Connecticut › Manufacturing › 100 to 249 participants
Form 5500 statement · plan year 1 Oct 2024 to 30 Sep 2025
Otis Elevator Company Puerto Rico Pension Plan
Sponsored by Otis Worldwide Corporation, Farmington, CT
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.
Otis Elevator Company Puerto Rico Pension Plan is a defined benefit pension plan sponsored by Otis Worldwide Corporation of Farmington, Connecticut. For the plan year ending 30 Sep 2025 it reported 120 participants, 34 of them active, and net assets of $3.1M.
Net assets came to $25,746 per participant, well below the $80,635 median for defined benefit plans with 100 to 249 participants and well below 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 $288K for the year ($8,472 per active participant) and benefits paid were $189K. 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 4 service provider organisations paid $5,000 or more, with reported compensation of $128K: $1,065 per participant, well above the same-size median of $451. Administrative expenses charged to the plan were $144K. 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 $2.2M in 2019 to $3.1M in 2024 (up 39%), and participants from 120 to 120 (unchanged).
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 | $25,746 | $80,635 | $67,961 | $86,221 |
| Employer contributions per active participant | $8,472 | $9,975 | $6,915 | $10,244 |
| Schedule C compensation per participant | $1,065 | $451 | $299 | $344 |
| Schedule C compensation, share of net assets | 4.1% | 0.52% | 0.47% | 0.42% |
| Administrative expenses per participant | $1,196 | $582 | $498 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 100 to 249 participants (1,156 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 | 120 | $3.1M | $25,750 | $288K | — | $128K |
| 2023 | 116 | $2.8M | $23,836 | $359K | — | $134K |
| 2022 | 119 | $2.2M | $18,555 | $350K | — | $90K |
| 2021 | 120 | $1.9M | $15,867 | $45K | — | $102K |
| 2020 | 120 | $2.6M | $21,458 | $68K | — | $92K |
| 2019 | 120 | $2.2M | $18,533 | $133K | — | $81K |
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$2,765,487
- Employer contributions$288,051
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$288,051
- Total income, including investment results$656,661
- Benefits paid$189,113
- Administrative expenses$143,525
- Total expenses$332,638
- Net income$324,023
- Net transfers$0
- Net assets, end of year$3,089,510
Participants
- Active participants34
- Retired or separated, receiving benefits49
- Retired or separated, entitled to future benefits29
- Total participants, end of year120
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Willis Towers Watson | Actuarial | $50,345 | $0 |
| Seyfarth Shaw, LLP | Legal | $34,090 | $0 |
| Grant Thornton LLP | Accounting (including auditing) | $32,500 | $0 |
| Bank of America | Trustee (bank, trust company, or similar financial institution) | $10,874 | $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
- Actuarial fees$50,345
- Legal fees$34,090
- IQPA audit fees$32,500
- Other administrative expenses$11,716
- Trustee and custodial fees$10,874
- Contract administrator fees$4,000
- Total administrative expenses$143,525
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.
- Other investments$2.4M · 76.2%
- Registered investment companies (mutual funds)$612K · 19.3%
- Receivables$75K · 2.4%
- Cash (interest and non-interest bearing)$69K · 2.2%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmGrant Thornton LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $300,000
- 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
1BBenefits are primarily flat dollar (includes dollars per year of service)3HPlan sponsor(s) is (are) a member(s) of a controlled group3JU.S.-based plan that covers residents of Puerto Rico and is qualified under both codes
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 336990: Other Transportation Equipment Mfg.
Other plans of Otis Worldwide Corporation
| Plan | Participants | Net assets |
|---|---|---|
| Otis Retirement Savings Plan | 5,072 | $475M |
Similar plans in Connecticut
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| The Dial Corporation Labor Pension Program | Henkel of America, Inc. | 125 | $13.2M | $105,940 |
| Caspari, Inc. Defined Benefit Pension Plan | Caspari, Inc. | 106 | $14.3M | $134,570 |
| The United Automobile, Aerospace and Agricultural Implement Workers of America & Its Local 1242 McKinney Products Company Pension Plan | Assa Abloy Access and Egress Hardware Group, Inc. | 163 | $9.2M | $56,689 |
| The Abbott Ball Company Uaw-Afl-Cio Local No. 376 Pension Plan | Abbott Ball Company | 105 | $5.4M | $51,412 |
| Pension Plan for Hourly-Paid Employees of TMS Division | Times Microwave Systems, Inc. | 171 | $8.6M | $50,423 |
| Standard-Knapp, Inc. Amended and Restated Hourly Employees' Retirement Plan | Standard-Knapp, Inc. | 102 | $3.0M | $29,493 |
Defined benefit plans in manufacturing closest in size.
Questions and answers
How big is Otis Elevator Company Puerto Rico Pension Plan?
120 participants at the end of the plan year ending 30 Sep 2025, of whom 34 were active employees, with net assets of $3,089,510. Among defined benefit plans that places it in the 100 to 249 participants band, which held 1,156 plans in plan year 2024.
What does Otis Worldwide Corporation contribute per participant?
The filing reports $288,051 in employer contributions for the year, which is $8,472 per active participant; the median for plans of the same type and size was $9,975 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 $127,809 in compensation to service provider organisations, $1,065 per participant or 4.1% of net assets. The same-size median among plans reporting any Schedule C compensation was $451 per participant. Administrative expenses on Schedule H were $143,525. 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 Otis Worldwide Corporation. Trustee or custodian: Bank of America. The financial statements were audited by Grant Thornton 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 14 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 83-3789412, plan 014, received 14 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.