Virginia › Other services › 250 to 499 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Armed Forces Benefit Association Employee Pension Plan
Sponsored by Armed Forces Benefit Association, Alexandria, VA
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.
Armed Forces Benefit Association Employee Pension Plan is a defined benefit pension plan sponsored by Armed Forces Benefit Association of Alexandria, Virginia. For the plan year ending 31 Dec 2024 it reported 336 participants, 176 of them active, and net assets of $68.4M.
Net assets came to $203,456 per participant, well above the $87,254 median for defined benefit plans with 250 to 499 participants and well above the $110,377 median for defined benefit plans in other services. 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 $427 for the year ($2 per active participant) and benefits paid were $4.5M. 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 1 service provider organisation paid $5,000 or more, with reported compensation of $166K: $493 per participant, above the same-size median of $413. Administrative expenses charged to the plan were $201K. 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 $20.8M in 2009 to $68.4M in 2024 (up 228%), and participants from 316 to 336 (up 6%).
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 | $203,456 | $87,254 | $110,377 | $86,221 |
| Employer contributions per active participant | $2 | $11,032 | $13,001 | $10,244 |
| Schedule C compensation per participant | $493 | $413 | $486 | $344 |
| Schedule C compensation, share of net assets | 0.24% | 0.51% | 0.44% | 0.42% |
| Administrative expenses per participant | $597 | $596 | $662 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 250 to 499 participants (873 plans), other services (226) 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 | 336 | $68.4M | $203,455 | $0 | $0 | $166K |
| 2023 | 353 | $67.6M | $191,402 | $3.0M | $0 | $158K |
| 2022 | 362 | $66.8M | $184,392 | $3.0M | — | $164K |
| 2021 | 351 | $72.7M | $207,114 | $3.7M | $0 | $176K |
| 2020 | 354 | $65.7M | $185,497 | $4.8M | $0 | $162K |
| 2019 | 338 | $56.4M | $166,964 | $1.3M | — | $123K |
| 2018 | 330 | $50.5M | $153,012 | $2.5M | — | $111K |
| 2017 | 333 | $52.0M | $156,036 | $4.3M | — | $153K |
| 2016 | 381 | $46.3M | $121,462 | $1.3M | — | $45K |
| 2015 | 361 | $41.9M | $115,964 | $0 | — | $67K |
| 2014 | 360 | $44.2M | $122,736 | $0 | — | $69K |
| 2013 | 335 | $42.8M | $127,821 | $3.0M | — | $62K |
| 2012 | 321 | $32.7M | $101,816 | $2.6M | — | $57K |
| 2011 | 314 | $26.9M | $85,790 | $2.0M | — | $63K |
| 2010 | 310 | $24.7M | $79,806 | $1.8M | — | $60K |
| 2009 | 316 | $20.8M | $65,937 | $2.3M | — | $73K |
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$67,565,468
- Employer contributions$427
- Participant contributions$0
- Rollovers and other contributions$0
- Total contributions$427
- Total income, including investment results$5,503,405
- Benefits paid$4,506,974
- Administrative expenses$200,719
- Total expenses$4,707,693
- Net income$795,712
- Net transfers$0
- Net assets, end of year$68,361,180
Participants
- Active participants176
- Retired or separated, receiving benefits67
- Retired or separated, entitled to future benefits85
- Total participants, end of year336
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Manning & Napier | Investment advisory (plan); Investment management | $165,719 | $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$142,657
- Contract administrator fees$35,000
- Trustee and custodial fees$23,062
- Total administrative expenses$200,719
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)$41.3M · 60.4%
- Insurance company general account$26.7M · 39.1%
- Receivables$306K · 0.4%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmJohnson Lambert LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $500,000
- 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 related3HPlan 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 813000: Religious, Grantmaking, Civic, Professional, & Similar Organizations (including condominium and homeowners associations).
Other plans of Armed Forces Benefit Association
| Plan | Participants | Net assets |
|---|---|---|
| Armed Forces Benefit Association (Afba) 401(k) Incentive Savings Plan | 256 | $49.1M |
Similar plans in Virginia
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Pension Plan of United Way Worldwide | United Way Worldwide | 341 | $31.5M | $92,487 |
| Navy-Marine Corps Relief Society Employees' Pension Plan | Navy-Marine Corps Relief Society - Nmcrs | 301 | $52.1M | $172,966 |
| Air Line Pilots Association, International Market Based Cash Balance Plan | Air Line Pilots Association International | 375 | $9.3M | $24,753 |
| National School Boards Association Pension Plan | National School Boards Association | 163 | $30.6M | $188,027 |
| Nra Employee Retirement Plan | National Rifle Association of America, Inc. | 397 | $72.2M | $181,767 |
| Air Force Association Retirement Income Plan | Air Force Association | 140 | $23.9M | $170,390 |
Defined benefit plans in other services closest in size.
Questions and answers
How big is Armed Forces Benefit Association Employee Pension Plan?
336 participants at the end of the plan year ending 31 Dec 2024, of whom 176 were active employees, with net assets of $68,361,180. Among defined benefit plans that places it in the 250 to 499 participants band, which held 873 plans in plan year 2024.
What does Armed Forces Benefit Association contribute per participant?
The filing reports $427 in employer contributions for the year, which is $2 per active participant; the median for plans of the same type and size was $11,032 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 $165,719 in compensation to service provider organisations, $493 per participant or 0.24% of net assets. The same-size median among plans reporting any Schedule C compensation was $413 per participant. Administrative expenses on Schedule H were $200,719. 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 Armed Forces Benefit Association. Investment advisory or management: Manning & Napier. The financial statements were audited by Johnson Lambert 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. 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 14 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 53-0209087, plan 001, received 14 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.