California › Finance and insurance › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Oct 2024 to 30 Sep 2025
Visa Retirement Plan
Sponsored by Visa Inc., San Francisco, CA
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.
Visa Retirement Plan is a cash balance pension plan sponsored by Visa Inc. of San Francisco, California. For the plan year ending 30 Sep 2025 it reported 5,844 participants, 2,986 of them active, and net assets of $1.29B.
Net assets came to $221,403 per participant, well above the $87,623 median for defined benefit plans with 5,000 to 24,999 participants and well above the $119,983 median for defined benefit 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.
Schedule C lists 11 service provider organisations paid $5,000 or more, with reported compensation of $5.6M: $957 per participant, well above the same-size median of $232. Administrative expenses charged to the plan were $20.5M. 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 $764M in 2009 to $1.29B in 2024 (up 69%), and participants from 6,031 to 5,844 (down 3%).
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 | $221,403 | $87,623 | $119,983 | $86,221 |
| Employer contributions per active participant | — | $9,468 | $7,849 | $10,244 |
| Schedule C compensation per participant | $957 | $232 | $352 | $344 |
| Schedule C compensation, share of net assets | 0.43% | 0.30% | 0.32% | 0.42% |
| Administrative expenses per participant | $3,515 | $396 | $433 | $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), finance and insurance (690) 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 | 5,844 | $1.29B | $221,403 | — | — | $5.6M |
| 2023 | 6,148 | $1.20B | $194,686 | — | — | $3.9M |
| 2022 | 6,389 | $1.01B | $158,076 | — | — | $3.2M |
| 2021 | 6,596 | $956M | $145,006 | — | — | $3.0M |
| 2020 | 6,844 | $1.28B | $187,480 | — | — | $2.5M |
| 2019 | 7,099 | $1.14B | $160,571 | — | — | $2.0M |
| 2018 | 7,362 | $1.08B | $147,303 | — | — | $2.0M |
| 2017 | 7,658 | $1.09B | $142,029 | — | — | $1.9M |
| 2016 | 8,083 | $1.07B | $131,799 | — | — | $2.0M |
| 2015 | 8,840 | $1.07B | $120,717 | — | — | $2.3M |
| 2014 | 9,110 | $1.02B | $111,696 | $0 | — | $1.8M |
| 2013 | 7,958 | $1.11B | $140,074 | $0 | — | $2.1M |
| 2012 | 7,727 | $1.05B | $136,135 | $0 | — | $2.0M |
| 2011 | 7,164 | $970M | $135,336 | $78.0M | — | $2.2M |
| 2010 | 6,452 | $780M | $120,876 | $65.0M | — | $2.3M |
| 2009 | 6,031 | $764M | $126,615 | $60.0M | — | $2.2M |
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$1,196,931,612
- Employer contributions—
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$0
- Total income, including investment results$195,675,027
- Benefits paid$78,182,438
- Administrative expenses$20,542,282
- Total expenses$98,724,720
- Net income$96,950,307
- Net transfers$0
- Net assets, end of year$1,293,881,919
Participants
- Active participants2,986
- Retired or separated, receiving benefits560
- Retired or separated, entitled to future benefits2,240
- Total participants, end of year5,844
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Willis Towers Watson US LLC | Actuarial | $1,959,740 | $0 |
| Pimco | Investment management | $1,445,751 | $0 |
| Aon Investments USA Inc. | Consulting (general); Consulting (pension) | $828,465 | $0 |
| Conduent Human Resource SVCS, LLC | Recordkeeping and information management | $363,874 | $0 |
| Principal Trust Company | Custodial (securities); Trustee (bank, trust company, or similar financial institution); Trustee (directed) | $266,826 | $0 |
| Fidelity Workplace | Recordkeeping and information management; Consulting (pension) | $266,320 | $0 |
| Proskauer | Legal | $126,417 | $0 |
| Morgan, Lewis & Bockius LLP | Legal | $120,822 | $0 |
| State Street Global Adv Trust Co. | Other services | $100,000 | $0 |
| Visa USA, Inc. | Plan Administrator; Recordkeeping and information management | $68,746 | $0 |
| BDO USA, P.C. | Accounting (including auditing) | $45,000 | $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$15,019,067
- Investment advisory and management fees$2,274,216
- Actuarial fees$1,959,740
- Recordkeeping fees$730,194
- Trustee and custodial fees$266,826
- Legal fees$247,239
- IQPA audit fees$45,000
- Total administrative expenses$20,542,282
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$410M · 25.6%
- Corporate debt instruments$309M · 19.3%
- Receivables$298M · 18.6%
- Insurance company general account$291M · 18.2%
- U.S. Government securities$189M · 11.8%
- Registered investment companies (mutual funds)$93.1M · 5.8%
- Cash (interest and non-interest bearing)$11.8M · 0.7%
- Other investments$1.7M · 0.1%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmBDO USA, P.C.
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $15,000,000
- 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 plan
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 522300: Activities Related to Credit Intermediation (including loan brokers, check clearing, & money transmitting).
Other plans of Visa Inc.
| Plan | Participants | Net assets |
|---|---|---|
| Visa 401(k) Plan | 19,688 | $5.19B |
Similar plans in California
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Blue Shield of California Employees Retirement Plan | California Physicians Service DBA Blue Shield of California | 6,718 | $561M | $83,520 |
| Pension Fund of Make-Up Artists & Hair Stylists Union - Local 798 - IATSE | Board of Trustees of Pension Fund of Makeup Artists & Hair Stylists | 1,879 | $172M | $91,309 |
| Csaa Insurance Group Cash Balance Retirement Plan | Csaa Insurance Services, Inc. | 8,001 | $754M | $94,178 |
| Delta Dental of California Cash Balance Retirement Plan | Delta Dental of California | 1,384 | $73.6M | $53,147 |
| Directors Guild of America-Producer Pension Plan Basic Benefit Plan | Board of Trustees, Directors Guild of America- | 14,707 | $2.46B | $167,178 |
| Pacificorp/ibew Local 57 Retirement Trust Fund | Board of Trustees of the Pacificorp/ibew Local 57 Retirement Trust Fun | 1,268 | $207M | $163,504 |
Defined benefit plans in finance and insurance closest in size.
Questions and answers
How big is Visa Retirement Plan?
5,844 participants at the end of the plan year ending 30 Sep 2025, of whom 2,986 were active employees, with net assets of $1,293,881,919. 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 Visa 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 $5,591,961 in compensation to service provider organisations, $957 per participant or 0.43% of net assets. The same-size median among plans reporting any Schedule C compensation was $232 per participant. Administrative expenses on Schedule H were $20,542,282. 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 Visa Inc.. Recordkeeping or administration: Conduent Human Resource SVCS, LLC, Fidelity Workplace and Visa USA, Inc.. Investment advisory or management: Pimco. Trustee or custodian: Principal Trust Company. The financial statements were audited by BDO USA, P.C.. 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 Oct 2024 to 30 Sep 2025, received by the Department of Labor on 14 Jul 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 26-0267673, plan 334, received 14 Jul 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.