California › Health care and social assistance › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Cottage Health Pension Plan
Sponsored by Cottage Health, Santa Barbara, CA
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.
Cottage Health of Santa Barbara, California sponsors Cottage Health Pension Plan, a cash balance pension plan. Its Form 5500 for the plan year ending 31 Dec 2024 shows 5,426 participants (3,796 active) and $886M in net assets.
Net assets came to $163,303 per participant, well above the $87,623 median for defined benefit plans with 5,000 to 24,999 participants and well above the $62,049 median for defined benefit plans in health care and social assistance. 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 $306 for the year ($0 per active participant) and benefits paid were $28.8M. 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 $5.1M: $937 per participant, well above the same-size median of $232. Administrative expenses charged to the plan were $5.6M. 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 $449M in 2017 to $886M in 2024 (up 97%), and participants from 4,285 to 5,426 (up 27%).
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 | $163,303 | $87,623 | $62,049 | $86,221 |
| Employer contributions per active participant | $0 | $9,468 | $7,491 | $10,244 |
| Schedule C compensation per participant | $937 | $232 | $248 | $344 |
| Schedule C compensation, share of net assets | 0.57% | 0.30% | 0.39% | 0.42% |
| Administrative expenses per participant | $1,035 | $396 | $427 | $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), health care and social assistance (542) 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 | 5,426 | $886M | $163,303 | $0 | $18.6M | $5.1M |
| 2023 | 5,209 | $835M | $160,270 | $1,000 | $18.5M | $2.6M |
| 2022 | 4,966 | $748M | $150,599 | $286K | $18.5M | $3.1M |
| 2021 | 4,767 | $876M | $183,826 | $30.0M | $18.7M | $2.7M |
| 2020 | 4,659 | $774M | $166,117 | $30.0M | $17.8M | $3.0M |
| 2019 | 4,229 | $656M | $155,217 | $67.5M | $17.7M | $4.3M |
| 2018 | 4,402 | $503M | $114,269 | $80.0M | $12.5M | $1.0M |
| 2017 | 4,285 | $449M | $104,833 | $70.0M | $13.0M | $1.8M |
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$834,847,402
- Employer contributions$306
- Participant contributions$18,625,728
- Rollovers and other contributions—
- Total contributions$18,626,034
- Total income, including investment results$85,686,787
- Benefits paid$28,835,820
- Administrative expenses$5,615,314
- Total expenses$34,451,134
- Net income$51,235,653
- Net transfers$0
- Net assets, end of year$886,083,055
Participants
- Active participants3,796
- Retired or separated, receiving benefits730
- Retired or separated, entitled to future benefits856
- Total participants, end of year5,426
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| JP Morgan Investment Management Inc. | Investment management | $2,951,969 | $0 |
| Willis Towers Watson US LLC | Actuarial; Recordkeeping and information management | $767,953 | $0 |
| Northern Trust Company | Trustee (bank, trust company, or similar financial institution) | $247,880 | $0 |
| Advent International Gpe X-C Limite | Investment management | $185,848 | $0 |
| Stgvi-A, L.P | Investment management | $153,365 | $0 |
| Mill Point Capital Partners Ii-A | Investment management | $121,522 | $0 |
| Frontec Xii Private Capital (Parall | Investment management | $100,641 | $0 |
| Unicorn Partners Fund IV LP | Investment management | $59,904 | $0 |
| 5Y Capital Evolution | Investment management | $59,285 | $0 |
| Ernst & Young LLP | Accounting (including auditing) | $56,300 | $0 |
| Emk Capital Partners II - B, LP | Investment management | $54,533 | $0 |
| Pontifax Global Food and Agricultur | Investment management | $50,825 | $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$4,012,840
- Contract administrator fees$610,530
- Other administrative expenses$530,342
- Trustee and custodial fees$247,880
- Actuarial fees$157,422
- IQPA audit fees$56,300
- Total administrative expenses$5,615,314
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$693M · 77.9%
- Partnership/joint venture interests$129M · 14.5%
- Cash (interest and non-interest bearing)$46.8M · 5.3%
- Participant loans$11.0M · 1.2%
- Receivables$6.9M · 0.8%
- U.S. Government securities$2.8M · 0.3%
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 lateYes, $4,705,472
- 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 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 622000: Hospitals.
Other plans of Cottage Health
| Plan | Participants | Net assets |
|---|---|---|
| Myfuture 401(k) Retirement Savings Plan | 2,986 | $102M |
| Cottage Health 403(b) Retirement Savings Plan | 2,107 | $67.0M |
Similar plans in California
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| El Camino Hospital Cash Balance Plan | El Camino Hospital | 5,610 | $391M | $69,785 |
| Community Hospitals of Central California Pension Plan | Community Hospitals of Central California | 4,096 | $278M | $67,783 |
| Cedars-Sinai Defined Benefit Retirement Plan | Cedars-Sinai | 6,006 | $823M | $137,099 |
| Retirement Plan for Children's Hospital & Research Center at Oakland | Children's Hospital & Research Center at Oakland | 3,956 | $607M | $153,381 |
| John Muir Health Retirement Plan | John Muir Health | 7,089 | $630M | $88,904 |
| The Retirement Plan of Rady Childrens Hospital and Health Center | Rady Children's Health | 3,836 | $475M | $123,920 |
Defined benefit plans in health care and social assistance closest in size.
Questions and answers
How big is Cottage Health Pension Plan?
5,426 participants at the end of the plan year ending 31 Dec 2024, of whom 3,796 were active employees, with net assets of $886,083,055. 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 Cottage Health contribute per participant?
The filing reports $306 in employer contributions for the year, which is $0 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 $5,084,760 in compensation to service provider organisations, $937 per participant or 0.57% of net assets. The same-size median among plans reporting any Schedule C compensation was $232 per participant. Administrative expenses on Schedule H were $5,615,314. 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 Cottage Health. Recordkeeping or administration: Willis Towers Watson US LLC. Investment advisory or management: JP Morgan Investment Management Inc., Advent International Gpe X-C Limite and Stgvi-A, L.P. Trustee or custodian: 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 77-0431902, 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.