Illinois › Educational services › 25,000 or more participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Northwestern University Retirement Plan
Sponsored by Northwestern University, Evanston, 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.
Northwestern University of Evanston, Illinois sponsors Northwestern University Retirement Plan, a 403(b) plan. Its Form 5500 for the plan year ending 31 Dec 2024 shows 25,018 participants (10,023 active) and $4.44B in net assets.
Net assets came to $177,669 per participant, well above the $62,774 median for defined contribution plans with 25,000 or more participants and well above the $73,018 median for defined contribution plans in educational services. 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 $105M during the year, or $10,426 per active participant against a same-size median of $2,417; participants contributed $44.3M and $9.0M arrived as rollovers and other contributions. Benefits paid out totalled $232M.
Schedule C lists 7 service provider organisations paid $5,000 or more, with reported compensation of $491K: $19.61 per participant, well below the same-size median of $36.41. Administrative expenses charged to the plan were $504K. 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 $1.55B in 2009 to $4.44B in 2024 (up 187%), and participants from 20,841 to 25,018 (up 20%).
The independent accountant's opinion on the financial statements was disclaimer, 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 DC plans |
|---|---|---|---|---|
| Net assets per participant | $177,669 | $62,774 | $73,018 | $53,102 |
| Employer contributions per active participant | $10,426 | $2,417 | $2,838 | $2,175 |
| Schedule C compensation per participant | $19.61 | $36.41 | $95.66 | $123 |
| Schedule C compensation, share of net assets | 0.01% | 0.07% | 0.13% | 0.26% |
| Administrative expenses per participant | $20.15 | $38.81 | $89.26 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 25,000 or more participants (608 plans), educational services (2,753) 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 |
|---|---|---|---|---|---|---|
| 2024 | 25,018 | $4.44B | $177,669 | $105M | $44.3M | $491K |
| 2023 | 24,101 | $4.02B | $166,888 | $94.5M | $40.5M | $496K |
| 2022 | 25,445 | $3.51B | $138,100 | $88.0M | $38.3M | $455K |
| 2021 | 24,438 | $4.08B | $167,143 | $84.6M | $37.6M | $473K |
| 2020 | 25,419 | $3.67B | $144,214 | $39.0M | $37.1M | $382K |
| 2019 | 25,134 | $3.33B | $132,424 | $83.4M | $38.3M | $316K |
| 2018 | 25,731 | $2.83B | $110,070 | $82.0M | $37.9M | $272K |
| 2017 | 24,396 | $2.93B | $120,101 | $78.1M | $36.1M | $541K |
| 2016 | 22,995 | $2.51B | $109,155 | $72.9M | $33.5M | $190K |
| 2015 | 22,374 | $2.34B | $104,569 | $68.1M | $31.6M | $247K |
| 2014 | 21,657 | $2.31B | $106,659 | $64.9M | $30.0M | $246K |
| 2013 | 24,481 | $2.21B | $90,236 | $62.2M | $28.8M | $275K |
| 2012 | 20,482 | $1.92B | $93,692 | $59.5M | $27.6M | $516K |
| 2011 | 22,682 | $1.73B | $76,239 | $57.2M | $26.7M | $34K |
| 2009 | 20,841 | $1.55B | $74,270 | $51.9M | $25.2M | $18K |
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$4,022,176,874
- Employer contributions$104,502,038
- Participant contributions$44,285,111
- Rollovers and other contributions$8,989,436
- Total contributions$157,776,585
- Total income, including investment results$655,837,603
- Benefits paid$232,150,167
- Administrative expenses$504,004
- Total expenses$232,890,728
- Net income$422,946,875
- Net transfers−$211,620
- Net assets, end of year$4,444,912,129
Participants
- Active participants10,023
- Retired or separated, receiving benefits81
- Retired or separated, entitled to future benefits14,814
- Participants with account balances20,333
- Total participants, end of year25,018
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Fidelity Invstmnts Inst Oper Co,inc | Participant loan processing | $173,363 | $30 |
| Capfinancial Partners, LLC | Consulting (pension); Investment advisory (participants); Investment advisory (plan); Investment management | $118,000 | $0 |
| Savant Capital Management | Investment advisory (plan); Investment management | $103,790 | $0 |
| Plante & Moran, PLLC | Accounting (including auditing); Other services | $43,376 | $0 |
| TIAA | Recordkeeping and information management; Consulting (pension); Investment advisory (plan); Investment management; Participant communication | $27,873 | $0 |
| The Lam Group, Inc. | Investment advisory (plan); Investment management | $16,940 | $0 |
| Rappaport Reiches Cap MGMT LLC | Investment advisory (plan); Investment management | $7,265 | $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
- Investment advisory and management fees$413,486
- IQPA audit fees$43,376
- Contract administrator fees$27,873
- Recordkeeping fees$11,389
- Legal fees$5,790
- Other administrative expenses$2,090
- Total administrative expenses$504,004
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)$3.53B · 79.3%
- Insurance company general account$710M · 16.0%
- Other investments$120M · 2.7%
- Pooled separate accounts$74.7M · 1.7%
- Participant loans$10.7M · 0.2%
- Receivables$4.2M · 0.1%
Audit and compliance answers, as filed
- Accountant's opinionDisclaimer
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmPlante & Moran, PLLC
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $5,000,000
- 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
2FERISA section 404(c) plan2GTotal participant-directed account plan2LCode section 403(b)(1) arrangement (annuity contracts)2MCode section 403(b)(7) accounts (custodial accounts for regulated investment company stock)2RParticipant-directed brokerage accounts provided as an investment option under the plan2TTotal or partial participant-directed account plan with a default investment account
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 611000: Educational Services (including schools, colleges, & universities).
Other plans of Northwestern University
| Plan | Participants | Net assets |
|---|---|---|
| Northwestern University Voluntary Savings Plan | 19,704 | $1.22B |
Similar plans in Illinois
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Northwestern University Voluntary Savings Plan | Northwestern University | 19,704 | $1.22B | $61,788 |
| The University of Chicago Supplemental Retirement Plan | The University of Chicago | 13,359 | $1.93B | $144,360 |
| The University of Chicago Contributory Retirement Plan | The University of Chicago | 10,931 | $3.84B | $351,710 |
| Loyola University Chicago Defined Contribution Retirement Plan | Loyola University of Chicago Attn Benefits Department | 8,672 | $1.23B | $142,089 |
| Covista Inc. Retirement Plan | Covista Inc. | 7,588 | $703M | $92,651 |
| Depaul University 403(b) Retirement Plan | Depaul University | 7,236 | $1.49B | $206,440 |
Defined contribution plans in educational services closest in size.
Questions and answers
How big is Northwestern University Retirement Plan?
25,018 participants at the end of the plan year ending 31 Dec 2024, of whom 10,023 were active employees, with net assets of $4,444,912,129. Among defined contribution plans that places it in the 25,000 or more participants band, which held 608 plans in plan year 2024.
What does Northwestern University contribute per participant?
The filing reports $104,502,038 in employer contributions for the year, which is $10,426 per active participant; the median for plans of the same type and size was $2,417 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 $490,637 in compensation to service provider organisations, $19.61 per participant or 0.01% of net assets. The same-size median among plans reporting any Schedule C compensation was $36.41 per participant. Administrative expenses on Schedule H were $504,004. 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 Northwestern University. Recordkeeping or administration: Fidelity Invstmnts Inst Oper Co,inc and TIAA. Investment advisory or management: Capfinancial Partners, LLC, Savant Capital Management and TIAA. The financial statements were audited by Plante & Moran, PLLC. 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 disclaimer opinion from a limited-scope audit, in which the accountant did not audit investment information certified by a bank or insurance company. A disclaimer of opinion was the usual result of a limited-scope audit under the rules in force before 2021 and is not by itself a finding about the plan.
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 18 Sep 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 36-2167817, plan 001, received 18 Sep 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.