Ohio › Utilities › 25,000 or more participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Firstenergy Corp. Master Pension Plan
Sponsored by Firstenergy Corp., Akron, 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.
In the plan year ending 31 Dec 2024, Firstenergy Corp. Master Pension Plan covered 38,934 participants and held $6.35B in net assets. The plan is a cash balance pension plan sponsored by Firstenergy Corp. of Akron, Ohio.
Net assets came to $163,030 per participant, well above the $88,040 median for defined benefit plans with 25,000 or more participants and below 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.
Schedule C lists 15 service provider organisations paid $5,000 or more, with reported compensation of $23.2M: $596 per participant, well above the same-size median of $143. Administrative expenses charged to the plan were $116M. 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 $4.52B in 2009 to $6.35B in 2024 (up 40%), and participants from 39,827 to 38,934 (down 2%).
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 | $163,030 | $88,040 | $187,668 | $86,221 |
| Employer contributions per active participant | — | $6,524 | $12,900 | $10,244 |
| Schedule C compensation per participant | $596 | $143 | $468 | $344 |
| Schedule C compensation, share of net assets | 0.36% | 0.26% | 0.27% | 0.42% |
| Administrative expenses per participant | $2,977 | $306 | $804 | $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), 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 | 38,934 | $6.35B | $163,030 | — | — | $23.2M |
| 2023 | 39,004 | $6.88B | $176,513 | — | — | $21.8M |
| 2022 | 40,785 | $7.45B | $182,548 | $750M | — | $24.8M |
| 2021 | 40,949 | $9.11B | $222,414 | — | — | $21.9M |
| 2020 | 40,832 | $9.01B | $220,715 | — | — | $20.0M |
| 2019 | 41,722 | $8.40B | $201,277 | — | — | $19.8M |
| 2018 | 41,604 | $7.48B | $179,690 | $500M | — | $21.5M |
| 2017 | 44,832 | $7.95B | $177,279 | $1.25B | — | $41.6M |
| 2016 | 45,137 | $6.21B | $137,636 | $755M | — | $19.7M |
| 2015 | 45,186 | $5.49B | $121,480 | $127M | — | $31.8M |
| 2014 | 45,043 | $6.00B | $133,250 | $143M | — | $34.9M |
| 2013 | 49,563 | $6.24B | $125,997 | — | — | $21.3M |
| 2012 | 49,693 | $6.76B | $135,996 | — | — | $28.8M |
| 2011 | 39,082 | $5.35B | $136,917 | $411M | — | $22.8M |
| 2010 | 39,573 | $4.93B | $124,625 | $250M | — | $16.1M |
| 2009 | 39,827 | $4.52B | $113,571 | — | — | $12.8M |
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$6,884,710,746
- Employer contributions—
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$0
- Total income, including investment results$98,823,092
- Benefits paid$520,199,552
- Administrative expenses$115,924,569
- Total expenses$636,124,121
- Net income−$537,301,029
- Net transfers$0
- Net assets, end of year$6,347,409,717
Participants
- Active participants12,279
- Retired or separated, receiving benefits18,475
- Retired or separated, entitled to future benefits4,521
- Total participants, end of year38,934
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Aon Consulting Inc. | Actuarial; Contract Administrator; Consulting (general) | $7,528,738 | $0 |
| Cantillon Capital Management LLC | Investment management | $4,009,961 | $595 |
| Artisan Partners | Investment management | $1,721,840 | $0 |
| LSV Asset Management | Investment management | $1,171,626 | $0 |
| Nisa Investment Advisors, LLC | Investment management | $1,038,507 | $0 |
| Baillie Gifford Overseas Ltd. | Investment management | $918,139 | $0 |
| Prudential Insurance Co. of America | Investment management | $857,031 | $0 |
| Parametric Portfolio Associate | Investment management | $855,720 | $0 |
| K4 Private Investors, L.P. | Investment management fees paid indirectly by plan | $0 | $813,241 |
| Lexisnexis Risk Solutions FL | Direct payment from the plan; Other fees | $699,539 | $0 |
| Pimco | Investment management | $600,027 | $0 |
| K5 Private Investors, L.P. | Investment management fees paid indirectly by plan | $0 | $600,000 |
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
- Other administrative expenses$97,229,012
- Investment advisory and management fees$14,182,560
- Contract administrator fees$3,798,416
- Actuarial fees$714,344
- Trustee and custodial fees$237
- Total administrative expenses$115,924,569
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.
- Partnership/joint venture interests$1.91B · 29.3%
- Common/collective trusts$1.17B · 18.0%
- Corporate stocks$1.13B · 17.3%
- Corporate debt instruments$888M · 13.7%
- Registered investment companies (mutual funds)$538M · 8.3%
- U.S. Government securities$376M · 5.8%
- Real estate$171M · 2.6%
- Insurance company general account$135M · 2.1%
- Receivables$98.2M · 1.5%
- Cash (interest and non-interest bearing)$93.5M · 1.4%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $25,000,000
- 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 plan1ECode section 401(h) arrangement3FPlan 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 Firstenergy Corp.
| Plan | Participants | Net assets |
|---|---|---|
| Firstenergy Corp. Savings Plan | 16,218 | $4.22B |
Similar plans in Ohio
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| American Electric Power System Retirement Plan | American Electric Power Service Corporation | 32,548 | $4.00B | $122,833 |
| The Dayton Power and Light Co. Retirement Inc. Plan | The Dayton Power and Light Company | 1,959 | $268M | $136,625 |
| Energy Harbor Pension Plan for Collectively Bargained Employees | Vistra Operations Company LLC | 879 | $18.2M | $20,661 |
| Retirement Plan for Ees of Ohio Valley Electric Corp/indiana-Kentucky Electric Corp. | Ohio Valley Electric Corporation | 541 | $158M | $292,143 |
Defined benefit plans in utilities closest in size.
Questions and answers
How big is Firstenergy Corp. Master Pension Plan?
38,934 participants at the end of the plan year ending 31 Dec 2024, of whom 12,279 were active employees, with net assets of $6,347,409,717. 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 Firstenergy Corp. 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 $23,193,385 in compensation to service provider organisations, $596 per participant or 0.36% of net assets. The same-size median among plans reporting any Schedule C compensation was $143 per participant. Administrative expenses on Schedule H were $115,924,569. 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 Firstenergy Corp.. Recordkeeping or administration: Aon Consulting Inc.. Investment advisory or management: Cantillon Capital Management LLC, Artisan Partners and LSV Asset Management. 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 34-1843785, 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.