Pennsylvania › Finance and insurance › 25,000 or more participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
The Vanguard Retirement and Savings Plan
Sponsored by The Vanguard Group, Inc., Malvern, 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 Vanguard Group, Inc. of Malvern, Pennsylvania sponsors The Vanguard Retirement and Savings Plan, a 401(k) plan. Its Form 5500 for the plan year ending 31 Dec 2024 shows 26,679 participants (17,477 active) and $11.1B in net assets.
Net assets came to $415,489 per participant, well above the $62,774 median for defined contribution plans with 25,000 or more participants and well above the $92,294 median for defined contribution plans in finance and insurance. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
The employer contributed $311M during the year, or $17,800 per active participant against a same-size median of $2,417; participants contributed $214M and $55.4M arrived as rollovers and other contributions. Benefits paid out totalled $544M.
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 $0.
Across the filings on record, net assets went from $1.75B in 2009 to $11.1B in 2024 (up 535%), and participants from 14,331 to 26,679 (up 86%).
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 DC plans |
|---|---|---|---|---|
| Net assets per participant | $415,489 | $62,774 | $92,294 | $53,102 |
| Employer contributions per active participant | $17,800 | $2,417 | $3,564 | $2,175 |
| Schedule C compensation per participant | — | $36.41 | $137 | $123 |
| Schedule C compensation, share of net assets | — | 0.07% | 0.17% | 0.26% |
| Administrative expenses per participant | — | $38.81 | $130 | $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), finance and insurance (4,391) 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 | 26,679 | $11.1B | $415,489 | $311M | $214M | $0 |
| 2023 | 27,024 | $9.77B | $361,368 | $293M | $205M | $251K |
| 2022 | 26,979 | $8.10B | $300,132 | $267M | $185M | $310K |
| 2021 | 24,611 | $9.46B | $384,313 | $236M | $162M | $309K |
| 2020 | 22,507 | $8.19B | $363,672 | $226M | $152M | $271K |
| 2019 | 21,738 | $6.99B | $321,718 | $212M | $139M | $254K |
| 2018 | 21,053 | $5.53B | $262,581 | $196M | $127M | $396K |
| 2017 | 19,933 | $5.64B | $282,924 | $174M | $113M | $383K |
| 2016 | 17,845 | $4.57B | $256,025 | $150M | $101M | $364K |
| 2015 | 16,638 | $4.07B | $244,479 | $142M | $97.1M | $367K |
| 2014 | 16,422 | $3.96B | $241,038 | $149M | $94.1M | $364K |
| 2013 | 16,260 | $3.54B | $217,465 | $142M | $89.1M | $333K |
| 2012 | 15,451 | $2.74B | $177,471 | $135M | $84.4M | $299K |
| 2011 | 15,170 | $2.28B | $150,078 | $126M | $79.7M | $283K |
| 2010 | 14,641 | $2.14B | $146,073 | $120M | $76.6M | $265K |
| 2009 | 14,331 | $1.75B | $121,804 | $116M | $74.3M | $265K |
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$9,765,617,477
- Employer contributions$311,097,092
- Participant contributions$213,978,576
- Rollovers and other contributions$55,374,831
- Total contributions$580,450,499
- Total income, including investment results$1,863,648,558
- Benefits paid$544,391,093
- Administrative expenses$0
- Total expenses$544,447,423
- Net income$1,319,201,135
- Net transfers$0
- Net assets, end of year$11,084,818,612
Participants
- Active participants17,477
- Retired or separated, receiving benefits360
- Retired or separated, entitled to future benefits8,755
- Participants with account balances26,606
- Total participants, end of year26,679
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.
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.
- Common/collective trusts$7.62B · 68.8%
- Registered investment companies (mutual funds)$3.40B · 30.7%
- Participant loans$58.8M · 0.5%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmPricewaterhouseCoopers
- Participant contributions reported as transmitted lateYes, $2,986
- Covered by a fidelity bondYes, $40,000,000
- 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
2EProfit-sharing plan2FERISA section 404(c) plan2GTotal participant-directed account plan2JCode section 401(k) feature2KCode section 401(m) arrangement2S401(k) plan or 403(b) plan that provides for automatic enrollment2TTotal or partial participant-directed account plan with a default investment account3FPlan 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 525990: Other Financial Vehicles (including mortgage REITs & closed-end investment funds).
Similar plans in Pennsylvania
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| The Bank of New York Mellon Corporation 401(k) Savings Plan | The Bank of New York Mellon Corporation | 42,007 | $9.91B | $235,818 |
| Chubb US 401(k) Plan | Chubb Ina Holdings Inc. (Formerly Ace Ina Holdings Inc.) | 22,078 | $4.95B | $224,269 |
| The PNC Financial Services Group, Inc. Incentive Savings Plan | The PNC Financial Services Group, Inc. | 75,644 | $10.2B | $134,705 |
| Highmark Investment Plan | Highmark Health | 21,288 | $2.86B | $134,400 |
| The Cigna Group 401(k) Plan | The Cigna Group | 91,385 | $14.1B | $154,730 |
| Santander 401(k) Plan | Santander Holdings USA, Inc. | 19,451 | $1.30B | $66,844 |
Defined contribution plans in finance and insurance closest in size.
Questions and answers
How big is The Vanguard Retirement and Savings Plan?
26,679 participants at the end of the plan year ending 31 Dec 2024, of whom 17,477 were active employees, with net assets of $11,084,818,612. 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 The Vanguard Group, Inc. contribute per participant?
The filing reports $311,097,092 in employer contributions for the year, which is $17,800 per active participant; the median for plans of the same type and size was $2,417 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 $0. 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 The Vanguard Group, Inc.. The financial statements were audited by PricewaterhouseCoopers. 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 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 23-1945930, plan 002, 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.