194M | $188M | $12.8M |
| 2018 | 34,490 | $5.10B | $147,983 | $197M | $172M | $14.3M |
| 2017 | 33,012 | $5.44B | $164,829 | $242M | $165M | $13.5M |
| 2016 | 33,710 | $4.62B | $136,956 | $159M | $152M | $11.2M |
| 2015 | 34,348 | $4.49B | $130,604 | $154M | $152M | $12.1M |
| 2014 | 34,494 | $4.82B | $139,796 | $178M | $153M | $11.7M |
| 2013 | 36,811 | $4.84B | $131,431 | $185M | $154M | $11.3M |
| 2012 | 37,453 | $3.92B | $104,544 | $170M | $148M | $9.7M |
| 2011 | 38,153 | $3.40B | $89,204 | $180M | $140M | $8.8M |
| 2010 | 38,436 | $3.33B | $86,712 | $152M | $126M | $8.3M |
| 2009 | 38,178 | $2.96B | $77,434 | $79.0M | $114M | $7.8M |
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$8,921,734,085
- Employer contributions$290,416,311
- Participant contributions$337,059,696
- Rollovers and other contributions$74,082,063
- Total contributions$701,558,070
- Total income, including investment results$2,196,557,617
- Benefits paid$749,284,510
- Administrative expenses$14,382,573
- Total expenses$763,819,819
- Net income$1,432,737,798
- Net transfers$0
- Net assets, end of year$10,354,471,883
Participants
- Active participants26,033
- Retired or separated, receiving benefits0
- Retired or separated, entitled to future benefits13,569
- Participants with account balances39,077
- Total participants, end of year39,763
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Morgan Stanley Investment Managemen | Investment management | $2,159,053 | $0 |
| Principal Life Insurance Company | Recordkeeping and information management; Custodial (securities); Trustee (bank, trust company, or similar financial institution); Trustee (directed); Participant loan processing; Participant communication; Other services | $1,964,096 | $0 |
| The London Company | Investment management | $1,848,195 | $0 |
| William Blair | Investment management | $1,506,918 | $0 |
| Atlanta Capital High Quality Focuse | Investment management | $1,297,637 | $0 |
| Brandywine Global Inv MGT LLC | Investment management | $1,149,501 | $0 |
| Wellington Management Company, LLP | Investment management | $1,014,689 | $0 |
| Westwood Management Corp. | Investment management | $984,576 | $0 |
| JP Morgan Investment Management Inc. | Investment management | $648,369 | $0 |
| Ameriprise Trust Co. | Trustee (directed) | $406,771 | $0 |
| Loomis Sayles & Co. LLP | Investment management | $377,288 | $0 |
| Nepc, LLC | Investment advisory (plan) | $307,946 | $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$12,251,361
- Recordkeeping fees$1,509,932
- Trustee and custodial fees$294,943
- Other administrative expenses$185,526
- Salaries and allowances$140,811
- Total administrative expenses$14,382,573
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$4.95B · 47.1%
- Corporate stocks$2.11B · 20.0%
- Employer securities$1.32B · 12.6%
- U.S. Government securities$1.06B · 10.1%
- Other investments$413M · 3.9%
- Registered investment companies (mutual funds)$212M · 2.0%
- Corporate debt instruments$146M · 1.4%
- Receivables$138M · 1.3%
- Cash (interest and non-interest bearing)$87.4M · 0.8%
- Participant loans$80.3M · 0.8%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmMcConnell & Jones LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $155,000,000
- 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
2EProfit-sharing plan2FERISA section 404(c) plan2GTotal participant-directed account plan2IStock bonus2JCode section 401(k) feature2KCode section 401(m) arrangement2OESOP other than a leveraged ESOP2RParticipant-directed brokerage accounts provided as an investment option under the plan2S401(k) plan or 403(b) plan that provides for automatic enrollment2TTotal or partial participant-directed account plan with a default investment account3FPlan sponsor(s) received services of leased employees3HPlan 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 522298: All Other Nondepository Credit Intermediation.
Other plans of American Express Company and Its Participating Subsidiaries
| Plan | Participants | Net assets |
|---|---|---|
| American Express Retirement Plan | 16,121 | $1.01B |
Similar plans in New York
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Pentegra Defined Contribution Plan for Financial Institutions | Board of Directors of Pentegra Defined Contribution Plan | 45,161 | $2.26B | $50,049 |
| Marsh & McLennan Companies 401(k) Savings and Investment Plan | Marsh & McLennan Companies, Inc. | 32,965 | $7.40B | $224,607 |
| The Goldman Sachs 401(k) Plan | The Goldman Sachs Group, Inc. | 49,526 | $12.8B | $257,605 |
| M & T Bank Corporation Retirement Savings Plan | Manufacturers and Traders Trust Co. | 32,455 | $5.20B | $160,155 |
| Morgan Stanley 401(k) Plan | Morgan Stanley Domestic Holdings, LLC | 80,789 | $22.0B | $272,542 |
| TIAA Retirement Plan | Teachers Insurance and Annuity Association of America | 29,832 | $5.90B | $197,899 |
Defined contribution plans in finance and insurance closest in size.
Questions and answers
How big is American Express Retirement Savings Plan?
39,763 participants at the end of the plan year ending 31 Dec 2025, of whom 26,033 were active employees, with net assets of $10,354,471,883. Among defined contribution plans that places it in the 25,000 or more participants band, which held 608 plans in plan year 2024.
What does American Express Company and Its Participating Subsidiaries contribute per participant?
The filing reports $290,416,311 in employer contributions for the year, which is $11,156 per active participant; the median for plans of the same type and size was $2,417 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 $14,283,854 in compensation to service provider organisations, $359 per participant or 0.14% of net assets. The same-size median among plans reporting any Schedule C compensation was $36.41 per participant. Administrative expenses on Schedule H were $14,382,573. 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 American Express Company and Its Participating Subsidiaries. Recordkeeping or administration: Principal Life Insurance Company. Investment advisory or management: Morgan Stanley Investment Managemen, The London Company and William Blair. Trustee or custodian: Principal Life Insurance Company and Ameriprise Trust Co.. The financial statements were audited by McConnell & Jones 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 2025 to 31 Dec 2025, received by the Department of Labor on 23 Jun 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 Aug 2026. This page shows the latest filing on record for EIN 13-4922250, plan 002, received 23 Jun 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.