New York › Health care and social assistance › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Kaleida Health Pension Growth Plan
Sponsored by Kaleida Health Corporate Benefits, Buffalo, 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.
Kaleida Health Pension Growth Plan is a cash balance pension plan sponsored by Kaleida Health Corporate Benefits of Buffalo, New York. For the plan year ending 31 Dec 2024 it reported 10,654 participants, 5,918 of them active, and net assets of $852M.
Net assets came to $79,955 per participant, below the $87,623 median for defined benefit plans with 5,000 to 24,999 participants and well above the $62,049 median for defined benefit plans in health care and social assistance. 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 $47.0M for the year ($7,942 per active participant) and benefits paid were $38.6M. 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 12 service provider organisations paid $5,000 or more, with reported compensation of $2.5M: $231 per participant, close to the same-size median of $232. Administrative expenses charged to the plan were $2.5M. 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 $346M in 2009 to $852M in 2024 (up 146%), and participants from 12,645 to 10,654 (down 16%).
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 | $79,955 | $87,623 | $62,049 | $86,221 |
| Employer contributions per active participant | $7,942 | $9,468 | $7,491 | $10,244 |
| Schedule C compensation per participant | $231 | $232 | $248 | $344 |
| Schedule C compensation, share of net assets | 0.29% | 0.30% | 0.39% | 0.42% |
| Administrative expenses per participant | $232 | $396 | $427 | $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), health care and social assistance (542) 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 | 10,654 | $852M | $79,955 | $47.0M | — | $2.5M |
| 2023 | 9,953 | $776M | $77,935 | $33.3M | — | $2.4M |
| 2022 | 9,571 | $708M | $73,977 | $0 | — | $2.2M |
| 2021 | 11,803 | $992M | $84,064 | $35.8M | — | $2.1M |
| 2020 | 12,019 | $902M | $75,030 | $46.9M | — | $1.9M |
| 2019 | 12,238 | $766M | $62,626 | $59.9M | — | $1.8M |
| 2018 | 12,216 | $619M | $50,631 | $39.0M | — | $1.5M |
| 2017 | 12,173 | $651M | $53,503 | $38.0M | — | $1.8M |
| 2016 | 12,198 | $556M | $45,590 | $30.9M | — | $1.8M |
| 2015 | 11,922 | $504M | $42,269 | $37.6M | — | $1.6M |
| 2014 | 11,918 | $513M | $43,012 | $32.8M | — | $1.7M |
| 2013 | 12,013 | $481M | $40,050 | $33.0M | — | $1.6M |
| 2012 | 11,946 | $439M | $36,752 | $7.7M | — | $1.6M |
| 2011 | 13,206 | $436M | $33,051 | $31.6M | — | $1.5M |
| 2010 | 12,838 | $415M | $32,304 | $40.0M | — | $1.2M |
| 2009 | 12,645 | $346M | $27,350 | $22.9M | — | $753K |
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$775,690,238
- Employer contributions$47,000,000
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$47,000,000
- Total income, including investment results$117,224,979
- Benefits paid$38,606,721
- Administrative expenses$2,466,829
- Total expenses$41,073,550
- Net income$76,151,429
- Net transfers$0
- Net assets, end of year$851,841,667
Participants
- Active participants5,918
- Retired or separated, receiving benefits1,390
- Retired or separated, entitled to future benefits3,204
- Total participants, end of year10,654
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Audax Direct Lending Solutions Fund | Investment management | $602,798 | $0 |
| USI Consulting Group | Actuarial | $597,239 | $0 |
| Mercer | Consulting (pension) | $378,025 | $0 |
| Lazard Asset Management LCC | Investment management | $276,251 | $0 |
| Sands Capital Management | Investment management | $167,567 | $0 |
| Cohen & Steers Capital Management | Investment management | $100,462 | $0 |
| Dra Advisors, LLC | Investment management | $94,060 | $0 |
| Frontrange Capital Partners | Investment management | $91,909 | $0 |
| Kaleida Health | Trustee (bank, trust company, or similar financial institution) | $52,949 | $0 |
| Loomis, Sayles & Company LP | Investment management | $44,150 | $0 |
| Backstop Solutions Group LLC | Investment management | $31,221 | $0 |
| Elliott Management Corporation | Investment management | $25,738 | $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$1,434,155
- Actuarial fees$597,239
- Other trustee fees and expenses$382,486
- Trustee and custodial fees$52,949
- Total administrative expenses$2,466,829
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$571M · 67.0%
- Registered investment companies (mutual funds)$208M · 24.4%
- Corporate stocks$42.3M · 5.0%
- Receivables$16.6M · 1.9%
- Cash (interest and non-interest bearing)$14.4M · 1.7%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmFreed Maxick P.C.
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $5,000,000
- 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 related1CCash balance or similar 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 622000: Hospitals.
Other plans of Kaleida Health Corporate Benefits
| Plan | Participants | Net assets |
|---|---|---|
| Kaleida Health Savings Investment 403(b) Plan | 11,638 | $723M |
| Kaleida Health Savings/investment (401(K)) Plan | 10,234 | $141M |
Similar plans in New York
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| 1199 SEIU Regional Pension Fund | Trustees of 1199 SEIU Regional Pension Fund | 13,121 | $232M | $17,647 |
| Unity Health System Retirement Plan | Unity Health System | 10,232 | $341M | $33,301 |
| The Albany Medical Center Retirement Plan | Albany Med Health System | 13,571 | $290M | $21,344 |
| Memorial Sloan Kettering Cancer Center Pension Plan | Memorial Sloan Kettering Cancer Center | 7,968 | $1.23B | $153,766 |
| Nyu Langone Hospitals Retirement Plan | Nyu Langone Hospitals | 13,622 | $1.47B | $107,692 |
| DC 37 Local 389 Home Care Employees Pension Fund | DC 37 Local 389 Home Care Employees Pension Fund | 7,694 | $55.9M | $7,261 |
Defined benefit plans in health care and social assistance closest in size.
Questions and answers
How big is Kaleida Health Pension Growth Plan?
10,654 participants at the end of the plan year ending 31 Dec 2024, of whom 5,918 were active employees, with net assets of $851,841,667. 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 Kaleida Health Corporate Benefits contribute per participant?
The filing reports $47,000,000 in employer contributions for the year, which is $7,942 per active participant; the median for plans of the same type and size was $9,468 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 $2,462,369 in compensation to service provider organisations, $231 per participant or 0.29% of net assets. The same-size median among plans reporting any Schedule C compensation was $232 per participant. Administrative expenses on Schedule H were $2,466,829. 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 Kaleida Health Corporate Benefits. Investment advisory or management: Audax Direct Lending Solutions Fund, Lazard Asset Management LCC and Sands Capital Management. Trustee or custodian: Kaleida Health. The financial statements were audited by Freed Maxick P.C.. 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 13 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 16-1533232, plan 001, received 13 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.