Texas › Finance and insurance › 25,000 or more participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
USAA Pension Plan
Sponsored by United Services Automobile Association, San Antonio, 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.
USAA Pension Plan is a cash balance pension plan sponsored by United Services Automobile Association of San Antonio, Texas. For the plan year ending 31 Dec 2024 it reported 49,301 participants, 30,326 of them active, and net assets of $4.28B.
Net assets came to $86,844 per participant, close to the $88,040 median for defined benefit plans with 25,000 or more participants and well below the $119,983 median for defined benefit plans in finance and insurance. 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 9 service provider organisations paid $5,000 or more, with reported compensation of $6.4M: $131 per participant, below the same-size median of $143. Administrative expenses charged to the plan were $14.5M. 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 $4.01B in 2010 to $4.28B in 2024 (up 7%), and participants from 27,092 to 49,301 (up 82%).
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 | $86,844 | $88,040 | $119,983 | $86,221 |
| Employer contributions per active participant | — | $6,524 | $7,849 | $10,244 |
| Schedule C compensation per participant | $131 | $143 | $352 | $344 |
| Schedule C compensation, share of net assets | 0.15% | 0.26% | 0.32% | 0.42% |
| Administrative expenses per participant | $295 | $306 | $433 | $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), finance and insurance (690) 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 | 49,301 | $4.28B | $86,844 | — | — | $6.4M |
| 2023 | 48,325 | $4.42B | $91,455 | — | — | $7.5M |
| 2022 | 45,617 | $4.39B | $96,248 | — | — | $10.4M |
| 2021 | 46,236 | $5.72B | $123,659 | — | — | $8.3M |
| 2020 | 21,702 | $5.79B | $266,697 | — | — | $10.0M |
| 2019 | 22,332 | $5.32B | $238,368 | — | — | $11.2M |
| 2018 | 22,888 | $4.65B | $203,003 | — | — | $9.5M |
| 2017 | 23,433 | $5.13B | $219,096 | — | — | $9.0M |
| 2016 | 23,884 | $4.75B | $198,746 | — | — | $10.8M |
| 2015 | 24,318 | $4.53B | $186,451 | — | — | $11.5M |
| 2014 | 24,751 | $4.82B | $194,587 | — | — | $12.6M |
| 2013 | 25,294 | $4.50B | $177,909 | — | — | $13.2M |
| 2012 | 25,952 | $4.64B | $178,632 | — | — | $9.2M |
| 2011 | 26,377 | $4.29B | $162,807 | — | — | $9.3M |
| 2010 | 27,092 | $4.01B | $148,165 | — | — | $12.5M |
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$4,419,553,245
- Employer contributions—
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$0
- Total income, including investment results$121,642,391
- Benefits paid$245,174,899
- Administrative expenses$14,528,764
- Total expenses$259,703,663
- Net income−$138,061,272
- Net transfers$0
- Net assets, end of year$4,281,491,973
Participants
- Active participants30,326
- Retired or separated, receiving benefits6,427
- Retired or separated, entitled to future benefits11,842
- Total participants, end of year49,301
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Fidelity Management Trust Company | Recordkeeping and information management; Participant communication | $2,030,964 | $0 |
| Insight Investment | Investment management | $1,314,300 | $0 |
| JPMorgan Chase Bank, N.A. | Trustee (discretionary); Investment advisory (plan); Investment management | $1,229,471 | $0 |
| Nisa Investment Advisors, LLC | Investment management | $781,975 | $0 |
| The Northern Trust Company | Custodial (securities); Trustee (bank, trust company, or similar financial institution); Investment management; Valuation (appraisals, etc.) | $674,378 | $0 |
| Macquarie Investment MGMT Advisers | Investment management | $193,922 | $0 |
| Goldman Sachs Asset Management | Investment management | $183,347 | $0 |
| Mellon Capital Management | Investment management | $32,838 | $0 |
| Ernst & Young LLP | Accounting (including auditing) | $6,770 | $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$8,616,678
- Other administrative expenses$3,191,188
- Contract administrator fees$2,037,734
- Trustee and custodial fees$683,164
- Total administrative expenses$14,528,764
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.
- Common/collective trusts$1.30B · 28.4%
- U.S. Government securities$1.20B · 26.3%
- Corporate debt instruments$1.14B · 25.0%
- Partnership/joint venture interests$565M · 12.4%
- Receivables$310M · 6.8%
- Other investments$19.7M · 0.4%
- Cash (interest and non-interest bearing)$18.4M · 0.4%
- Registered investment companies (mutual funds)$17.6M · 0.4%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmErnst & Young LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $150,000,000
- 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 related1CCash balance or similar plan1ECode section 401(h) arrangement3FPlan sponsor(s) received services of leased employees3HPlan 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 524290: Other Insurance Related Activities (including third-party administration of Insurance and pension funds).
Other plans of United Services Automobile Association
| Plan | Participants | Net assets |
|---|---|---|
| USAA Retirement Savings Plan | 53,564 | $10.9B |
Similar plans in Texas
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| The HCSC Employee Pension Plan | Healthcare Service Corporation, a Mututal Legal Reserve Co. | 32,884 | $2.54B | $77,158 |
| The HCSC Employee Pension Plan | Health Care Service Corporation, a Mututal Legal Reserve Co. | 32,884 | $2.54B | $77,158 |
| Comerica Incorporated Retirement Income Account Plan | Comerica Incorporated | 14,456 | $2.74B | $189,315 |
| American National Insurance Company Employees Retirement Plan | American National Insurance Company | 3,621 | $534M | $147,503 |
| Retirement Plan for Employees of Cullen/frost Bankers, Inc. & Its Affiliates | Cullen/frost Bankers, Inc. | 2,313 | $170M | $73,324 |
| Retirement Plan and Trust for Employees of Credit Human Federal Credit Union | Credit Human Federal Credit Union | 1,263 | $181M | $143,388 |
Defined benefit plans in finance and insurance closest in size.
Questions and answers
How big is USAA Pension Plan?
49,301 participants at the end of the plan year ending 31 Dec 2024, of whom 30,326 were active employees, with net assets of $4,281,491,973. 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 United Services Automobile Association 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 $6,447,965 in compensation to service provider organisations, $131 per participant or 0.15% of net assets. The same-size median among plans reporting any Schedule C compensation was $143 per participant. Administrative expenses on Schedule H were $14,528,764. 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 United Services Automobile Association. Recordkeeping or administration: Fidelity Management Trust Company. Investment advisory or management: Insight Investment, JPMorgan Chase Bank, N.A. and Nisa Investment Advisors, LLC. Trustee or custodian: JPMorgan Chase Bank, N.A. and The Northern Trust Company. The financial statements were audited by Ernst & Young 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 10 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 74-0959140, plan 001, received 10 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.