Virginia › Manufacturing › 1,000 to 4,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Bae Space & Mission Systems Pension 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 Space & Mission Systems Pension Plan covered 4,891 participants and held $417M in net assets. The plan is a defined benefit pension plan sponsored by Bae Systems, Inc. of Falls Church, Virginia.
Net assets came to $85,284 per participant, close to the $87,935 median for defined benefit plans with 1,000 to 4,999 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 $112M for the year ($29,332 per active participant) and benefits paid were $34.0M. 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 9 service provider organisations paid $5,000 or more, with reported compensation of $561K: $115 per participant, well below the same-size median of $325. Administrative expenses charged to the plan were $4.7M. 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 $246M in 2009 to $417M in 2024 (up 70%), and participants from 4,950 to 4,891 (down 1%).
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 | $85,284 | $87,935 | $67,961 | $86,221 |
| Employer contributions per active participant | $29,332 | $10,593 | $6,915 | $10,244 |
| Schedule C compensation per participant | $115 | $325 | $299 | $344 |
| Schedule C compensation, share of net assets | 0.13% | 0.41% | 0.47% | 0.42% |
| Administrative expenses per participant | $956 | $513 | $498 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 1,000 to 4,999 participants (1,540 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 | 4,891 | $417M | $85,284 | $112M | — | $561K |
| 2023 | 5,222 | $335M | $64,088 | $31.4M | — | $812K |
| 2022 | 5,601 | $308M | $55,062 | — | — | $878K |
| 2021 | 6,361 | $483M | $75,866 | $46.7M | — | $980K |
| 2020 | 6,728 | $610M | $90,739 | $65.7M | — | $476K |
| 2019 | 6,076 | $514M | $84,645 | $52.6M | — | $360K |
| 2018 | 5,314 | $424M | $79,716 | $2.2M | — | $446K |
| 2017 | 4,600 | $473M | $102,926 | $0 | — | $1.9M |
| 2016 | 4,760 | $466M | $97,942 | $122M | — | $1.9M |
| 2015 | 4,537 | $350M | $77,110 | $12.5M | — | $1.6M |
| 2014 | 4,639 | $377M | $81,168 | $0 | — | $2.1M |
| 2013 | 5,126 | $404M | $78,833 | $65.9M | — | $2.1M |
| 2012 | 5,072 | $335M | $66,094 | $34.3M | — | $1.7M |
| 2011 | 4,970 | $294M | $59,094 | $38.3M | — | $1.5M |
| 2010 | 4,923 | $270M | $54,904 | $21.5M | — | $1.4M |
| 2009 | 4,950 | $246M | $49,598 | $42.2M | — | $1.2M |
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. Earlier years filed under the plan's previous EIN or plan number are included.
Statement for the year
- Net assets, beginning of year$334,665,085
- Employer contributions$111,900,000
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$111,900,000
- Total income, including investment results$121,130,594
- Benefits paid$33,996,090
- Administrative expenses$4,676,150
- Total expenses$38,672,240
- Net income$82,458,354
- Net transfers$0
- Net assets, end of year$417,123,439
Participants
- Active participants3,815
- Retired or separated, receiving benefits289
- Retired or separated, entitled to future benefits725
- Total participants, end of year4,891
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Willis Towers Watson | Claims processing; Contract Administrator; Recordkeeping and information management; Legal; Participant communication | $252,325 | $0 |
| Groom Law Group | Legal | $106,858 | $0 |
| Aon Investments USA Inc. | Investment advisory (plan) | $78,027 | $0 |
| BDO USA, P.C. | Accounting (including auditing) | $33,000 | $0 |
| Aon Consulting, Inc. | Contract Administrator | $31,801 | $0 |
| Pimco | Investment management | $23,201 | $0 |
| Alvarez & Marshal Tax, LLC | Consulting (general) | $17,500 | $0 |
| The Northern Trust Company | Accounting (including auditing); Custodial (securities); Trustee (bank, trust company, or similar financial institution); Trustee (directed) | $10,207 | $0 |
| Lgim America | Investment management | $8,029 | $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
- Other administrative expenses$4,109,714
- Actuarial fees$168,968
- Investment advisory and management fees$131,480
- Legal fees$106,941
- Contract administrator fees$74,844
- Recordkeeping fees$42,083
- IQPA audit fees$33,682
- Trustee and custodial fees$8,438
- Total administrative expenses$4,676,150
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$413M · 98.9%
- Receivables$4.5M · 1.1%
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 related3HPlan 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 Systems Employees' Retirement Plan | 20,783 | $3.21B |
Similar plans in Virginia
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| BWXT Retirement Plan | BWXT Investment Company | 5,285 | $688M | $130,234 |
| General Dynamics Retirement Plan (Bath Iron Works) | General Dynamics Corporation | 4,847 | $429M | $88,434 |
| General Dynamics Retirement Plan (Land Systems) | General Dynamics Corporation | 5,515 | $535M | $96,965 |
| Non-Contributory Retirement Plan | The Boeing Co. and Consolidated Subsidiaries | 3,538 | $514M | $145,209 |
| Huntington Ingalls Industries Retirement Plan B | Huntington Ingalls Industries, Inc. | 10,213 | $1.44B | $140,606 |
| Employees' Retirement Plan of Stihl, Incorporated | Stihl, Incorporated | 2,989 | $155M | $51,991 |
Defined benefit plans in manufacturing closest in size.
Questions and answers
How big is Bae Space & Mission Systems Pension Plan?
4,891 participants at the end of the plan year ending 31 Dec 2024, of whom 3,815 were active employees, with net assets of $417,123,439. Among defined benefit plans that places it in the 1,000 to 4,999 participants band, which held 1,540 plans in plan year 2024.
What does Bae Systems, Inc. contribute per participant?
The filing reports $111,900,000 in employer contributions for the year, which is $29,332 per active participant; the median for plans of the same type and size was $10,593 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 $560,948 in compensation to service provider organisations, $115 per participant or 0.13% of net assets. The same-size median among plans reporting any Schedule C compensation was $325 per participant. Administrative expenses on Schedule H were $4,676,150. 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: Aon Investments USA Inc., Pimco and Lgim America. 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 053, 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.