Virginia › Management of companies (holding companies) › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Oct 2024 to 30 Sep 2025
Retirement Plan of Carilion Clinic
Sponsored by Carilion Clinic, Roanoke, 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.
In the plan year ending 30 Sep 2025, Retirement Plan of Carilion Clinic covered 17,990 participants and held $1.44B in net assets. The plan is a defined benefit pension plan sponsored by Carilion Clinic of Roanoke, Virginia.
Net assets came to $79,909 per participant, below the $87,623 median for defined benefit plans with 5,000 to 24,999 participants and below 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.
Employer contributions were $31.7M for the year ($2,867 per active participant) and benefits paid were $65.2M. 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 $2.9M: $158 per participant, well below the same-size median of $232. Administrative expenses charged to the plan were $4.9M. 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 $462M in 2009 to $1.44B in 2024 (up 211%), and participants from 14,891 to 17,990 (up 21%).
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 | $79,909 | $87,623 | $94,230 | $86,221 |
| Employer contributions per active participant | $2,867 | $9,468 | $14,787 | $10,244 |
| Schedule C compensation per participant | $158 | $232 | $326 | $344 |
| Schedule C compensation, share of net assets | 0.20% | 0.30% | 0.39% | 0.42% |
| Administrative expenses per participant | $274 | $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 | 17,990 | $1.44B | $79,909 | $31.7M | — | $2.9M |
| 2023 | 17,227 | $1.45B | $84,453 | $59.0M | — | $3.1M |
| 2022 | 16,874 | $1.27B | $75,492 | $40.0M | — | $4.7M |
| 2021 | 15,943 | $1.28B | $80,321 | $25.0M | — | $933K |
| 2020 | 18,459 | $1.60B | $86,617 | $90.0M | — | $706K |
| 2019 | 17,883 | $1.23B | $69,059 | $105M | — | $1.0M |
| 2018 | 17,859 | $1.16B | $65,181 | $92.0M | — | $1.0M |
| 2017 | 17,318 | $1.08B | $62,487 | $67.0M | — | $1.5M |
| 2016 | 17,843 | $1.02B | $57,118 | $83.0M | — | $973K |
| 2015 | 17,200 | $882M | $51,255 | $86.0M | — | $792K |
| 2014 | 16,646 | $796M | $47,842 | $80.8M | — | $1.5M |
| 2013 | 16,264 | $751M | $46,180 | $47.2M | — | $1.6M |
| 2012 | 15,674 | $677M | $43,210 | $44.0M | — | $0 |
| 2011 | 15,037 | $601M | $39,957 | $55.6M | — | $0 |
| 2010 | 14,893 | $505M | $33,884 | $58.6M | — | $0 |
| 2009 | 14,891 | $462M | $31,021 | $30.6M | — | $0 |
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$1,454,868,220
- Employer contributions$31,700,000
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$31,700,000
- Total income, including investment results$52,784,697
- Benefits paid$65,164,434
- Administrative expenses$4,930,307
- Total expenses$70,094,741
- Net income−$17,310,044
- Net transfers$0
- Net assets, end of year$1,437,558,176
Participants
- Active participants11,057
- Retired or separated, receiving benefits3,090
- Retired or separated, entitled to future benefits3,673
- Total participants, end of year17,990
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Pimco | Investment advisory (plan); Investment management | $778,095 | $0 |
| Goldman Sachs | Investment advisory (plan); Investment management | $631,952 | $0 |
| Northern Trust | Trustee (bank, trust company, or similar financial institution); Plan Administrator; Trustee (directed); Securities brokerage; Participant loan processing | $540,994 | $0 |
| Donald Smith & Co. | Investment advisory (plan); Investment management | $314,376 | $0 |
| Mercer | Actuarial | $169,856 | $0 |
| Parametric | Investment advisory (plan); Investment management | $103,862 | $0 |
| Lord Abbett | Investment advisory (plan); Investment management | $73,092 | $0 |
| Forvis Mazars | Accounting (including auditing) | $51,131 | $0 |
| Pitchbook | Other services | $38,899 | $0 |
| UBS | Investment advisory (plan); Investment management | $38,622 | $0 |
| Chronograph | Investment management | $34,200 | $0 |
| Two Sigma Investor Solutions, LP | Investment advisory (plan); Investment management | $15,750 | $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$2,097,044
- Other administrative expenses$1,993,889
- Trustee and custodial fees$540,994
- Actuarial fees$169,856
- IQPA audit fees$77,256
- Recordkeeping fees$30,767
- Legal fees$20,501
- Total administrative expenses$4,930,307
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.
- Partnership/joint venture interests$518M · 34.6%
- Registered investment companies (mutual funds)$297M · 19.9%
- Corporate debt instruments$296M · 19.8%
- U.S. Government securities$214M · 14.3%
- Corporate stocks$80.7M · 5.4%
- Cash (interest and non-interest bearing)$60.9M · 4.1%
- Other investments$25.7M · 1.7%
- Real estate$3.0M · 0.2%
- Other loans$1.0M · 0.1%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmBrown Edwards & Company LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $30,000,000
- 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
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 551112: Offices of Other Holding Companies.
Other plans of Carilion Clinic
| Plan | Participants | Net assets |
|---|---|---|
| Carilion Clinic 403(b) Retirement Savings Plan | 17,556 | $822M |
| Carilion Clinic 401(k) Retirement Savings Plan | 2,882 | $135M |
Similar plans in Virginia
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Capital One Financial Corporation Cash Balance Pension Plan | Capital One Financial Corporation | 3,135 | $247M | $78,687 |
Defined benefit plans in management of companies (holding companies) closest in size.
Questions and answers
How big is Retirement Plan of Carilion Clinic?
17,990 participants at the end of the plan year ending 30 Sep 2025, of whom 11,057 were active employees, with net assets of $1,437,558,176. 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 Carilion Clinic contribute per participant?
The filing reports $31,700,000 in employer contributions for the year, which is $2,867 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 $2,850,980 in compensation to service provider organisations, $158 per participant or 0.20% of net assets. The same-size median among plans reporting any Schedule C compensation was $232 per participant. Administrative expenses on Schedule H were $4,930,307. 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 Carilion Clinic. Recordkeeping or administration: Northern Trust. Investment advisory or management: Pimco, Goldman Sachs and Donald Smith & Co.. Trustee or custodian: Northern Trust. The financial statements were audited by Brown Edwards & Company 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 Oct 2024 to 30 Sep 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 54-1190771, plan 001, 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.