Ohio › Manufacturing › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jul 2024 to 30 Jun 2025
Procter & Gamble Master Retirement Plan
Sponsored by The Procter and Gamble Company, Cincinnati, OH
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.
Procter & Gamble Master Retirement Plan is a defined benefit pension plan sponsored by The Procter and Gamble Company of Cincinnati, Ohio. For the plan year ending 30 Jun 2025 it reported 10,655 participants, 665 of them active, and net assets of $1.14B.
Net assets came to $106,677 per participant, above the $87,623 median for defined benefit plans with 5,000 to 24,999 participants and well above the $67,961 median for defined benefit plans in manufacturing. 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 5 service provider organisations paid $5,000 or more, with reported compensation of $2.4M: $227 per participant, close to the same-size median of $232. Administrative expenses charged to the plan were $3.9M. 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 $1.60B in 2009 to $1.14B in 2024 (down 29%), and participants from 22,444 to 10,655 (down 53%).
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 | $106,677 | $87,623 | $67,961 | $86,221 |
| Employer contributions per active participant | — | $9,468 | $6,915 | $10,244 |
| Schedule C compensation per participant | $227 | $232 | $299 | $344 |
| Schedule C compensation, share of net assets | 0.21% | 0.30% | 0.47% | 0.42% |
| Administrative expenses per participant | $369 | $396 | $498 | $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), manufacturing (1,532) 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 | 10,655 | $1.14B | $106,677 | — | — | $2.4M |
| 2023 | 10,929 | $1.16B | $106,153 | — | — | $3.0M |
| 2022 | 14,996 | $1.29B | $86,139 | — | — | $2.8M |
| 2021 | 15,321 | $1.38B | $90,124 | $66.0M | — | $4.0M |
| 2020 | 16,330 | $1.73B | $106,125 | — | — | $2.5M |
| 2019 | 16,664 | $1.81B | $108,656 | — | — | $1.9M |
| 2018 | 17,039 | $1.80B | $105,404 | — | — | $1.8M |
| 2017 | 17,399 | $1.84B | $105,744 | — | — | $2.1M |
| 2016 | 17,693 | $1.95B | $110,346 | $245M | — | $1.7M |
| 2015 | 18,177 | $1.80B | $99,103 | $102M | — | $2.0M |
| 2014 | 18,371 | $1.80B | $97,983 | $59.6M | — | $3.0M |
| 2013 | 20,998 | $1.90B | $90,253 | $15.3M | — | $2.3M |
| 2012 | 21,543 | $1.88B | $87,181 | $207M | — | $2.0M |
| 2011 | 21,869 | $1.77B | $80,948 | $23.5M | — | $1.6M |
| 2010 | 22,088 | $1.68B | $75,885 | $86.1M | — | $2.2M |
| 2009 | 22,444 | $1.60B | $71,119 | $97.0M | — | $3.0M |
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$1,160,141,148
- Employer contributions—
- Participant contributions—
- Rollovers and other contributions—
- Total contributions—
- Total income, including investment results$76,897,949
- Benefits paid$96,468,975
- Administrative expenses$3,931,495
- Total expenses$100,400,470
- Net income−$23,502,521
- Net transfers$0
- Net assets, end of year$1,136,638,627
Participants
- Active participants665
- Retired or separated, receiving benefits6,833
- Retired or separated, entitled to future benefits2,228
- Total participants, end of year10,655
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Tower Watson Delaware Inc. | Actuarial | $1,336,353 | $0 |
| BlackRock | Investment advisory (plan) | $668,930 | $0 |
| Northern Trust | Trustee (directed) | $307,280 | $0 |
| Eversheds Sutherland LLP | Legal | $68,644 | $0 |
| Iron Mountain | Investment advisory (plan) | $35,568 | $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$1,514,721
- Actuarial fees$1,336,353
- Investment advisory and management fees$704,498
- Trustee and custodial fees$307,279
- Legal fees$68,644
- Total administrative expenses$3,931,495
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$1.14B · 100.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmDeloitte & Touche LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $10,000,000
- 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 related1ECode section 401(h) arrangement1IFrozen plan3HPlan 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 325410: Pharmaceutical & Medicine Mfg.
Other plans of The Procter and Gamble Company
| Plan | Participants | Net assets |
|---|---|---|
| Procter & Gamble Profit Sharing Trust & Employee Stock Ownership Plan | 69,403 | $21.2B |
| The Procter & Gamble Savings Plan | 42,915 | $5.37B |
Similar plans in Ohio
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Cleveland-Cliffs Combined Pension Plan | Cleveland-Cliffs Steel Corporation | 11,040 | $1.47B | $133,245 |
| RPM International Inc. Retirement Plan | RPM International Inc. | 10,347 | $809M | $78,168 |
| GMP & Employers Pension Plan | GMP & Employers Pension Plan | 12,939 | $565M | $43,695 |
| Cleveland Bakers and Teamsters Pension Fund | Joint Bot Cleveland Bakers and Teamsters Pension Fund | 9,142 | $350M | $38,284 |
| The Goodyear Tire & Rubber Company Salaried Pension Plan | The Goodyear Tire & Rubber Company | 13,970 | $897M | $64,190 |
| Nestle Hourly Retirement Plan | Nestle USA, Inc. | 8,571 | $524M | $61,104 |
Defined benefit plans in manufacturing closest in size.
Questions and answers
How big is Procter & Gamble Master Retirement Plan?
10,655 participants at the end of the plan year ending 30 Jun 2025, of whom 665 were active employees, with net assets of $1,136,638,627. 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 The Procter and Gamble Company 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 $2,416,775 in compensation to service provider organisations, $227 per participant or 0.21% of net assets. The same-size median among plans reporting any Schedule C compensation was $232 per participant. Administrative expenses on Schedule H were $3,931,495. 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 Procter and Gamble Company. Investment advisory or management: BlackRock and Iron Mountain. Trustee or custodian: Northern Trust. The financial statements were audited by Deloitte & Touche 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 Jul 2024 to 30 Jun 2025, received by the Department of Labor on 10 Mar 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 31-0411980, plan 012, received 10 Mar 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.