Illinois › Educational services › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Northwestern University Voluntary Savings 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.
In the plan year ending 31 Dec 2024, Northwestern University Voluntary Savings Plan covered 19,704 participants and held $1.22B in net assets. The plan is a 403(b) plan sponsored by Northwestern University of Evanston, Illinois.
Net assets came to $61,788 per participant, close to the $64,499 median for defined contribution plans with 5,000 to 24,999 participants and below 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.
Schedule C lists 5 service provider organisations paid $5,000 or more, with reported compensation of $146K: $7.43 per participant, well below the same-size median of $53.38. Administrative expenses charged to the plan were $165K. 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 $289M in 2009 to $1.22B in 2024 (up 321%), and participants from 12,672 to 19,704 (up 55%).
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 | $61,788 | $64,499 | $73,018 | $53,102 |
| Employer contributions per active participant | — | $2,424 | $2,838 | $2,175 |
| Schedule C compensation per participant | $7.43 | $53.38 | $95.66 | $123 |
| Schedule C compensation, share of net assets | 0.01% | 0.09% | 0.13% | 0.26% |
| Administrative expenses per participant | $8.40 | $54.85 | $89.26 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 5,000 to 24,999 participants (2,605 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 | 19,704 | $1.22B | $61,788 | — | $48.0M | $146K |
| 2023 | 18,250 | $1.10B | $60,142 | — | $44.3M | $152K |
| 2022 | 19,021 | $950M | $49,963 | — | $41.2M | $132K |
| 2021 | 21,684 | $1.08B | $49,677 | — | $38.8M | $115K |
| 2020 | 25,257 | $952M | $37,700 | — | $35.3M | $76K |
| 2019 | 26,216 | $840M | $32,034 | — | $31.0M | $95K |
| 2018 | 15,938 | $704M | $44,142 | — | $29.5M | $41K |
| 2017 | 13,470 | $709M | $52,646 | — | $28.6M | $141K |
| 2016 | 12,493 | $584M | $46,786 | — | $26.7M | $77K |
| 2015 | 13,388 | $530M | $39,576 | — | $24.6M | $18K |
| 2014 | 12,783 | $506M | $39,619 | — | $23.3M | $76K |
| 2013 | 14,346 | $465M | $32,387 | — | $22.5M | $8,000 |
| 2012 | 12,484 | $391M | $31,307 | — | $20.8M | $3,000 |
| 2011 | 13,741 | $336M | $24,477 | — | $24.6M | $32K |
| 2009 | 12,672 | $289M | $22,808 | — | $22.8M | $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$1,097,583,063
- Employer contributions—
- Participant contributions$47,978,872
- Rollovers and other contributions$10,001,073
- Total contributions$57,979,945
- Total income, including investment results$188,130,060
- Benefits paid$68,234,492
- Administrative expenses$165,448
- Total expenses$68,444,681
- Net income$119,685,379
- Net transfers$211,620
- Net assets, end of year$1,217,480,062
Participants
- Active participants13,658
- Retired or separated, receiving benefits59
- Retired or separated, entitled to future benefits5,952
- Participants with account balances10,619
- Total participants, end of year19,704
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Savant Capital Management | Investment advisory (plan); Investment management | $74,935 | $0 |
| Plante & Moran, PLLC | Accounting (including auditing); Other services | $38,074 | $0 |
| Capfinancial Partners, LLC | Consulting (pension); Investment advisory (participants); Investment advisory (plan); Investment management | $28,800 | $0 |
| TIAA | Recordkeeping and information management; Consulting (pension); Investment advisory (plan); Investment management; Participant communication | $4,500 | $0 |
| Fidelity Invstmnts Inst Oper Co,inc | Participant loan processing | $0 | $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$119,417
- IQPA audit fees$38,074
- Contract administrator fees$4,500
- Other administrative expenses$3,457
- Total administrative expenses$165,448
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)$941M · 77.3%
- Insurance company general account$224M · 18.4%
- Other investments$29.5M · 2.4%
- Pooled separate accounts$21.4M · 1.8%
- Participant loans$1.9M · 0.2%
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 Retirement Plan | 25,018 | $4.44B |
Similar plans in Illinois
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Northwestern University Retirement Plan | Northwestern University | 25,018 | $4.44B | $177,669 |
| 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 Voluntary Savings Plan?
19,704 participants at the end of the plan year ending 31 Dec 2024, of whom 13,658 were active employees, with net assets of $1,217,480,062. Among defined contribution plans that places it in the 5,000 to 24,999 participants band, which held 2,605 plans in plan year 2024.
What does Northwestern University 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 $146,309 in compensation to service provider organisations, $7.43 per participant or 0.01% of net assets. The same-size median among plans reporting any Schedule C compensation was $53.38 per participant. Administrative expenses on Schedule H were $165,448. 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: TIAA and Fidelity Invstmnts Inst Oper Co,inc. Investment advisory or management: Savant Capital Management, Capfinancial Partners, LLC 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 003, 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.