Michigan › Manufacturing › 25,000 or more participants
Form 5500 statement · plan year 1 Jan 2025 to 31 Dec 2025
The Dow Chemical Company Employees' Savings Plan
Sponsored by The Dow Chemical Company, Midland, MI
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.
The Dow Chemical Company of Midland, Michigan sponsors The Dow Chemical Company Employees' Savings Plan, an ESOP with a 401(k) feature. Its Form 5500 for the plan year ending 31 Dec 2025 shows 31,053 participants (16,441 active) and $11.5B in net assets. It is a multiple-employer plan covering the employees of more than one employer.
Net assets came to $325,197 per participant in plan year 2024, well above the $62,774 median for defined contribution plans with 25,000 or more participants and well above the $62,303 median for defined contribution 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.
The employer contributed $219M during the year, or $13,344 per active participant against a same-size median of $2,417; participants contributed $265M and $128M arrived as rollovers and other contributions. Benefits paid out totalled $1.21B.
Schedule C lists 4 service provider organisations paid $5,000 or more, with reported compensation of $622K: $20.03 per participant, well below the same-size median of $36.41. Administrative expenses charged to the plan were $585K. 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 $7.51B in 2009 to $11.5B in 2025 (up 53%), and participants from 41,250 to 31,053 (down 25%).
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 | $325,197 | $62,774 | $62,303 | $53,102 |
| Employer contributions per active participant | $13,291 | $2,417 | $2,187 | $2,175 |
| Schedule C compensation per participant | $12.50 | $36.41 | $136 | $123 |
| Schedule C compensation, share of net assets | 0.00% | 0.07% | 0.24% | 0.26% |
| Administrative expenses per participant | $45.47 | $38.81 | $131 | $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), manufacturing (11,377) 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 | 31,053 | $11.5B | $369,959 | $219M | $265M | $622K |
| 2024 | 33,050 | $10.7B | $325,197 | $229M | $266M | $413K |
| 2023 | 33,287 | $10.1B | $302,631 | $122M | $264M | $499K |
| 2022 | 34,861 | $9.30B | $266,640 | $95.1M | $251M | $1.5M |
| 2021 | 34,607 | $11.8B | $341,693 | $7.6M | $216M | $1.7M |
| 2020 | 35,803 | $11.5B | $321,267 | $2.6M | $215M | $1.7M |
| 2019 | 37,977 | $10.9B | $287,384 | $4.1M | $263M | $1.2M |
| 2018 | 40,934 | $10.8B | $263,022 | $501K | $289M | $1.7M |
| 2017 | 41,761 | $12.4B | $298,013 | $276K | $280M | $3.2M |
| 2016 | 41,584 | $11.1B | $268,067 | $176M | $246M | $3.0M |
| 2015 | 37,508 | $9.56B | $254,877 | $164M | $242M | $2.1M |
| 2014 | 39,260 | $9.71B | $247,277 | $135M | $234M | $1.5M |
| 2013 | 39,611 | $9.56B | $241,442 | $109M | $222M | $876K |
| 2012 | 39,560 | $8.40B | $212,362 | $109M | $226M | $1.3M |
| 2011 | 40,655 | $7.82B | $192,416 | $101M | $212M | $3.1M |
| 2010 | 39,994 | $8.31B | $207,822 | $81.0M | $205M | $1.1M |
| 2009 | 41,250 | $7.51B | $182,097 | $73.0M | $199M | $3.2M |
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$10,747,759,070
- Employer contributions$219,388,612
- Participant contributions$264,628,108
- Rollovers and other contributions$128,077,157
- Total contributions$612,093,877
- Total income, including investment results$1,955,024,785
- Benefits paid$1,213,412,769
- Administrative expenses$585,472
- Total expenses$1,214,095,766
- Net income$740,929,019
- Net transfers−$363,274
- Net assets, end of year$11,488,324,815
Participants
- Active participants16,441
- Retired or separated, receiving benefits2,257
- Retired or separated, entitled to future benefits12,058
- Participants with account balances30,997
- Total participants, end of year31,053
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Fidelity Investments Inst. Op. Co. | Participant loan processing; Consulting (general) | $294,358 | $0 |
| Covington & Burling | Legal | $180,948 | $0 |
| Mayer Brown LLP | Legal | $97,404 | $0 |
| BNY Mellon | Custodial (securities) | $0 | $49,320 |
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
- Legal fees$290,664
- Recordkeeping fees$273,658
- Contract administrator fees$21,150
- Total administrative expenses$585,472
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.
- Common/collective trusts$9.34B · 81.2%
- Other investments$1.05B · 9.2%
- Registered investment companies (mutual funds)$601M · 5.2%
- Employer securities$357M · 3.1%
- Participant loans$106M · 0.9%
- Cash (interest and non-interest bearing)$24.4M · 0.2%
- Receivables$15.7M · 0.1%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmBDO USA, P.C.
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $15,000,000
- 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) plan2HPartial participant-directed account plan2JCode section 401(k) feature2KCode section 401(m) arrangement2OESOP other than a leveraged ESOP2PLeveraged ESOP2S401(k) plan or 403(b) plan that provides for automatic enrollment2TTotal or partial participant-directed account plan with a default investment account2XMultiple-employer defined contribution pension plan not under codes 2U, 2V or 2W3FPlan sponsor(s) received services of leased employees3JU.S.-based plan that covers residents of Puerto Rico and is qualified under both codes3HPlan 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 325100: Basic Chemical Mfg.
Other plans of The Dow Chemical Company
| Plan | Participants | Net assets |
|---|---|---|
| Dow Employees' Pension Plan | 31,955 | $10.7B |
| Dow Employees' Pension Plan (Personal Pension Account) | 11,463 | $401M |
Similar plans in Michigan
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Stryker Corporation 401(k) Savings and Retirement Plan | Stryker Corporation | 38,998 | $9.39B | $240,733 |
| Whirlpool 401(k) Retirement Plan | Whirlpool Corporation | 24,954 | $3.45B | $138,355 |
| Fca US LLC UAW Savings Plan | Fca US LLC | 46,761 | $5.19B | $111,041 |
| Fca US LLC Salaried Employees' Savings Plan | Fca US LLC | 19,464 | $5.09B | $261,717 |
| Ford Motor Co. Savings and Stock Investment Plan for Salaried Employees | Ford Motor Company | 53,596 | $17.3B | $322,206 |
| Tenneco 401(k) Investment Plan | Tenneco Automotive Operating Company LLC | 17,937 | $1.82B | $101,414 |
Defined contribution plans in manufacturing closest in size.
Questions and answers
How big is The Dow Chemical Company Employees' Savings Plan?
31,053 participants at the end of the plan year ending 31 Dec 2025, of whom 16,441 were active employees, with net assets of $11,488,324,815. 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 The Dow Chemical Company contribute per participant?
The filing reports $219,388,612 in employer contributions for the year, which is $13,344 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 $622,030 in compensation to service provider organisations, $20.03 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 $585,472. 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 Dow Chemical Company. Recordkeeping or administration: Fidelity Investments Inst. Op. Co.. Trustee or custodian: BNY Mellon. The financial statements were audited by BDO USA, P.C.. 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 16 Jun 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 38-1285128, plan 002, received 16 Jun 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.