North Carolina › Educational services › 25,000 or more participants
Form 5500 statement · plan year 1 Jul 2024 to 30 Jun 2025
Employees' Retirement Plan of Duke University
Sponsored by Duke University, Durham, NC
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 Jun 2025, Employees' Retirement Plan of Duke University covered 40,202 participants and held $2.78B in net assets. The plan is a defined benefit pension plan sponsored by Duke University of Durham, North Carolina.
Net assets came to $69,271 per participant, well below the $88,040 median for defined benefit plans with 25,000 or more participants and below the $86,333 median for defined benefit plans in educational 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 $31.7M for the year ($1,339 per active participant) and benefits paid were $95.9M. 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 $5.3M: $133 per participant, below the same-size median of $143. Administrative expenses charged to the plan were $8.4M. 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 $1.03B in 2009 to $2.78B in 2024 (up 171%), and participants from 25,265 to 40,202 (up 59%).
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 | $69,271 | $88,040 | $86,333 | $86,221 |
| Employer contributions per active participant | $1,339 | $6,524 | $9,921 | $10,244 |
| Schedule C compensation per participant | $133 | $143 | $339 | $344 |
| Schedule C compensation, share of net assets | 0.19% | 0.26% | 0.37% | 0.42% |
| Administrative expenses per participant | $210 | $306 | $462 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 25,000 or more participants (215 plans), educational services (74) 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 | 40,202 | $2.78B | $69,271 | $31.7M | $268K | $5.3M |
| 2023 | 38,451 | $2.62B | $68,056 | $29.7M | $259K | $6.7M |
| 2022 | 36,103 | $2.46B | $68,179 | $8.3M | $243K | $5.4M |
| 2021 | 34,886 | $2.54B | $72,819 | $28.1M | $230K | $4.9M |
| 2020 | 34,417 | $2.65B | $77,055 | $24.9M | $222K | $4.0M |
| 2019 | 33,330 | $1.81B | $54,444 | $23.2M | $228K | $3.5M |
| 2018 | 31,948 | $1.86B | $58,337 | $23.0M | $219K | $4.1M |
| 2017 | 31,262 | $1.81B | $57,782 | $31.2M | $204K | $4.1M |
| 2016 | 29,944 | $1.66B | $55,270 | $22.0M | $186K | $4.3M |
| 2015 | 28,734 | $1.51B | $52,556 | $18.3M | $173K | $2.8M |
| 2014 | 28,509 | $1.60B | $56,000 | $18.6M | $159K | $5.4M |
| 2013 | 28,186 | $1.57B | $55,828 | $18.1M | $153K | $10.6M |
| 2012 | 27,338 | $1.33B | $48,704 | $17.9M | $144K | $4.5M |
| 2011 | 26,544 | $1.19B | $44,974 | $11.7M | $152K | $4.5M |
| 2010 | 26,060 | $1.22B | $46,740 | $6.0M | $122K | $5.2M |
| 2009 | 25,265 | $1.03B | $40,679 | — | $120K | $3.4M |
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$2,616,816,412
- Employer contributions$31,717,808
- Participant contributions$267,854
- Rollovers and other contributions—
- Total contributions$31,985,662
- Total income, including investment results$272,365,956
- Benefits paid$95,905,686
- Administrative expenses$8,445,416
- Total expenses$104,351,102
- Net income$168,014,854
- Net transfers$0
- Net assets, end of year$2,784,831,266
Participants
- Active participants23,682
- Retired or separated, receiving benefits8,485
- Retired or separated, entitled to future benefits7,421
- Total participants, end of year40,202
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Buck Global, LLC | Actuarial; Recordkeeping and information management; Consulting (pension) | $412,928 | $0 |
| Atyant Capital Management Limited | Investment management; Foreign entity | $412,497 | $0 |
| RGM Capital, LLC | Investment management | $392,430 | $0 |
| Greenstone Resources II LP | Investment management | $340,515 | $0 |
| Praesidium Investment MGMT Co., LLC | Investment management | $331,059 | $0 |
| Parametric Portfolio Associates LLC | Investment management | $255,673 | $0 |
| Duke University (Eia) | Plan Administrator | $252,210 | $0 |
| Misaki Capital Inc. | Investment management; Foreign entity | $243,957 | $0 |
| The Bank of New York Mellon | Contract Administrator | $233,689 | $0 |
| Princeton Equity Advisors, LP | Investment management | $219,872 | $0 |
| 325 Capital | Investment management | $217,189 | $0 |
| NFX Capital Management LLC | Consulting (general); Investment management | $189,160 | $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$4,018,784
- Investment advisory and management fees$3,053,934
- Trustee and custodial fees$478,198
- Actuarial fees$412,928
- IQPA audit fees$166,815
- Salaries and allowances$157,363
- Contract administrator fees$90,947
- Legal fees$66,447
- Total administrative expenses$8,445,416
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$1.65B · 59.1%
- Corporate debt instruments$324M · 11.6%
- Corporate stocks$257M · 9.2%
- Other investments$243M · 8.7%
- U.S. Government securities$194M · 7.0%
- Registered investment companies (mutual funds)$61.8M · 2.2%
- Cash (interest and non-interest bearing)$46.5M · 1.7%
- Receivables$12.6M · 0.5%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmKPMG LLP
- Participant contributions reported as transmitted lateYes, $1,153
- Covered by a fidelity bondYes, $25,000,000
- 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 related
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 611000: Educational Services (including schools, colleges, & universities).
Other plans of Duke University
| Plan | Participants | Net assets |
|---|---|---|
| The Duke University Faculty and Staff Retirement Plan | 71,641 | $11.0B |
Similar plans in North Carolina
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Saint Augustines University Employees Pension Plan | Saint Augustines University | 545 | $13.8M | $25,303 |
Defined benefit plans in educational services closest in size.
Questions and answers
How big is Employees' Retirement Plan of Duke University?
40,202 participants at the end of the plan year ending 30 Jun 2025, of whom 23,682 were active employees, with net assets of $2,784,831,266. Among defined benefit plans that places it in the 25,000 or more participants band, which held 215 plans in plan year 2024.
What does Duke University contribute per participant?
The filing reports $31,717,808 in employer contributions for the year, which is $1,339 per active participant; the median for plans of the same type and size was $6,524 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 $5,327,149 in compensation to service provider organisations, $133 per participant or 0.19% of net assets. The same-size median among plans reporting any Schedule C compensation was $143 per participant. Administrative expenses on Schedule H were $8,445,416. 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 Duke University. Recordkeeping or administration: Buck Global, LLC, Duke University (Eia) and The Bank of New York Mellon. Investment advisory or management: Atyant Capital Management Limited, RGM Capital, LLC and Greenstone Resources II LP. The financial statements were audited by KPMG 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 Jul 2024 to 30 Jun 2025, received by the Department of Labor on 12 Apr 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 56-0532129, plan 002, received 12 Apr 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.