Illinois › Utilities › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Pepco Holdings LLC Retirement Plan
Sponsored by Exelon Corporation, 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.
In the plan year ending 31 Dec 2024, Pepco Holdings LLC Retirement Plan covered 10,110 participants and held $1.86B in net assets. The plan is a cash balance pension plan sponsored by Exelon Corporation of Chicago, Illinois.
Net assets came to $184,010 per participant, well above the $87,623 median for defined benefit plans with 5,000 to 24,999 participants and close to the $187,668 median for defined benefit plans in utilities. 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 $32.5M for the year ($10,819 per active participant) and benefits paid were $143M. 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 $3.2M: $320 per participant, well above the same-size median of $232. Administrative expenses charged to the plan were $4.4M. 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 $2.17B in 2016 to $1.86B in 2024 (down 14%), and participants from 11,689 to 10,110 (down 14%).
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 | $184,010 | $87,623 | $187,668 | $86,221 |
| Employer contributions per active participant | $10,819 | $9,468 | $12,900 | $10,244 |
| Schedule C compensation per participant | $320 | $232 | $468 | $344 |
| Schedule C compensation, share of net assets | 0.17% | 0.30% | 0.27% | 0.42% |
| Administrative expenses per participant | $436 | $396 | $804 | $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), utilities (175) 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 | 10,110 | $1.86B | $184,010 | $32.5M | — | $3.2M |
| 2023 | 10,312 | $1.95B | $189,049 | $65.0M | — | $2.9M |
| 2022 | 10,456 | $1.87B | $179,194 | — | — | $2.1M |
| 2021 | 10,906 | $2.62B | $240,567 | $94.2M | — | $2.4M |
| 2020 | 11,115 | $2.56B | $230,414 | $25.0M | — | $2.1M |
| 2019 | 11,321 | $2.32B | $205,290 | $20.0M | — | $2.9M |
| 2018 | 11,615 | $2.09B | $179,581 | — | — | $2.6M |
| 2017 | 11,805 | $2.40B | $203,650 | $50.0M | — | $5.1M |
| 2016 | 11,689 | $2.17B | $185,676 | $120M | — | $3.5M |
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$1,949,472,669
- Employer contributions$32,500,000
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$32,500,000
- Total income, including investment results$57,884,221
- Benefits paid$142,609,022
- Administrative expenses$4,403,228
- Total expenses$147,012,250
- Net income−$89,128,029
- Net transfers$0
- Net assets, end of year$1,860,344,640
Participants
- Active participants3,004
- Retired or separated, receiving benefits4,870
- Retired or separated, entitled to future benefits1,098
- Total participants, end of year10,110
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Willis Towers Watson US LLC | Actuarial; Recordkeeping and information management | $1,616,164 | $0 |
| Exelon Business Services Co. | Plan Administrator | $928,752 | $626 |
| Northern Trust Corporation | Custodial (securities); Trustee (bank, trust company, or similar financial institution) | $339,935 | $0 |
| BlackRock Financial Management Inc. | Other services | $83,023 | $0 |
| Albourne America LLC | Consulting (general) | $52,752 | $0 |
| Caissa, LLC | Other services | $44,695 | $0 |
| Alight Solutions LLC | Recordkeeping and information management | $36,947 | $0 |
| Mitchell & Titus, LLP | Accounting (including auditing) | $30,125 | $0 |
| BlackRock Institutional Trust Co. | Investment management | $30,109 | $0 |
| Bloomberg Finance LP | Other services | $21,688 | $0 |
| Plante Moran | Consulting (general) | $16,207 | $0 |
| Evestment Alliance LLC | Consulting (general) | $9,606 | $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
- Recordkeeping fees$1,312,875
- Other administrative expenses$1,217,250
- Salaries and allowances$928,753
- Actuarial fees$340,236
- Trustee and custodial fees$339,935
- Investment advisory and management fees$234,054
- IQPA audit fees$30,125
- Total administrative expenses$4,403,228
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$1.84B · 98.2%
- Receivables$32.5M · 1.7%
- Insurance company general account$589K · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmMitchell & Titus, LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $50,000,000
- 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 related1BBenefits are primarily flat dollar (includes dollars per year of service)1CCash balance or similar 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 221100: Electric Power Generation, Transmission & Distribution.
Other plans of Exelon Corporation
| Plan | Participants | Net assets |
|---|---|---|
| Exelon Corporation Employee Savings Plan | 26,632 | $6.31B |
| Exelon Corporation Retirement Program | 23,999 | $6.05B |
| Exelon Pension Plan | 5,092 | $956M |
| Exelon Corporation Pension Plan for Bargaining Unit Employees | 2,559 | $152M |
Similar plans in Illinois
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Exelon Corporation Retirement Program | Exelon Corporation | 23,999 | $6.05B | $251,966 |
| Exelon Pension Plan | Exelon Corporation | 5,092 | $956M | $187,668 |
| Exelon Corporation Pension Plan for Bargaining Unit Employees | Exelon Corporation | 2,559 | $152M | $59,443 |
Defined benefit plans in utilities closest in size.
Questions and answers
How big is Pepco Holdings LLC Retirement Plan?
10,110 participants at the end of the plan year ending 31 Dec 2024, of whom 3,004 were active employees, with net assets of $1,860,344,640. 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 Exelon Corporation contribute per participant?
The filing reports $32,500,000 in employer contributions for the year, which is $10,819 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 $3,234,110 in compensation to service provider organisations, $320 per participant or 0.17% of net assets. The same-size median among plans reporting any Schedule C compensation was $232 per participant. Administrative expenses on Schedule H were $4,403,228. 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 Exelon Corporation. Recordkeeping or administration: Willis Towers Watson US LLC, Exelon Business Services Co. and Alight Solutions LLC. Investment advisory or management: BlackRock Institutional Trust Co.. Trustee or custodian: Northern Trust Corporation. The financial statements were audited by Mitchell & Titus, 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 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 23-2990190, plan 022, 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.