Pennsylvania › Manufacturing › 25,000 or more participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Glaxosmithkline Cash Balance Pension Plan
Sponsored by Glaxosmithkline LLC, Philadelphia, PA
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.
Glaxosmithkline Cash Balance Pension Plan is a cash balance pension plan sponsored by Glaxosmithkline LLC of Philadelphia, Pennsylvania. For the plan year ending 31 Dec 2024 it reported 35,701 participants, 7,110 of them active, and net assets of $2.90B.
Net assets came to $81,255 per participant, below the $88,040 median for defined benefit plans with 25,000 or more participants and 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 $131M for the year ($18,425 per active participant) and benefits paid were $310M. 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 $6.5M: $181 per participant, well above the same-size median of $143. Administrative expenses charged to the plan were $14.6M. 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 $3.34B in 2009 to $2.90B in 2024 (down 13%), and participants from 60,490 to 35,701 (down 41%).
The independent accountant's opinion on the financial statements was unmodified (unqualified).
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DB plans |
|---|---|---|---|---|
| Net assets per participant | $81,255 | $88,040 | $67,961 | $86,221 |
| Employer contributions per active participant | $18,425 | $6,524 | $6,915 | $10,244 |
| Schedule C compensation per participant | $181 | $143 | $299 | $344 |
| Schedule C compensation, share of net assets | 0.22% | 0.26% | 0.47% | 0.42% |
| Administrative expenses per participant | $408 | $306 | $498 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 25,000 or more participants (215 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 | 35,701 | $2.90B | $81,255 | $131M | — | $6.5M |
| 2023 | 37,757 | $2.93B | $77,721 | $195M | — | $24.9M |
| 2022 | 39,631 | $2.84B | $71,654 | $120M | — | $7.5M |
| 2021 | 42,943 | $3.43B | $79,855 | $26.0M | — | $8.2M |
| 2020 | 45,247 | $3.61B | $79,868 | $16.0M | — | $8.8M |
| 2019 | 45,554 | $3.70B | $81,129 | $6.1M | — | $9.1M |
| 2018 | 45,344 | $3.60B | $79,286 | $17.2M | — | $9.3M |
| 2017 | 46,386 | $4.05B | $87,394 | $166M | — | $12.8M |
| 2016 | 47,633 | $3.68B | $77,177 | $100M | — | $11.4M |
| 2015 | 47,570 | $3.70B | $77,713 | $7.6M | — | $13.0M |
| 2014 | 49,973 | $4.12B | $82,441 | $170M | — | $13.9M |
| 2013 | 52,966 | $4.17B | $78,794 | — | — | $13.6M |
| 2012 | 55,870 | $4.11B | $73,612 | $51.0M | — | $12.9M |
| 2011 | 55,929 | $3.81B | $68,134 | $206M | — | $11.6M |
| 2010 | 57,957 | $3.60B | $62,181 | $241M | — | $16.2M |
| 2009 | 60,490 | $3.34B | $55,174 | — | — | $13.4M |
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$2,934,504,921
- Employer contributions$131,000,000
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$131,000,000
- Total income, including investment results$291,215,274
- Benefits paid$310,263,635
- Administrative expenses$14,574,315
- Total expenses$324,837,950
- Net income−$33,622,676
- Net transfers$0
- Net assets, end of year$2,900,882,245
Participants
- Active participants7,110
- Retired or separated, receiving benefits12,108
- Retired or separated, entitled to future benefits14,686
- Total participants, end of year35,701
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Alight Solutions | Contract Administrator; Recordkeeping and information management | $2,075,747 | $0 |
| Legal & General Invstmt MGMT Amer | Investment management | $1,594,913 | $0 |
| Jennison Associates LLC | Investment management | $624,292 | $0 |
| Income Research & Management | Investment management | $509,312 | $0 |
| The Bank of New York Mellon | Custodial (securities); Trustee (directed) | $482,723 | $0 |
| Walter Scott & Partners Ltd. | Investment management | $428,381 | $0 |
| Towers Watson Delaware Inc. | Actuarial | $311,517 | $0 |
| Rocaton Investment Advisors | Investment management | $138,938 | $0 |
| State Street Global Advisors | Custodial (other than securities); Custodial (securities); Investment management | $119,535 | $0 |
| Deloitte & Touche LLP | Accounting (including auditing) | $87,765 | $0 |
| Marathon Asset Management Limited | Investment management | $41,537 | $0 |
| John Hancock Life Insurance Company | Contract Administrator | $30,338 | $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
- Other administrative expenses$8,182,444
- Investment advisory and management fees$2,881,721
- Contract administrator fees$2,610,652
- Trustee and custodial fees$500,216
- Actuarial fees$311,517
- IQPA audit fees$87,765
- Total administrative expenses$14,574,315
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.
- U.S. Government securities$967M · 33.3%
- Corporate debt instruments$926M · 31.9%
- Common/collective trusts$541M · 18.6%
- Receivables$156M · 5.4%
- Partnership/joint venture interests$124M · 4.3%
- Registered investment companies (mutual funds)$122M · 4.2%
- Corporate stocks$50.9M · 1.8%
- Insurance company general account$10.7M · 0.4%
- Other investments$2.9M · 0.1%
- Cash (interest and non-interest bearing)$1.9M · 0.1%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmDeloitte & Touche LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $500,000
- 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 related1CCash balance or similar plan1IFrozen plan3FPlan 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 325410: Pharmaceutical & Medicine Mfg.
Other plans of Glaxosmithkline LLC
| Plan | Participants | Net assets |
|---|---|---|
| GSK 401(k) Plan | 21,352 | $9.97B |
Similar plans in Pennsylvania
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| National Integrated Group Pension Plan | Board of Trustees of National Integrated Group Pension Plan | 46,326 | $1.59B | $34,393 |
| Kraft Heinz Retirement Plan | Kraft Heinz Foods Company | 28,131 | $2.99B | $106,176 |
| United States Steel Corporation Plan for Employee Pension Benefits (Revision of 2003) | United States Steel Corporation and Affiliated Cos. | 23,108 | $3.91B | $169,042 |
| Howmet Aerospace Retirement Plan | Howmet Aerospace Inc. | 12,517 | $678M | $54,178 |
| Bimbo Bakeries USA Consolidated Pension Plan | Bbu, Inc. | 8,784 | $464M | $52,816 |
| Arconic Corp. Pension Plan B | Arconic Corporation | 8,339 | $549M | $65,791 |
Defined benefit plans in manufacturing closest in size.
Questions and answers
How big is Glaxosmithkline Cash Balance Pension Plan?
35,701 participants at the end of the plan year ending 31 Dec 2024, of whom 7,110 were active employees, with net assets of $2,900,882,245. Among defined benefit plans that places it in the 25,000 or more participants band, which held 215 plans in plan year 2024.
What does Glaxosmithkline LLC contribute per participant?
The filing reports $131,000,000 in employer contributions for the year, which is $18,425 per active participant; the median for plans of the same type and size was $6,524 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 $6,478,152 in compensation to service provider organisations, $181 per participant or 0.22% of net assets. The same-size median among plans reporting any Schedule C compensation was $143 per participant. Administrative expenses on Schedule H were $14,574,315. 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 Glaxosmithkline LLC. Recordkeeping or administration: Alight Solutions and John Hancock Life Insurance Company. Investment advisory or management: Legal & General Invstmt MGMT Amer, Jennison Associates LLC and Income Research & Management. Trustee or custodian: The Bank of New York Mellon and State Street Global Advisors. 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. 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 25 Sep 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 23-1099050, plan 003, received 25 Sep 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.