Pennsylvania › Health care and social assistance › 25,000 or more participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
The University of Pennsylvania Health System 403(b) Retirement Savings Plan
Sponsored by Trustees of the Univ. of Penn, 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.
The University of Pennsylvania Health System 403(b) Retirement Savings Plan is a 403(b) plan sponsored by Trustees of the Univ. of Penn of Philadelphia, Pennsylvania. For the plan year ending 31 Dec 2024 it reported 56,762 participants, 45,420 of them active, and net assets of $3.55B.
Net assets came to $62,582 per participant, close to the $62,774 median for defined contribution plans with 25,000 or more participants and well above the $30,764 median for defined contribution 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.
Schedule C lists 1 service provider organisation paid $5,000 or more, with reported compensation of $2.4M: $41.54 per participant, above the same-size median of $36.41. Administrative expenses charged to the plan were $2.4M. 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 $254M in 2009 to $3.55B in 2024 (up 1301%), and participants from 18,675 to 56,762 (up 204%).
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 DC plans |
|---|---|---|---|---|
| Net assets per participant | $62,582 | $62,774 | $30,764 | $53,102 |
| Employer contributions per active participant | — | $2,417 | $1,536 | $2,175 |
| Schedule C compensation per participant | $41.54 | $36.41 | $93.85 | $123 |
| Schedule C compensation, share of net assets | 0.07% | 0.07% | 0.31% | 0.26% |
| Administrative expenses per participant | $41.45 | $38.81 | $86.53 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 25,000 or more participants (608 plans), health care and social assistance (9,402) and all US plans (63,460). 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 | 56,762 | $3.55B | $62,582 | — | $287M | $2.4M |
| 2023 | 54,639 | $3.06B | $55,951 | — | $259M | $2.2M |
| 2022 | 52,458 | $2.49B | $47,485 | — | $235M | $2.1M |
| 2021 | 48,977 | $2.81B | $57,314 | — | $197M | $1.4M |
| 2020 | 28,425 | $1.44B | $50,532 | — | $99.9M | $257K |
| 2019 | 27,619 | $1.23B | $44,383 | — | $90.8M | $242K |
| 2018 | 28,974 | $960M | $33,143 | — | $82.5M | $217K |
| 2017 | 25,408 | $966M | $38,038 | — | $73.2M | $197K |
| 2016 | 23,430 | $788M | $33,646 | — | $63.9M | $180K |
| 2015 | 22,248 | $695M | $31,234 | — | $57.7M | $161K |
| 2014 | 19,375 | $658M | $33,940 | — | $46.6M | $134K |
| 2013 | 19,435 | $489M | $25,148 | — | $39.3M | $110K |
| 2012 | 19,720 | $392M | $19,857 | — | $37.2M | $115K |
| 2011 | 19,828 | $330M | $16,639 | — | $34.7M | $92K |
| 2010 | 19,687 | $303M | $15,401 | — | $29.6M | $63K |
| 2009 | 18,675 | $254M | $13,578 | — | $28.7M | $65K |
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$3,057,132,597
- Employer contributions—
- Participant contributions$287,397,732
- Rollovers and other contributions$28,945,896
- Total contributions$316,343,628
- Total income, including investment results$722,610,138
- Benefits paid$224,979,905
- Administrative expenses$2,353,021
- Total expenses$227,438,714
- Net income$495,171,424
- Net transfers$0
- Net assets, end of year$3,552,304,021
Participants
- Active participants45,420
- Retired or separated, receiving benefits284
- Retired or separated, entitled to future benefits10,998
- Participants with account balances50,945
- Total participants, end of year56,762
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Fid Inv Instl Ops CP | Participant loan processing | $2,357,876 | $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
- Recordkeeping fees$2,350,621
- Contract administrator fees$2,400
- Total administrative expenses$2,353,021
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.
- Registered investment companies (mutual funds)$3.39B · 95.4%
- Insurance company general account$64.2M · 1.8%
- Participant loans$50.0M · 1.4%
- Cash (interest and non-interest bearing)$43.2M · 1.2%
- Pooled separate accounts$5.4M · 0.2%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmHorsey, Buckner & Heffler, LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $10,000,000
- Blackout period during the yearYes
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
2LCode section 403(b)(1) arrangement (annuity contracts)2MCode section 403(b)(7) accounts (custodial accounts for regulated investment company stock)3HPlan 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 Univ. of Penn
Similar plans in Pennsylvania
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Select Medical Corporation 401(k) Plan | Select Medical Corporation | 58,404 | $2.84B | $48,622 |
| Retirement Contribution and 403(b) Matching Plan of the University of Pennsylvania Health System | Trustees of the Univ. of Penn | 47,760 | $1.11B | $23,245 |
| Universal Health Services, Inc. Retirement Savings Plan | Universal Health Services, Inc. | 80,921 | $3.67B | $45,336 |
| Geisinger System Services 401(k) Savings Plan | Geisinger System Services | 32,497 | $2.96B | $91,131 |
| Upmc 403(b) Retirement Savings Plan | Upmc | 93,730 | $4.73B | $50,450 |
| The Children's Hospital of Philadelphia Retirement Savings Plan | The Children's Hospital of Philadelphia | 32,162 | $2.50B | $77,668 |
Defined contribution plans in health care and social assistance closest in size.
Questions and answers
How big is The University of Pennsylvania Health System 403(b) Retirement Savings Plan?
56,762 participants at the end of the plan year ending 31 Dec 2024, of whom 45,420 were active employees, with net assets of $3,552,304,021. Among defined contribution plans that places it in the 25,000 or more participants band, which held 608 plans in plan year 2024.
What does Trustees of the Univ. of Penn contribute per participant?
This filing has no Schedule H financial statement, so employer contributions are not reported here.
What fees does the plan pay and how do they compare?
Schedule C reports $2,357,876 in compensation to service provider organisations, $41.54 per participant or 0.07% of net assets. The same-size median among plans reporting any Schedule C compensation was $36.41 per participant. Administrative expenses on Schedule H were $2,353,021. 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 Univ. of Penn. Recordkeeping or administration: Fid Inv Instl Ops CP. 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 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 15 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 23-1352685, plan 018, received 15 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.