Minnesota › Utilities › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Xcel Energy Pension Plan and Xcel Energy Pension Plan for Bargaining Employees
Sponsored by Xcel Energy Inc., Minneapolis, MN
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.
Xcel Energy Inc. of Minneapolis, Minnesota sponsors Xcel Energy Pension Plan and Xcel Energy Pension Plan for Bargaining Employees, a cash balance pension plan. Its Form 5500 for the plan year ending 31 Dec 2024 shows 11,750 participants (7,305 active) and $1.24B in net assets.
Net assets came to $105,647 per participant, above the $87,623 median for defined benefit plans with 5,000 to 24,999 participants and well 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.
Employer contributions were $115M for the year ($15,743 per active participant) and benefits paid were $223M. In a defined benefit plan the employer's contribution follows funding rules rather than a match formula, so it can swing widely from year to year.
Schedule C lists 15 service provider organisations paid $5,000 or more, with reported compensation of $4.9M: $416 per participant, well above the same-size median of $232. Administrative expenses charged to the plan were $5.1M. 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 $1.31B in 2009 to $1.24B in 2024 (down 5%), and participants from 12,580 to 11,750 (down 7%).
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 | $105,647 | $87,623 | $187,668 | $86,221 |
| Employer contributions per active participant | $15,743 | $9,468 | $12,900 | $10,244 |
| Schedule C compensation per participant | $416 | $232 | $468 | $344 |
| Schedule C compensation, share of net assets | 0.39% | 0.30% | 0.27% | 0.42% |
| Administrative expenses per participant | $432 | $396 | $804 | $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), 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 | 11,750 | $1.24B | $105,647 | $115M | — | $4.9M |
| 2023 | 12,207 | $1.31B | $107,631 | $90.0M | — | $6.0M |
| 2022 | 11,688 | $1.28B | $109,127 | $50.0M | — | $5.1M |
| 2021 | 11,560 | $1.76B | $152,004 | $15.3M | — | $6.1M |
| 2020 | 11,773 | $1.83B | $155,666 | $65.0M | — | $5.4M |
| 2019 | 11,564 | $1.67B | $144,813 | $85.2M | — | $6.4M |
| 2018 | 11,515 | $1.46B | $127,036 | $90.0M | — | $6.8M |
| 2017 | 11,756 | $1.68B | $143,019 | $130M | — | $6.4M |
| 2015 | 12,286 | $1.54B | $125,594 | $90.1M | — | $8.5M |
| 2014 | 12,230 | $1.62B | $132,485 | $58.0M | — | $10.3M |
| 2013 | 12,108 | $1.62B | $134,017 | $90.1M | — | $9.9M |
| 2012 | 12,310 | $1.62B | $131,737 | $132M | — | $9.1M |
| 2011 | 12,217 | $1.47B | $120,399 | $136M | — | $8.6M |
| 2010 | 12,405 | $1.41B | $113,618 | $105M | — | $9.1M |
| 2009 | 12,580 | $1.31B | $103,920 | $28K | — | $9.1M |
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$1,313,850,604
- Employer contributions$115,000,000
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$115,000,000
- Total income, including investment results$156,453,649
- Benefits paid$223,012,044
- Administrative expenses$5,079,961
- Total expenses$228,092,005
- Net income−$71,638,356
- Net transfers−$857,120
- Net assets, end of year$1,241,355,128
Participants
- Active participants7,305
- Retired or separated, receiving benefits2,549
- Retired or separated, entitled to future benefits1,029
- Total participants, end of year11,750
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Willis Towers Watson | Actuarial; Consulting (pension) | $1,352,377 | $0 |
| Goldman Sachs Asset MGT LP | Investment management | $811,570 | $0 |
| MFS Heritage Trust Company | Investment management | $307,536 | $0 |
| BlackRock Financial Management | Investment management | $293,562 | $0 |
| Stepstone Capital Partners | Investment management | $282,921 | $0 |
| Wellington Trust Company, N.A. | Investment management fees paid indirectly by plan | $0 | $265,835 |
| Townsend Great Lakes & Plains, LLC | Direct payment from the plan; Investment management fees paid indirectly by plan | $263,211 | $0 |
| Principal Trust Company | Investment management fees paid indirectly by plan | $202,092 | $0 |
| BlackRock Institutional TR Co., N.A | Investment management fees paid indirectly by plan | $0 | $186,979 |
| Jennison Associates LLC | Investment management | $158,054 | $0 |
| Nisa Investment Advisors LLC | Investment management | $155,309 | $0 |
| JP Morgan Chase Bank, N.A. | Trustee (discretionary); Investment advisory (plan); Investment management | $155,300 | $0 |
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
- Investment advisory and management fees$2,897,645
- Actuarial fees$1,352,377
- Other administrative expenses$795,439
- IQPA audit fees$34,500
- Total administrative expenses$5,079,961
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$1.13B · 90.7%
- Receivables$115M · 9.3%
- Insurance company general account$37K · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmDeloitte & Touche LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $20,000,000
- 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 plan3FPlan 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 221500: Combination Gas & Electric.
Other plans of Xcel Energy Inc.
Similar plans in Minnesota
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| New Century Energies, Inc. Retirement Plan for Public Service Company of Colorado Bargaining Unit Ees and Former Non-Bargaining Unit Ees | Xcel Energy Inc. | 6,472 | $860M | $132,812 |
| New Century Energies, Inc. Retirement Plan for Southwestern Public Service Co. Bargaining Unit Ee and Former Non-Bargaining Unit Employees | Xcel Energy Inc. | 2,215 | $342M | $154,597 |
| Allete & Affiliated Companies Retirement Plan C | Allete, Inc. & Affiliated Companies | 1,700 | $422M | $248,033 |
| Xcel Energy Inc. Non-Bargaining Pension Plan (South) | Xcel Energy Inc. | 1,627 | $184M | $113,068 |
| Otter Tail Corporation Pension Plan | Otter Tail Corporation | 1,186 | $329M | $277,255 |
| Allete and Affiliated Companies Retirement Plan B | Allete, Inc. & Affiliated Companies | 525 | $188M | $358,010 |
Defined benefit plans in utilities closest in size.
Questions and answers
How big is Xcel Energy Pension Plan and Xcel Energy Pension Plan for Bargaining Employees?
11,750 participants at the end of the plan year ending 31 Dec 2024, of whom 7,305 were active employees, with net assets of $1,241,355,128. 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 Xcel Energy Inc. contribute per participant?
The filing reports $115,000,000 in employer contributions for the year, which is $15,743 per active participant; the median for plans of the same type and size was $9,468 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 $4,885,265 in compensation to service provider organisations, $416 per participant or 0.39% of net assets. The same-size median among plans reporting any Schedule C compensation was $232 per participant. Administrative expenses on Schedule H were $5,079,961. 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 Xcel Energy Inc.. Investment advisory or management: Goldman Sachs Asset MGT LP, MFS Heritage Trust Company and BlackRock Financial Management. Trustee or custodian: JP Morgan Chase Bank, N.A.. The financial statements were audited by Deloitte & Touche LLP. 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 15 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 41-0448030, plan 001, received 15 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.