New York › Educational services › 25,000 or more participants
Form 5500 statement · plan year 1 Jul 2024 to 30 Jun 2025
University of Rochester Retirement Program
Sponsored by University of Rochester, Rochester, 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 Jun 2025, University of Rochester Retirement Program covered 47,731 participants and held $8.00B in net assets. The plan is a 403(b) plan sponsored by University of Rochester of Rochester, New York.
Net assets came to $167,656 per participant, well above the $62,774 median for defined contribution plans with 25,000 or more participants and well above the $73,018 median for defined contribution plans in educational services. 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 $173M during the year, or $5,583 per active participant against a same-size median of $2,417; participants contributed $197M and $40.6M arrived as rollovers and other contributions. Benefits paid out totalled $464M.
Schedule C lists 6 service provider organisations paid $5,000 or more, with reported compensation of $1.5M: $30.43 per participant, below the same-size median of $36.41. Administrative expenses charged to the plan were $1.5M. 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 $2.17B in 2009 to $8.00B in 2024 (up 269%), and participants from 31,531 to 47,731 (up 51%).
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 DC plans |
|---|---|---|---|---|
| Net assets per participant | $167,656 | $62,774 | $73,018 | $53,102 |
| Employer contributions per active participant | $5,583 | $2,417 | $2,838 | $2,175 |
| Schedule C compensation per participant | $30.43 | $36.41 | $95.66 | $123 |
| Schedule C compensation, share of net assets | 0.02% | 0.07% | 0.13% | 0.26% |
| Administrative expenses per participant | $30.43 | $38.81 | $89.26 | $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), educational services (2,753) 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 |
|---|---|---|---|---|---|---|
| 2024 | 47,731 | $8.00B | $167,656 | $173M | $197M | $1.5M |
| 2023 | 46,314 | $7.21B | $155,770 | $153M | $177M | $1.5M |
| 2022 | 46,817 | $6.36B | $135,908 | $141M | $163M | $1.5M |
| 2021 | 44,478 | $5.66B | $127,295 | $131M | $152M | $1.8M |
| 2020 | 42,887 | $6.45B | $150,279 | $99.3M | $135M | $2.1M |
| 2019 | 41,459 | $5.16B | $124,369 | $116M | $125M | $2.0M |
| 2018 | 45,050 | $4.94B | $109,564 | $110M | $116M | $388K |
| 2017 | 43,402 | $4.63B | $106,644 | $103M | $105M | $191K |
| 2016 | 41,503 | $4.21B | $101,343 | $95.9M | $94.5M | $211K |
| 2015 | 39,721 | $3.69B | $92,899 | $89.8M | $86.9M | $183K |
| 2014 | 38,209 | $3.61B | $94,584 | $85.3M | $81.3M | $166K |
| 2013 | 36,975 | $3.45B | $93,324 | $81.4M | $76.3M | $167K |
| 2012 | 36,977 | $2.96B | $80,049 | $77.8M | $73.1M | $226K |
| 2011 | 36,251 | $2.63B | $72,493 | $73.9M | $67.6M | $38K |
| 2010 | 32,198 | $2.63B | $81,775 | $71.0M | $65.0M | $0 |
| 2009 | 31,531 | $2.17B | $68,859 | $66.9M | $61.1M | $0 |
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$7,214,339,559
- Employer contributions$173,363,991
- Participant contributions$196,944,485
- Rollovers and other contributions$40,629,366
- Total contributions$410,937,842
- Total income, including investment results$1,253,192,712
- Benefits paid$463,703,506
- Administrative expenses$1,452,259
- Total expenses$465,155,765
- Net income$788,036,947
- Net transfers$0
- Net assets, end of year$8,002,376,506
Participants
- Active participants31,050
- Retired or separated, receiving benefits0
- Retired or separated, entitled to future benefits16,442
- Participants with account balances43,863
- Total participants, end of year47,731
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| TIAA | Recordkeeping and information management; Consulting (pension); Investment advisory (plan); Investment management; Participant communication | $1,245,366 | $0 |
| Aon Hewitt Invesment Consulting, in | Investment management | $93,198 | $0 |
| Bonadio & Co., LLP | Accounting (including auditing) | $50,000 | $0 |
| Nixon Peabody LLP | Legal | $23,788 | $0 |
| Command Financial Press Corp. | Investment management | $22,439 | $0 |
| Aon Consulting, Inc. | Other services | $17,468 | $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
- Recordkeeping fees$1,208,488
- Investment advisory and management fees$139,425
- IQPA audit fees$50,000
- Contract administrator fees$36,878
- Other administrative expenses$17,468
- Total administrative expenses$1,452,259
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.
- Registered investment companies (mutual funds)$6.38B · 79.7%
- Insurance company general account$1.09B · 13.6%
- Other investments$390M · 4.9%
- Cash (interest and non-interest bearing)$94.2M · 1.2%
- Participant loans$32.6M · 0.4%
- Pooled separate accounts$17.9M · 0.2%
- Receivables$599K · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmBonadio & Co., LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $500,000
- 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
2FERISA section 404(c) plan2GTotal participant-directed account plan2LCode section 403(b)(1) arrangement (annuity contracts)2MCode section 403(b)(7) accounts (custodial accounts for regulated investment company stock)2RParticipant-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 account3HPlan 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 611000: Educational Services (including schools, colleges, & universities).
Similar plans in New York
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Columbia University Voluntary Retirement Savings Plan | Trustees of Columbia University | 40,437 | $4.71B | $116,458 |
| Retirement Plan for Officers of Columbia University | Trustees of Columbia University | 34,090 | $5.64B | $165,543 |
| Cornell University Retirement Plan for the Employees of the Endowed Colleges at Ithaca | Cornell University | 27,192 | $3.02B | $111,091 |
| New York University Retirement Plan for Members of the Faculty, Professional Research Staff and Administration | New York University | 23,634 | $5.44B | $230,298 |
| Research Foundation of the City University of New York Defined Contribution Retirement Plan | Research Foundation of the City University of New York | 21,778 | $929M | $42,668 |
| Nyu Grossman School of Medicine Management and Staff 403(b) Retirement Plan | New York University | 20,091 | $1000M | $49,753 |
Defined contribution plans in educational services closest in size.
Questions and answers
How big is University of Rochester Retirement Program?
47,731 participants at the end of the plan year ending 30 Jun 2025, of whom 31,050 were active employees, with net assets of $8,002,376,506. 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 University of Rochester contribute per participant?
The filing reports $173,363,991 in employer contributions for the year, which is $5,583 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 $1,452,259 in compensation to service provider organisations, $30.43 per participant or 0.02% 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 $1,452,259. 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 University of Rochester. Recordkeeping or administration: TIAA. Investment advisory or management: TIAA, Aon Hewitt Invesment Consulting, in and Command Financial Press Corp.. The financial statements were audited by Bonadio & Co., 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 Jul 2024 to 30 Jun 2025, received by the Department of Labor on 9 Apr 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 16-0743209, plan 003, received 9 Apr 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.