Minnesota › Finance and insurance › 1,000 to 4,999 participants
Form 5500 statement · plan year 1 Jan 2025 to 31 Dec 2025
Piper Sandler Companies Retirement Plan
Sponsored by Piper Sandler Companies, Minneapolis, MN
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 2025, Piper Sandler Companies Retirement Plan covered 2,855 participants and held $809M in net assets. The plan is a 401(k) plan sponsored by Piper Sandler Companies of Minneapolis, Minnesota.
Net assets came to $252,360 per participant in plan year 2024, well above the $50,295 median for defined contribution plans with 1,000 to 4,999 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 $14.4M during the year, or $8,198 per active participant against a same-size median of $2,045; participants contributed $39.6M and $4.2M arrived as rollovers and other contributions. Benefits paid out totalled $41.3M.
Schedule C lists 5 service provider organisations paid $5,000 or more, with reported compensation of $210K: $73.64 per participant, below the same-size median of $82.08. Administrative expenses charged to the plan were $159K. 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 $110M in 2009 to $809M in 2025 (up 634%), and participants from 1,548 to 2,855 (up 84%).
The independent accountant's opinion on the financial statements was unmodified (unqualified).
Compared with similar plans
| Measure, plan year 2024 | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $252,360 | $50,295 | $92,294 | $53,102 |
| Employer contributions per active participant | $7,779 | $2,045 | $3,564 | $2,175 |
| Schedule C compensation per participant | $72.04 | $82.08 | $137 | $123 |
| Schedule C compensation, share of net assets | 0.03% | 0.17% | 0.17% | 0.26% |
| Administrative expenses per participant | $55.21 | $82.20 | $130 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 1,000 to 4,999 participants (10,207 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 |
|---|---|---|---|---|---|---|
| 2025 | 2,855 | $809M | $283,351 | $14.4M | $39.6M | $210K |
| 2024 | 2,742 | $692M | $252,360 | $13.4M | $36.3M | $198K |
| 2023 | 2,632 | $584M | $221,817 | $13.0M | $35.8M | $202K |
| 2022 | 2,610 | $483M | $184,995 | $12.1M | $32.6M | $164K |
| 2021 | 2,406 | $544M | $226,271 | $14.0M | $28.1M | $148K |
| 2020 | 2,225 | $460M | $206,556 | $9.4M | $23.0M | $136K |
| 2019 | 1,874 | $323M | $172,441 | $7.0M | $17.5M | $68K |
| 2018 | 1,920 | $270M | $140,371 | $6.6M | $16.1M | $195K |
| 2017 | 1,866 | $275M | $147,330 | $6.8M | $15.8M | $186K |
| 2016 | 1,907 | $224M | $117,345 | $6.1M | $15.4M | $209K |
| 2015 | 1,729 | $187M | $108,408 | $5.0M | $12.5M | $227K |
| 2014 | 1,598 | $191M | $119,599 | $4.6M | $11.0M | $221K |
| 2013 | 1,579 | $172M | $108,761 | — | $10.2M | $208K |
| 2012 | 1,546 | $139M | $89,837 | — | $9.4M | $16K |
| 2011 | 1,510 | $118M | $78,019 | — | $9.7M | $22K |
| 2010 | 2,530 | $124M | $48,921 | — | $9.8M | $32K |
| 2009 | 1,548 | $110M | $71,210 | $0 | $8.4M | $37K |
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$691,971,000
- Employer contributions$14,396,335
- Participant contributions$39,597,786
- Rollovers and other contributions$4,200,143
- Total contributions$58,194,264
- Total income, including investment results$158,430,644
- Benefits paid$41,275,536
- Administrative expenses$159,033
- Total expenses$41,434,569
- Net income$116,996,075
- Net transfers$0
- Net assets, end of year$808,967,075
Participants
- Active participants1,756
- Retired or separated, receiving benefits0
- Retired or separated, entitled to future benefits1,093
- Participants with account balances2,837
- Total participants, end of year2,855
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Schwab Retirement Plan Services Inc. | Recordkeeping and information management; Investment advisory (participants) | $188,151 | $0 |
| Tealwood Asset Management Inc. | Trustee (directed) | $7,084 | $0 |
| Sequoia Financial Advisors LLC | Trustee (directed) | $6,712 | $0 |
| Avos Capital Management LLC | Investment advisory (participants) | $5,077 | $0 |
| Charles Schwab & Co., Inc. | Securities brokerage | $3,227 | $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$159,033
- Total administrative expenses$159,033
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)$698M · 86.3%
- Other investments$60.9M · 7.5%
- Common/collective trusts$32.7M · 4.0%
- Receivables$15.0M · 1.9%
- Participant loans$2.5M · 0.3%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmErnst & Young, LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $25,000,000
- 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) arrangement2RParticipant-directed brokerage accounts provided as an investment option under the plan2S401(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 523110: Investment Banking & Securities Dealing.
Similar plans in Minnesota
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Medica 401(k) Matched Savings Plan | Medica Services Company LLC | 3,129 | $455M | $145,402 |
| Unitedhealth Group Puerto Rico Savings Plan | Optum Services (Puerto Rico) LLC | 2,678 | $14.7M | $5,503 |
| Intact USA Retirement Savings Plan | Intact Services USA LLC | 3,233 | $838M | $259,235 |
| Thrivent Capital Accumulation Plan | Thrivent Financial for Lutherans | 2,632 | $461M | $175,029 |
| St. Paul Electrical Construction Workers Supplemental Pension Plan | Trustees St. Paul Electrical Constructio Workers Supplemental Pension | 3,266 | $298M | $91,174 |
| Fair Isaac 401(k) Plan | Fair Isaac Corporation | 2,532 | $822M | $324,476 |
Defined contribution plans in finance and insurance closest in size.
Questions and answers
How big is Piper Sandler Companies Retirement Plan?
2,855 participants at the end of the plan year ending 31 Dec 2025, of whom 1,756 were active employees, with net assets of $808,967,075. Among defined contribution plans that places it in the 1,000 to 4,999 participants band, which held 10,207 plans in plan year 2024.
What does Piper Sandler Companies contribute per participant?
The filing reports $14,396,335 in employer contributions for the year, which is $8,198 per active participant; the median for plans of the same type and size was $2,045 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 $210,251 in compensation to service provider organisations, $73.64 per participant or 0.03% of net assets. The same-size median among plans reporting any Schedule C compensation was $82.08 per participant. Administrative expenses on Schedule H were $159,033. 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 Piper Sandler Companies. Recordkeeping or administration: Schwab Retirement Plan Services Inc.. Investment advisory or management: Schwab Retirement Plan Services Inc. and Avos Capital Management LLC. Trustee or custodian: Tealwood Asset Management Inc. and Sequoia Financial Advisors LLC. The financial statements were audited by Ernst & Young, 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 2025 to 31 Dec 2025, received by the Department of Labor on 1 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 30-0168701, plan 001, received 1 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.