Pennsylvania › Health care and social assistance › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jan 2025 to 31 Dec 2025
Penn State Health Tax Sheltered Annuity Program
Sponsored by Penn State Health, Hershey, PA
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.
Penn State Health Tax Sheltered Annuity Program is a 403(b) plan sponsored by Penn State Health of Hershey, Pennsylvania. For the plan year ending 31 Dec 2025 it reported 20,970 participants, 20,090 of them active, and net assets of $608M.
Net assets came to $26,253 per participant in plan year 2024, well below the $64,499 median for defined contribution plans with 5,000 to 24,999 participants and below the $30,764 median for defined contribution plans in health care and social assistance. 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 $0 during the year, or $0 per active participant against a same-size median of $2,424; participants contributed $39.5M and $3.1M arrived as rollovers and other contributions. Benefits paid out totalled $47.2M.
Schedule C lists 12 service provider organisations paid $5,000 or more, with reported compensation of $119K: $5.67 per participant, well below the same-size median of $53.38. Administrative expenses charged to the plan were $119K. 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 $229M in 2018 to $608M in 2025 (up 166%), and participants from 11,963 to 20,970 (up 75%).
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, plan year 2024 | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $26,253 | $64,499 | $30,764 | $53,102 |
| Employer contributions per active participant | $0 | $2,424 | $1,536 | $2,175 |
| Schedule C compensation per participant | $7.56 | $53.38 | $93.85 | $123 |
| Schedule C compensation, share of net assets | 0.03% | 0.09% | 0.31% | 0.26% |
| Administrative expenses per participant | $7.56 | $54.85 | $86.53 | $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), health care and social assistance (9,402) 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 | 20,970 | $608M | $28,981 | $0 | $39.5M | $119K |
| 2024 | 20,282 | $532M | $26,253 | $0 | $37.7M | $153K |
| 2023 | 19,304 | $444M | $23,015 | $0 | $36.5M | $243K |
| 2022 | 19,045 | $373M | $19,577 | $0 | $33.7M | $91K |
| 2021 | 17,487 | $430M | $24,598 | $0 | $31.1M | $63K |
| 2020 | 17,162 | $336M | $19,580 | $0 | $25.5M | $48K |
| 2019 | 12,570 | $282M | $22,473 | $0 | $21.5M | $230K |
| 2018 | 11,963 | $229M | $19,133 | $0 | $7.5M | $185K |
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$532,454,952
- Employer contributions$0
- Participant contributions$39,496,890
- Rollovers and other contributions$3,058,183
- Total contributions$42,555,073
- Total income, including investment results$122,581,767
- Benefits paid$47,154,641
- Administrative expenses$118,814
- Total expenses$47,299,960
- Net income$75,281,807
- Net transfers$0
- Net assets, end of year$607,736,759
Participants
- Active participants20,090
- Retired or separated, receiving benefits39
- Retired or separated, entitled to future benefits841
- Participants with account balances3,970
- Total participants, end of year20,970
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Empower Advisory Group, LLC | Investment management | $76,464 | $0 |
| Forvis, LLP | Accounting (including auditing) | $28,770 | $0 |
| Varialbe Annuity Life Insurance Co. | Recordkeeping fees | $3,736 | $0 |
| Larson Financial Group LLC | Other fees | $2,949 | $0 |
| Fort Pitt Capital Group LLC | Other fees | $2,582 | $0 |
| Signature Estate & Investment | Other fees | $1,902 | $0 |
| Apollon Wealth Management LLC | Other fees | $1,070 | $0 |
| Charles Schwab & Co., Inc. | Securities brokerage | $800 | $0 |
| Flexible Plan Investments Ltd. | Other fees | $499 | $0 |
| Cambridge Investment Research | Other fees | $43 | $0 |
| Empower Annuity Investment, Co. | Recordkeeping fees | $0 | $0 |
| TIAA-CREF Investment Management | Recordkeeping fees | $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$76,464
- IQPA audit fees$28,770
- Other trustee fees and expenses$9,044
- Recordkeeping fees$4,536
- Total administrative expenses$118,814
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)$509M · 83.7%
- Pooled separate accounts$53.3M · 8.8%
- Insurance company general account$36.7M · 6.0%
- Other investments$8.0M · 1.3%
- Participant loans$799K · 0.1%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmForvis Mazars LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $3,000,000
- 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 account3HPlan 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 622000: Hospitals.
Other plans of Penn State Health
| Plan | Participants | Net assets |
|---|---|---|
| Penn State Health 401(k) Savings Plan | 22,299 | $3.37B |
Similar plans in Pennsylvania
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Penn State Health 401(k) Savings Plan | Penn State Health | 22,299 | $3.37B | $151,348 |
| Temple University Health System, Inc. 403(b) Plan | Temple University Health System Inc. | 20,513 | $1.31B | $63,710 |
| St. Luke's Health Network Defined Contribution Plan | St. Luke's Health Network, Inc. | 24,019 | $423M | $17,611 |
| Main Line Health, Inc. Retirement Savings Plan | Main Line Health, Inc. | 20,161 | $1.71B | $84,979 |
| St. Luke's Health Network 403(b) Plan | St. Luke's Health Network, Inc. | 24,937 | $810M | $32,491 |
| Temple University Health System, Inc. Defined Contribution Retirement Plan | Temple University Health System Inc. | 17,296 | $876M | $50,655 |
Defined contribution plans in health care and social assistance closest in size.
Questions and answers
How big is Penn State Health Tax Sheltered Annuity Program?
20,970 participants at the end of the plan year ending 31 Dec 2025, of whom 20,090 were active employees, with net assets of $607,736,759. 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 Penn State Health contribute per participant?
The filing reports $0 in employer contributions for the year, which is $0 per active participant; the median for plans of the same type and size was $2,424 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 $118,815 in compensation to service provider organisations, $5.67 per participant or 0.02% 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 $118,814. 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 Penn State Health. Recordkeeping or administration: Varialbe Annuity Life Insurance Co., Empower Annuity Investment, Co. and TIAA-CREF Investment Management. Investment advisory or management: Empower Advisory Group, LLC. The financial statements were audited by Forvis Mazars 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 2025 to 31 Dec 2025, received by the Department of Labor on 15 Jul 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 47-3769205, plan 002, received 15 Jul 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.