Pennsylvania › Health care and social assistance › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jul 2024 to 30 Jun 2025
University of Pennsylvania Health Sysytem Pension Plan
Sponsored by Trustees of the University of Pennsylvania, Bala Cynwyd, 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.
Trustees of the University of Pennsylvania of Bala Cynwyd, Pennsylvania sponsors University of Pennsylvania Health Sysytem Pension Plan, a cash balance pension plan. Its Form 5500 for the plan year ending 30 Jun 2025 shows 23,429 participants (7,232 active) and $2.84B in net assets.
Net assets came to $121,311 per participant, well above 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 $36.6M for the year ($5,063 per active participant) and benefits paid were $131M. 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.
The filing reports no service provider compensation on Schedule C. That is common where fees are paid by the employer or taken from investment returns, neither of which appears there. Administrative expenses charged to the plan were $7.7M.
Across the filings on record, net assets went from $669M in 2009 to $2.84B in 2024 (up 325%), and participants from 21,472 to 23,429 (up 9%).
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 | $121,311 | $87,623 | $62,049 | $86,221 |
| Employer contributions per active participant | $5,063 | $9,468 | $7,491 | $10,244 |
| Schedule C compensation per participant | — | $232 | $248 | $344 |
| Schedule C compensation, share of net assets | — | 0.30% | 0.39% | 0.42% |
| Administrative expenses per participant | $329 | $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 | 23,429 | $2.84B | $121,311 | $36.6M | — | $0 |
| 2023 | 23,620 | $2.77B | $117,306 | $34.0M | — | $0 |
| 2022 | 23,822 | $2.90B | $121,650 | $16.9M | — | $0 |
| 2021 | 15,252 | $2.20B | $144,536 | $12.0M | — | $0 |
| 2020 | 15,357 | $2.32B | $151,265 | $49.2M | — | $0 |
| 2019 | 15,411 | $1.76B | $113,887 | $95.4M | — | $0 |
| 2018 | 17,833 | $1.74B | $97,382 | $62.6M | — | $0 |
| 2017 | 17,940 | $1.67B | $93,040 | $66.4M | — | $0 |
| 2016 | 20,835 | $1.60B | $76,884 | $69.8M | — | $0 |
| 2015 | 20,933 | $1.41B | $67,224 | $112M | — | $0 |
| 2013 | 21,188 | $1.27B | $59,869 | $59.0M | — | $0 |
| 2012 | 21,293 | $1.09B | $51,008 | $69.9M | — | $0 |
| 2011 | 21,548 | $930M | $43,148 | $115M | — | $0 |
| 2010 | 21,630 | $838M | $38,732 | $65.4M | — | $0 |
| 2009 | 21,472 | $669M | $31,150 | $71.5M | — | $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$2,770,778,988
- Employer contributions$36,612,000
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$36,612,000
- Total income, including investment results$210,244,660
- Benefits paid$131,118,740
- Administrative expenses$7,711,204
- Total expenses$138,829,944
- Net income$71,414,716
- Net transfers$0
- Net assets, end of year$2,842,193,704
Participants
- Active participants7,232
- Retired or separated, receiving benefits7,387
- Retired or separated, entitled to future benefits8,085
- Total participants, end of year23,429
Fees and service providers
No service provider organisations are listed on Schedule C for this plan year.
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$6,086,771
- Investment advisory and management fees$1,098,475
- Trustee and custodial fees$525,958
- Total administrative expenses$7,711,204
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$2.81B · 98.7%
- Receivables$36.6M · 1.3%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmHorsey, Buckner & Heffler, LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $150,000,000
- 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 Trustees of the University of Pennsylvania
Similar plans in Pennsylvania
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Jefferson Defined Benefit Plan | Thomas Jefferson University | 25,167 | $2.08B | $82,681 |
| Main Line Health, Inc. Retirement Income Plan | Main Line Health, Inc. | 19,375 | $1.49B | $76,953 |
| Upmc Basic Retirement Plan | Upmc | 100,852 | $3.01B | $29,837 |
| Pension Fund for Hospital and Health Care Employees, Philadelphia and Vicinity | Pension Fund for Hospital and Health Care Employees | 10,841 | $352M | $32,512 |
| Lehigh Valley Health Network, Inc. Retirement Plan | Lehigh Valley Health Network, Inc. | 10,605 | $1.13B | $106,920 |
| The Wellspan Health System Merged Pension Plan | Wellspan Health | 7,634 | $984M | $128,957 |
Defined benefit plans in health care and social assistance closest in size.
Questions and answers
How big is University of Pennsylvania Health Sysytem Pension Plan?
23,429 participants at the end of the plan year ending 30 Jun 2025, of whom 7,232 were active employees, with net assets of $2,842,193,704. 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 Trustees of the University of Pennsylvania contribute per participant?
The filing reports $36,612,000 in employer contributions for the year, which is $5,063 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 no provider compensation for the year. Administrative expenses on Schedule H were $7,711,204. 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 Trustees of the University of Pennsylvania. The financial statements were audited by Horsey, Buckner & Heffler, 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 Jul 2024 to 30 Jun 2025, received by the Department of Labor on 15 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 23-1352685, plan 006, received 15 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.