Virginia › Manufacturing › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Bae Systems Employees' Retirement Plan
Sponsored by Bae Systems, Inc., Falls Church, VA
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 31 Dec 2024, Bae Systems Employees' Retirement Plan covered 20,783 participants and held $3.21B in net assets. The plan is a defined benefit pension plan sponsored by Bae Systems, Inc. of Falls Church, Virginia.
Net assets came to $154,642 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.
Employer contributions were $75.0M for the year ($10,305 per active participant) and benefits paid were $308M. 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 15 service provider organisations paid $5,000 or more, with reported compensation of $8.8M: $425 per participant, well above the same-size median of $232. Administrative expenses charged to the plan were $11.3M. 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 $3.00B in 2009 to $3.21B in 2024 (up 7%), and participants from 46,298 to 20,783 (down 55%).
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 | $154,642 | $87,623 | $67,961 | $86,221 |
| Employer contributions per active participant | $10,305 | $9,468 | $6,915 | $10,244 |
| Schedule C compensation per participant | $425 | $232 | $299 | $344 |
| Schedule C compensation, share of net assets | 0.28% | 0.30% | 0.47% | 0.42% |
| Administrative expenses per participant | $543 | $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 | 20,783 | $3.21B | $154,642 | $75.0M | — | $8.8M |
| 2023 | 23,647 | $3.42B | $144,554 | — | — | $9.5M |
| 2022 | 30,388 | $4.15B | $136,464 | — | — | $10.2M |
| 2021 | 29,887 | $5.52B | $184,657 | — | — | $10.4M |
| 2020 | 27,198 | $5.38B | $197,767 | $31.0M | — | $13.6M |
| 2019 | 41,866 | $5.61B | $133,921 | $47.6M | — | $13.5M |
| 2018 | 42,611 | $4.78B | $112,161 | — | — | $15.2M |
| 2017 | 43,307 | $5.38B | $124,146 | $130M | $3,000 | $15.7M |
| 2016 | 43,963 | $4.82B | $109,585 | $68.0M | $0 | $16.2M |
| 2015 | 44,762 | $4.60B | $102,807 | $68.3M | $5,000 | $18.2M |
| 2014 | 50,185 | $4.97B | $99,081 | $85.7M | $5,000 | $18.3M |
| 2013 | 50,986 | $4.61B | $90,384 | $109M | $8,000 | $3.1M |
| 2012 | 43,799 | $4.27B | $97,534 | $134M | $5,000 | $4.0M |
| 2011 | 44,567 | $3.40B | $76,220 | $116M | $18K | $4.4M |
| 2010 | 45,569 | $3.33B | $73,131 | $87.1M | $22K | $6.7M |
| 2009 | 46,298 | $3.00B | $64,846 | $87.7M | $22.4M | $2.4M |
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$3,418,277,282
- Employer contributions$75,000,000
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$75,000,000
- Total income, including investment results$115,323,858
- Benefits paid$308,393,255
- Administrative expenses$11,283,643
- Total expenses$319,676,898
- Net income−$204,353,040
- Net transfers$0
- Net assets, end of year$3,213,924,242
Participants
- Active participants7,278
- Retired or separated, receiving benefits5,728
- Retired or separated, entitled to future benefits6,278
- Total participants, end of year20,783
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Willis Towers Watson | Claims processing; Contract Administrator; Recordkeeping and information management; Legal; Participant communication | $2,728,227 | $0 |
| Metropolitan West Asset Management | Investment management | $1,008,246 | $0 |
| Aon Investments USA Inc. | Investment advisory (plan) | $960,928 | $0 |
| Pimco | Investment management | $803,886 | $0 |
| Nisa Investment Advisors | Investment advisory (plan); Investment management | $746,644 | $0 |
| Aon Consulting, Inc. | Contract Administrator | $556,748 | $0 |
| Groom Law Group | Legal | $519,713 | $0 |
| The Northern Trust Company | Accounting (including auditing); Custodial (securities); Trustee (bank, trust company, or similar financial institution); Trustee (directed) | $361,845 | $0 |
| Franklin Templeton | Investment management | $305,839 | $0 |
| Deloitte | Accounting (including auditing) | $220,386 | $0 |
| Lgim America | Investment management | $199,800 | $0 |
| UBS | Investment advisory (plan); Investment management | $186,910 | $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$4,242,131
- Recordkeeping fees$2,728,227
- Other administrative expenses$2,397,341
- Contract administrator fees$679,616
- Legal fees$519,713
- IQPA audit fees$296,671
- Actuarial fees$244,500
- Trustee and custodial fees$152,494
- Other trustee fees and expenses$22,950
- Total administrative expenses$11,283,643
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.
- Master trust investment accounts$3.22B · 100.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmDeloitte & Touche LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $50,000,000
- 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 related1ECode section 401(h) arrangement1IFrozen 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 336410: Aerospace Product & Parts Mfg.
Other plans of Bae Systems, Inc.
| Plan | Participants | Net assets |
|---|---|---|
| Bae Systems Employees' Savings and Investment Plan | 58,830 | $12.0B |
| Bae Space & Mission Systems Pension Plan | 4,891 | $417M |
Similar plans in Virginia
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Smithfield Foods Salaried Pension Plan | Smithfield Foods, Inc. | 22,669 | $1.35B | $59,737 |
| Northrop Grumman Retirement Plan B | Northrop Grumman Corporation | 20,435 | $2.05B | $100,486 |
| Altria Retirement Plan | Altria Client Services LLC | 25,614 | $6.42B | $250,755 |
| Employee Retirement Income Plan - Hourly West | The Boeing Co. and Consolidated Subsidiaries | 18,566 | $1.71B | $92,351 |
| General Dynamics Retirement Plan (Electric Boat and Mission Systems) | General Dynamics Corporation | 26,451 | $4.08B | $154,129 |
| Huntington Ingalls Industries, Inc. Newport News Operations Pension Plan for Employees Covered by United Steelworkers Local 8888 Cba | Huntington Ingalls Industries, Inc. | 15,625 | $1.42B | $90,660 |
Defined benefit plans in manufacturing closest in size.
Questions and answers
How big is Bae Systems Employees' Retirement Plan?
20,783 participants at the end of the plan year ending 31 Dec 2024, of whom 7,278 were active employees, with net assets of $3,213,924,242. 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 Bae Systems, Inc. contribute per participant?
The filing reports $75,000,000 in employer contributions for the year, which is $10,305 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 $8,838,158 in compensation to service provider organisations, $425 per participant or 0.28% of net assets. The same-size median among plans reporting any Schedule C compensation was $232 per participant. Administrative expenses on Schedule H were $11,283,643. 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 Bae Systems, Inc.. Recordkeeping or administration: Willis Towers Watson and Aon Consulting, Inc.. Investment advisory or management: Metropolitan West Asset Management, Aon Investments USA Inc. and Pimco. Trustee or custodian: The Northern Trust Company. The financial statements were audited by Deloitte & Touche 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 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 10 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 22-3537950, plan 050, received 10 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.