Texas › Manufacturing › 1,000 to 4,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Retirement Plan of Citgo Petroleum Corporation and Participating Subsidiary Companies
Sponsored by Citgo Petroleum Corporation, Houston, TX
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.
Citgo Petroleum Corporation of Houston, Texas sponsors Retirement Plan of Citgo Petroleum Corporation and Participating Subsidiary Companies, a cash balance pension plan. Its Form 5500 for the plan year ending 31 Dec 2024 shows 3,961 participants (1,649 active) and $489M in net assets.
Net assets came to $123,436 per participant, well above the $87,935 median for defined benefit plans with 1,000 to 4,999 participants and well above the $67,961 median for defined benefit plans in manufacturing. 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 $5.1M for the year ($3,093 per active participant) and benefits paid were $31.9M. 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 8 service provider organisations paid $5,000 or more, with reported compensation of $830K: $209 per participant, well below the same-size median of $325. Administrative expenses charged to the plan were $2.7M. 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 $204M in 2009 to $489M in 2024 (up 140%), and participants from 3,240 to 3,961 (up 22%).
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 | $123,436 | $87,935 | $67,961 | $86,221 |
| Employer contributions per active participant | $3,093 | $10,593 | $6,915 | $10,244 |
| Schedule C compensation per participant | $209 | $325 | $299 | $344 |
| Schedule C compensation, share of net assets | 0.17% | 0.41% | 0.47% | 0.42% |
| Administrative expenses per participant | $693 | $513 | $498 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 1,000 to 4,999 participants (1,540 plans), manufacturing (1,532) 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 | 3,961 | $489M | $123,437 | $5.1M | — | $830K |
| 2023 | 3,859 | $507M | $131,395 | $31.1M | — | $1.3M |
| 2022 | 3,785 | $454M | $119,848 | $2.3M | — | $1.2M |
| 2021 | 3,324 | $582M | $175,167 | $13.2M | — | $850K |
| 2020 | 3,782 | $560M | $147,955 | $2.9M | — | $1.1M |
| 2019 | 3,701 | $521M | $140,861 | $24.2M | — | $1.0M |
| 2018 | 3,660 | $443M | $121,155 | $20.3M | — | $1.7M |
| 2017 | 3,569 | $472M | $132,383 | $30.5M | — | $1.9M |
| 2016 | 3,718 | $413M | $110,954 | $14.6M | — | $1.4M |
| 2015 | 3,464 | $336M | $97,118 | $21.5M | — | $1.3M |
| 2014 | 3,396 | $331M | $97,562 | $14.5M | — | $1.2M |
| 2013 | 3,358 | $314M | $93,580 | $10.9M | — | $1.2M |
| 2012 | 3,311 | $273M | $82,524 | $20.3M | — | $1.3M |
| 2011 | 3,259 | $237M | $72,790 | $18.6M | — | $1.2M |
| 2010 | 3,274 | $230M | $70,208 | $13.0M | — | $1.1M |
| 2009 | 3,240 | $204M | $62,875 | $11.5M | — | $1.1M |
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$507,053,470
- Employer contributions$5,100,000
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$5,100,000
- Total income, including investment results$16,566,721
- Benefits paid$31,942,149
- Administrative expenses$2,746,299
- Total expenses$34,688,448
- Net income−$18,121,727
- Net transfers$0
- Net assets, end of year$488,931,743
Participants
- Active participants1,649
- Retired or separated, receiving benefits1,646
- Retired or separated, entitled to future benefits285
- Total participants, end of year3,961
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Willis Towers Watson | Investment advisory (plan) | $421,828 | $0 |
| Mercer | Consulting (pension) | $242,633 | $0 |
| Aon Consulting Inc. | Actuarial | $64,633 | $0 |
| Alight Solutions, LLC | Other services | $49,758 | $0 |
| Bokf, NA DBA Bank of Texas | Trustee (bank, trust company, or similar financial institution) | $27,531 | $0 |
| Curcio Webb, LLC | Investment advisory (plan) | $9,736 | $0 |
| Innovative Legal Solutions, Inc. | Other services | $8,227 | $0 |
| Ey | Accounting (including auditing) | $5,175 | $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
- Other administrative expenses$1,971,711
- Investment advisory and management fees$674,197
- Actuarial fees$64,633
- Other trustee fees and expenses$27,531
- Legal fees$8,227
- Total administrative expenses$2,746,299
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$484M · 99.0%
- Receivables$5.1M · 1.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmKPMG LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $40,000,000
- 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 related1CCash balance or similar plan3HPlan 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 324110: Petroleum Refineries (including integrated).
Other plans of Citgo Petroleum Corporation
| Plan | Participants | Net assets |
|---|---|---|
| Citgo Petroleum Corporation Salaried Employees' Pension Plan | 5,758 | $799M |
| Citgo Petroleum Corporation Employees' Retirement and Savings Plan | 3,341 | $1.03B |
| Employees' Thrift Plan of Citgo Petroleum Corporation | 2,139 | $320M |
Similar plans in Texas
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Totalenergies Finance USA, Inc. Pension Plan | Totalenergies Finance USA, Inc. | 4,389 | $624M | $142,242 |
| Pension Plan for Eaton Employees in Puerto Rico | Eaton Intelligent Power Limited | 3,886 | $104M | $26,798 |
| American Air Liquide Holdings, Inc. Retirement Plan | American Air Liquide Holdings, Inc. | 4,480 | $444M | $99,122 |
| Dresser, LLC Consolidated Salaried Retirement Plan | Dresser, LLC | 3,652 | $125M | $34,159 |
| Blue Bell Creameries, Inc. Pension Plan | Blue Bell Creameries, Inc. | 4,641 | $420M | $90,544 |
| Cemex, Inc. Pension Plan | Cemex, Inc. | 3,567 | $9.5M | $2,670 |
Defined benefit plans in manufacturing closest in size.
Questions and answers
How big is Retirement Plan of Citgo Petroleum Corporation and Participating Subsidiary Companies?
3,961 participants at the end of the plan year ending 31 Dec 2024, of whom 1,649 were active employees, with net assets of $488,931,743. Among defined benefit plans that places it in the 1,000 to 4,999 participants band, which held 1,540 plans in plan year 2024.
What does Citgo Petroleum Corporation contribute per participant?
The filing reports $5,100,000 in employer contributions for the year, which is $3,093 per active participant; the median for plans of the same type and size was $10,593 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 $829,521 in compensation to service provider organisations, $209 per participant or 0.17% of net assets. The same-size median among plans reporting any Schedule C compensation was $325 per participant. Administrative expenses on Schedule H were $2,746,299. 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 Citgo Petroleum Corporation. Investment advisory or management: Willis Towers Watson and Curcio Webb, LLC. Trustee or custodian: Bokf, NA DBA Bank of Texas. 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 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 2024 to 31 Dec 2024, received by the Department of Labor on 15 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 73-1173881, plan 002, received 15 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.