Michigan › Manufacturing › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Dow Employees' Pension Plan (Personal Pension Account)
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.
Dow Employees' Pension Plan (Personal Pension Account) is a cash balance pension plan sponsored by The Dow Chemical Company of Midland, Michigan. For the plan year ending 31 Dec 2024 it reported 11,463 participants, 7,925 of them active, and net assets of $401M.
Net assets came to $34,985 per participant, well below the $87,623 median for defined benefit plans with 5,000 to 24,999 participants and well below 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 6 service provider organisations paid $5,000 or more, with reported compensation of $3.0M: $258 per participant, above the same-size median of $232. Administrative expenses charged to the plan were $4.7M. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
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 | $34,985 | $87,623 | $67,961 | $86,221 |
| Employer contributions per active participant | — | $9,468 | $6,915 | $10,244 |
| Schedule C compensation per participant | $258 | $232 | $299 | $344 |
| Schedule C compensation, share of net assets | 0.74% | 0.30% | 0.47% | 0.42% |
| Administrative expenses per participant | $408 | $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.
Statement for the year
- Net assets, beginning of year$395,098,552
- Employer contributions—
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$0
- Total income, including investment results$17,435,281
- Benefits paid$6,827,280
- Administrative expenses$4,677,427
- Total expenses$11,504,707
- Net income$5,930,574
- Net transfers$0
- Net assets, end of year$401,029,126
Participants
- Active participants7,925
- Retired or separated, receiving benefits10
- Retired or separated, entitled to future benefits3,513
- Total participants, end of year11,463
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Willis Towers Watson | Actuarial; Plan Administrator; Consulting (pension) | $2,785,298 | $0 |
| Covington & Burling LLP | Legal | $81,871 | $0 |
| The Dow Chemical Company | Plan Administrator | $34,393 | $0 |
| Adenza, Inc. | Consulting (general); Other services | $26,570 | $0 |
| Bloomberg Finance L.P. | Direct payment from the plan; Other fees | $13,927 | $0 |
| The Northern Trust Company | Trustee (bank, trust company, or similar financial institution); Trustee (directed) | $11,384 | $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
- Actuarial fees$3,227,447
- Other administrative expenses$1,414,904
- Valuation and appraisal fees$16,978
- Trustee and custodial fees$15,008
- IQPA audit fees$3,090
- Total administrative expenses$4,677,427
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$391M · 97.3%
- Common/collective trusts$10.7M · 2.7%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmBDO USA, P.C.
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $15,000,000
- 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 related1BBenefits are primarily flat dollar (includes dollars per year of service)1CCash 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 325100: Basic Chemical Mfg.
Other plans of The Dow Chemical Company
| Plan | Participants | Net assets |
|---|---|---|
| Dow Employees' Pension Plan | 31,955 | $10.7B |
| The Dow Chemical Company Employees' Savings Plan | 31,053 | $11.5B |
Similar plans in Michigan
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Fca US LLC Pension Plan | Fca US LLC | 11,869 | $3.73B | $314,389 |
| Federal-Mogul Pension Plan | Federal-Mogul Powertrain LLC | 9,003 | $500M | $55,579 |
| Whirlpool Tammy Employees Pension Plan | Whirlpool Corporation | 24,197 | $1.75B | $72,162 |
| Fca US LLC Consolidated Plan | Fca US LLC | 7,337 | $643M | $87,582 |
| General Motors Salaried Retirement Program | General Motors LLC | 24,871 | $3.46B | $139,203 |
| Muviq USA Defined Benefit Pension Plan | Muviq USA, LLC | 6,947 | $111M | $16,034 |
Defined benefit plans in manufacturing closest in size.
Questions and answers
How big is Dow Employees' Pension Plan (Personal Pension Account)?
11,463 participants at the end of the plan year ending 31 Dec 2024, of whom 7,925 were active employees, with net assets of $401,029,126. 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 Dow Chemical 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 $2,953,443 in compensation to service provider organisations, $258 per participant or 0.74% of net assets. The same-size median among plans reporting any Schedule C compensation was $232 per participant. Administrative expenses on Schedule H were $4,677,427. 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: Willis Towers Watson and The Dow Chemical Company. Trustee or custodian: The Northern Trust Company. 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 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 9 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 38-1285128, plan 005, received 9 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.