Illinois › Management of companies (holding companies) › 25,000 or more participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
HSBC - North America (U.S.) Pension Plan
Sponsored by HSBC North America Holdings Inc., Chicago, IL
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.
HSBC - North America (U.S.) Pension Plan is a cash balance pension plan sponsored by HSBC North America Holdings Inc. of Chicago, Illinois. For the plan year ending 31 Dec 2024 it reported 39,143 participants, 2,288 of them active, and net assets of $2.86B.
Net assets came to $72,964 per participant, below the $88,040 median for defined benefit plans with 25,000 or more participants and well below the $94,230 median for defined benefit plans in management of companies (holding companies). 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 12 service provider organisations paid $5,000 or more, with reported compensation of $7.6M: $195 per participant, well above the same-size median of $143. Administrative expenses charged to the plan were $12.6M. 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 $2.33B in 2009 to $2.86B in 2024 (up 23%), and participants from 95,205 to 39,143 (down 59%).
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 | $72,964 | $88,040 | $94,230 | $86,221 |
| Employer contributions per active participant | — | $6,524 | $14,787 | $10,244 |
| Schedule C compensation per participant | $195 | $143 | $326 | $344 |
| Schedule C compensation, share of net assets | 0.27% | 0.26% | 0.39% | 0.42% |
| Administrative expenses per participant | $321 | $306 | $519 | $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), management of companies (holding companies) (97) 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 | 39,143 | $2.86B | $72,964 | — | — | $7.6M |
| 2023 | 41,639 | $3.02B | $72,443 | — | — | $7.9M |
| 2022 | 42,859 | $2.98B | $69,471 | — | — | $8.1M |
| 2021 | 45,491 | $4.00B | $87,896 | — | — | $10.2M |
| 2020 | 46,848 | $4.18B | $89,233 | — | — | $11.8M |
| 2019 | 48,076 | $3.72B | $77,412 | — | — | $13.5M |
| 2018 | 51,180 | $3.24B | $63,260 | $160M | — | $19.5M |
| 2017 | 56,540 | $3.49B | $61,762 | — | — | $17.4M |
| 2016 | 69,021 | $3.93B | $56,902 | $78.0M | — | $17.5M |
| 2015 | 70,526 | $3.75B | $53,195 | $90.0M | — | $18.1M |
| 2014 | 72,309 | $3.93B | $54,370 | $46.0M | — | $18.6M |
| 2013 | 81,734 | $3.53B | $43,132 | $74.0M | — | $18.9M |
| 2012 | 84,278 | $3.61B | $42,887 | $247M | — | $17.2M |
| 2011 | 88,117 | $3.19B | $36,232 | $312M | — | $18.2M |
| 2010 | 90,066 | $2.67B | $29,676 | $110M | — | $17.9M |
| 2009 | 95,205 | $2.33B | $24,468 | $187M | — | $10.4M |
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$3,016,468,549
- Employer contributions—
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$0
- Total income, including investment results$27,593,366
- Benefits paid$175,479,888
- Administrative expenses$12,565,183
- Total expenses$188,045,071
- Net income−$160,451,705
- Net transfers$0
- Net assets, end of year$2,856,016,844
Participants
- Active participants2,288
- Retired or separated, receiving benefits17,139
- Retired or separated, entitled to future benefits16,797
- Total participants, end of year39,143
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Alight Solutions LLC | Recordkeeping and information management | $2,538,976 | $4,794 |
| Nisa Investment Advisors, LLC | Investment advisory (plan) | $1,077,452 | $0 |
| Jennison Associates LLC | Investment management | $959,302 | $0 |
| Goldman Sachs Asset Management | Investment management | $799,845 | $0 |
| The Northern Trust Company | Trustee (bank, trust company, or similar financial institution) | $676,724 | $0 |
| Neuberger and Berman | Investment management | $657,403 | $0 |
| Tower Watson | Consulting (general); Investment advisory (plan); Investment management | $247,000 | $0 |
| Aon Consulting | Actuarial; Consulting (general); Consulting (pension) | $240,814 | $0 |
| Wellington Trust Company | Investment management | $183,599 | $0 |
| Blue Bay Asset Management | Investment management | $143,465 | $0 |
| Mercer | Actuarial | $73,900 | $0 |
| GQG Partners LLC | Investment management | $28,185 | $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$4,933,879
- Investment advisory and management fees$3,853,890
- Recordkeeping fees$2,538,976
- Trustee and custodial fees$676,724
- Actuarial fees$314,714
- Contract administrator fees$247,000
- Total administrative expenses$12,565,183
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$1.16B · 35.5%
- Corporate debt instruments$761M · 23.3%
- Other investments$513M · 15.7%
- Cash (interest and non-interest bearing)$394M · 12.0%
- Corporate stocks$163M · 5.0%
- Common/collective trusts$154M · 4.7%
- Registered investment companies (mutual funds)$73.8M · 2.3%
- Receivables$50.7M · 1.6%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmPricewaterhouseCoopers LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondNo
- 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 group
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 551112: Offices of Other Holding Companies.
Other plans of HSBC North America Holdings Inc.
| Plan | Participants | Net assets |
|---|---|---|
| HSBC - North America (U. S.) Tax Reduction Investment Plan | 20,310 | $4.93B |
Similar plans in Illinois
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Pension Plan for Pactiv Evergreen | Pactiv LLC | 16,520 | $866M | $52,444 |
| Tribune Media Company Retirement Plan | Tribune Media Company | 15,861 | $1.09B | $68,603 |
| Cna Retirement Plan | Continental Casualty Company | 5,741 | $849M | $147,808 |
| Gatx Corporation Noncontributory Pension Plan for Salaried Employees | Gatx Corporation | 1,985 | $227M | $114,264 |
| Gatx Corporation Noncontributory Pension Plan for Hourly Employees | Gatx Corporation | 1,554 | $74.2M | $47,748 |
| The Baltimore Sun Company Employees' Retirement Plan | Tribune Media Company | 1,287 | $53.6M | $41,680 |
Defined benefit plans in management of companies (holding companies) closest in size.
Questions and answers
How big is HSBC - North America (U.S.) Pension Plan?
39,143 participants at the end of the plan year ending 31 Dec 2024, of whom 2,288 were active employees, with net assets of $2,856,016,844. 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 HSBC North America Holdings Inc. 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 $7,631,459 in compensation to service provider organisations, $195 per participant or 0.27% of net assets. The same-size median among plans reporting any Schedule C compensation was $143 per participant. Administrative expenses on Schedule H were $12,565,183. 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 HSBC North America Holdings Inc.. Recordkeeping or administration: Alight Solutions LLC. Investment advisory or management: Nisa Investment Advisors, LLC, Jennison Associates LLC and Goldman Sachs Asset Management. Trustee or custodian: The Northern Trust Company. The financial statements were audited by PricewaterhouseCoopers 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 14 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 23-2186091, plan 001, received 14 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.