Georgia › Management of companies (holding companies) › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Retirement Plan of Norfolk Southern Corporation and Participating Subsidiary Companies
Sponsored by Norfolk Southern Corporation, Atlanta, GA
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.
Norfolk Southern Corporation of Atlanta, Georgia sponsors Retirement Plan of Norfolk Southern Corporation and Participating Subsidiary Companies, a defined benefit pension plan. Its Form 5500 for the plan year ending 31 Dec 2024 shows 14,020 participants (4,771 active) and $2.54B in net assets.
Net assets came to $181,431 per participant, well above the $87,623 median for defined benefit plans with 5,000 to 24,999 participants and well above the $94,230 median for defined benefit plans in management of companies (holding companies). 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 15 service provider organisations paid $5,000 or more, with reported compensation of $10.3M: $736 per participant, well above the same-size median of $232. Administrative expenses charged to the plan were $11.0M. 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 $1.54B in 2009 to $2.54B in 2024 (up 65%), and participants from 15,188 to 14,020 (down 8%).
The independent accountant's opinion on the financial statements was unmodified (unqualified).
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DB plans |
|---|---|---|---|---|
| Net assets per participant | $181,431 | $87,623 | $94,230 | $86,221 |
| Employer contributions per active participant | — | $9,468 | $14,787 | $10,244 |
| Schedule C compensation per participant | $736 | $232 | $326 | $344 |
| Schedule C compensation, share of net assets | 0.41% | 0.30% | 0.39% | 0.42% |
| Administrative expenses per participant | $784 | $396 | $519 | $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), management of companies (holding companies) (97) 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 | 14,020 | $2.54B | $181,431 | — | — | $10.3M |
| 2023 | 13,877 | $2.49B | $179,779 | — | — | $9.9M |
| 2022 | 14,112 | $2.24B | $159,003 | — | — | $10.4M |
| 2021 | 14,259 | $2.85B | $199,893 | — | — | $12.2M |
| 2020 | 14,355 | $2.67B | $185,772 | — | — | $9.5M |
| 2019 | 14,611 | $2.45B | $168,001 | — | — | $8.6M |
| 2018 | 14,851 | $2.09B | $140,997 | — | — | $9.6M |
| 2017 | 15,062 | $2.36B | $156,990 | — | — | $8.9M |
| 2016 | 14,923 | $2.07B | $138,493 | — | — | $8.2M |
| 2015 | 15,001 | $2.03B | $135,599 | — | — | $8.0M |
| 2014 | 15,337 | $2.16B | $140,894 | — | — | $8.7M |
| 2013 | 15,446 | $2.11B | $136,522 | — | — | $7.9M |
| 2012 | 15,485 | $1.79B | $115,276 | — | — | $6.8M |
| 2011 | 15,355 | $1.66B | $108,405 | — | — | $6.8M |
| 2009 | 15,188 | $1.54B | $101,225 | — | — | $3.0M |
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$2,494,789,933
- Employer contributions—
- Participant contributions—
- Rollovers and other contributions—
- Total contributions—
- Total income, including investment results$192,823,982
- Benefits paid$132,952,930
- Administrative expenses$10,996,954
- Total expenses$143,949,884
- Net income$48,874,098
- Net transfers$0
- Net assets, end of year$2,543,664,031
Participants
- Active participants4,771
- Retired or separated, receiving benefits5,976
- Retired or separated, entitled to future benefits1,519
- Total participants, end of year14,020
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Primecap Management Company | Investment management | $1,497,953 | $14,054 |
| Silchester International Investors | Investment management | $1,485,230 | $0 |
| Conestoga Capital Advisors | Investment management | $1,169,002 | $0 |
| Aon Consulting | Actuarial | $988,298 | $0 |
| Invesco Capital Management | Investment management | $914,805 | $0 |
| Diamond Hill Capital Management Inc. | Investment management | $897,122 | $0 |
| John W. Bristol & Co., Inc. | Investment management | $735,867 | $0 |
| Capital International Inc. | Investment management | $708,287 | $0 |
| Western Asset Management Company | Investment management | $610,155 | $0 |
| Northern Trust Company | Trustee (bank, trust company, or similar financial institution); Investment management | $367,616 | $0 |
| Cooke & Bieler Inc. | Investment advisory (plan) | $316,563 | $0 |
| LCG Associates, Inc. | Consulting (pension) | $250,000 | $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$7,777,910
- Other administrative expenses$1,666,817
- Recordkeeping fees$889,810
- Trustee and custodial fees$428,615
- Actuarial fees$233,802
- Total administrative expenses$10,996,954
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$2.54B · 100.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmKPMG
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $10,000,000
- 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 related1ECode section 401(h) arrangement3HPlan 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 551112: Offices of Other Holding Companies.
Other plans of Norfolk Southern Corporation
Similar plans in Georgia
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Assurant Pension Plan | Assurant, Inc. | 8,764 | $597M | $68,132 |
| Acuity Brands, Inc. Pension Plan | Acuity Brands, Inc. | 2,512 | $68.0M | $27,063 |
| Acuity Brands, Inc. Legacy Pension Plan | Acuity Brands, Inc. | 1,936 | $59.2M | $30,558 |
| Innomotics Pension Plan | Innomotics LLC | 472 | $22.0M | $46,705 |
| SNF Holding Company Defined Benefit Retirement Plan | SNF Holding Company | 307 | $72.0M | $234,447 |
| Retirement Plan for Bargaining Unit Employees of Landis+gyr | Landis+gyr Technology, Inc. | 306 | $12.4M | $40,432 |
Defined benefit plans in management of companies (holding companies) closest in size.
Questions and answers
How big is Retirement Plan of Norfolk Southern Corporation and Participating Subsidiary Companies?
14,020 participants at the end of the plan year ending 31 Dec 2024, of whom 4,771 were active employees, with net assets of $2,543,664,031. 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 Norfolk Southern Corporation 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 $10,319,282 in compensation to service provider organisations, $736 per participant or 0.41% of net assets. The same-size median among plans reporting any Schedule C compensation was $232 per participant. Administrative expenses on Schedule H were $10,996,954. 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 Norfolk Southern Corporation. Investment advisory or management: Primecap Management Company, Silchester International Investors and Conestoga Capital Advisors. Trustee or custodian: Northern Trust Company. The financial statements were audited by KPMG. 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 2024 to 31 Dec 2024, received by the Department of Labor on 30 Sep 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 52-1188014, plan 001, received 30 Sep 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.