Minnesota › Utilities › 1,000 to 4,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Xcel Energy Inc. Non-Bargaining Pension Plan (South)
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.
In the plan year ending 31 Dec 2024, Xcel Energy Inc. Non-Bargaining Pension Plan (South) covered 1,627 participants and held $184M in net assets. The plan is a cash balance pension plan sponsored by Xcel Energy Inc. of Minneapolis, Minnesota.
Net assets came to $113,068 per participant, well above the $87,935 median for defined benefit plans with 1,000 to 4,999 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 $10.0M for the year ($11,173 per active participant) and benefits paid were $26.0M. 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 $792K: $487 per participant, well above the same-size median of $325. Administrative expenses charged to the plan were $1.4M. 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 $202M in 2009 to $184M in 2024 (down 9%), and participants from 1,575 to 1,627 (up 3%).
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 | $113,068 | $87,935 | $187,668 | $86,221 |
| Employer contributions per active participant | $11,173 | $10,593 | $12,900 | $10,244 |
| Schedule C compensation per participant | $487 | $325 | $468 | $344 |
| Schedule C compensation, share of net assets | 0.43% | 0.41% | 0.27% | 0.42% |
| Administrative expenses per participant | $848 | $513 | $804 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 1,000 to 4,999 participants (1,540 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 | 1,627 | $184M | $113,068 | $10.0M | — | $792K |
| 2023 | 1,652 | $194M | $117,442 | $10.0M | — | $952K |
| 2022 | 1,625 | $196M | $120,545 | — | — | $923K |
| 2021 | 1,626 | $273M | $167,740 | $638K | — | $1.0M |
| 2020 | 1,630 | $279M | $171,064 | $14.0M | — | $908K |
| 2019 | 1,617 | $246M | $152,404 | $19.0M | — | $1.1M |
| 2018 | 1,633 | $220M | $134,718 | $5.0M | — | $1.1M |
| 2017 | 1,668 | $256M | $153,228 | $11.2M | — | $1.1M |
| 2015 | 1,742 | $247M | $141,962 | $10.0M | — | $1.6M |
| 2014 | 1,735 | $271M | $156,351 | $15.0M | — | $1.9M |
| 2013 | 1,754 | $275M | $156,807 | $15.0M | — | $1.6M |
| 2012 | 1,639 | $254M | $155,054 | $22.1M | — | $1.6M |
| 2011 | 1,644 | $238M | $145,071 | $27.1M | — | $1.4M |
| 2010 | 1,613 | $226M | $139,856 | $13.4M | — | $1.5M |
| 2009 | 1,575 | $202M | $128,017 | — | — | $1.3M |
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$194,014,922
- Employer contributions$10,000,000
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$10,000,000
- Total income, including investment results$16,419,968
- Benefits paid$25,951,249
- Administrative expenses$1,378,914
- Total expenses$27,330,163
- Net income−$10,910,195
- Net transfers$857,120
- Net assets, end of year$183,961,847
Participants
- Active participants895
- Retired or separated, receiving benefits505
- Retired or separated, entitled to future benefits163
- Total participants, end of year1,627
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Willis Towers Watson | Actuarial; Consulting (pension) | $226,071 | $0 |
| Goldman Sachs Asset MGT LP | Investment management | $124,666 | $0 |
| BlackRock Financial Management, Inc. | Investment management | $45,016 | $0 |
| Stepstone Capital Partners | Investment management | $41,890 | $0 |
| Wellington Trust Company, N.A. | Investment management fees paid indirectly by plan | $0 | $41,058 |
| Townsend Great Lakes & Plains, LLP | Direct payment from the plan; Investment management fees paid indirectly by plan | $40,681 | $0 |
| MFS Heritage Trust Company | Investment management | $38,284 | $0 |
| Deloitte & Touche LLP | Accounting (including auditing) | $34,500 | $0 |
| Principal Trust Company | Trustee (bank, trust company, or similar financial institution); Trustee (discretionary); Investment management | $34,362 | $0 |
| BlackRock Institutional TR Co., N.A | Investment management fees paid indirectly by plan | $0 | $28,879 |
| Jennison Associates LLC | Investment management | $24,273 | $0 |
| JP Morgan Chase Bank, N.A. | Trustee (discretionary); Investment advisory (plan); Investment management | $23,766 | $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
- Other administrative expenses$681,155
- Investment advisory and management fees$437,188
- Actuarial fees$226,071
- IQPA audit fees$34,500
- Total administrative expenses$1,378,914
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$174M · 94.5%
- Receivables$10.1M · 5.5%
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 |
|---|---|---|---|---|
| Allete & Affiliated Companies Retirement Plan C | Allete, Inc. & Affiliated Companies | 1,700 | $422M | $248,033 |
| Otter Tail Corporation Pension Plan | Otter Tail Corporation | 1,186 | $329M | $277,255 |
| 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 and Affiliated Companies Retirement Plan B | Allete, Inc. & Affiliated Companies | 525 | $188M | $358,010 |
| 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 |
| Xcel Energy Pension Plan and Xcel Energy Pension Plan for Bargaining Employees | Xcel Energy Inc. | 11,750 | $1.24B | $105,647 |
Defined benefit plans in utilities closest in size.
Questions and answers
How big is Xcel Energy Inc. Non-Bargaining Pension Plan (South)?
1,627 participants at the end of the plan year ending 31 Dec 2024, of whom 895 were active employees, with net assets of $183,961,847. Among defined benefit plans that places it in the 1,000 to 4,999 participants band, which held 1,540 plans in plan year 2024.
What does Xcel Energy Inc. contribute per participant?
The filing reports $10,000,000 in employer contributions for the year, which is $11,173 per active participant; the median for plans of the same type and size was $10,593 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 $792,177 in compensation to service provider organisations, $487 per participant or 0.43% of net assets. The same-size median among plans reporting any Schedule C compensation was $325 per participant. Administrative expenses on Schedule H were $1,378,914. 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, BlackRock Financial Management, Inc. and Stepstone Capital Partners. Trustee or custodian: Principal Trust Company and 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 007, 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.