Arizona › Utilities › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Salt River Project Employees' Retirement Plan
Sponsored by Salt River Valley Water Users Association, Phoenix, AZ
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.
Salt River Project Employees' Retirement Plan is a defined benefit pension plan sponsored by Salt River Valley Water Users Association of Phoenix, Arizona. For the plan year ending 31 Dec 2024 it reported 11,406 participants, 5,246 of them active, and net assets of $2.90B. It is a multiple-employer plan covering the employees of more than one employer.
Net assets came to $254,564 per participant, well above the $87,623 median for defined benefit plans with 5,000 to 24,999 participants and well above the $187,668 median for defined benefit plans in utilities. 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 $75.0M for the year ($14,296 per active participant) and benefits paid were $140M. 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 10 service provider organisations paid $5,000 or more, with reported compensation of $5.3M: $461 per participant, well above the same-size median of $232. Administrative expenses charged to the plan were $5.1M. 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 $993M in 2009 to $2.90B in 2024 (up 192%), and participants from 9,717 to 11,406 (up 17%).
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 | $254,564 | $87,623 | $187,668 | $86,221 |
| Employer contributions per active participant | $14,296 | $9,468 | $12,900 | $10,244 |
| Schedule C compensation per participant | $461 | $232 | $468 | $344 |
| Schedule C compensation, share of net assets | 0.18% | 0.30% | 0.27% | 0.42% |
| Administrative expenses per participant | $444 | $396 | $804 | $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), utilities (175) 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 | 11,406 | $2.90B | $254,564 | $75.0M | $0 | $5.3M |
| 2023 | 10,199 | $2.78B | $272,757 | $75.3M | $0 | $5.0M |
| 2022 | 10,789 | $2.53B | $234,044 | $74.9M | $0 | $5.1M |
| 2021 | 10,639 | $3.07B | $288,588 | $74.8M | — | $6.3M |
| 2020 | 10,727 | $2.79B | $259,682 | $75.3M | — | $5.2M |
| 2019 | 10,649 | $2.46B | $230,769 | $75.0M | — | $7.2M |
| 2018 | 10,509 | $2.06B | $195,842 | $74.9M | — | $6.9M |
| 2017 | 10,849 | $2.24B | $206,660 | $59.9M | — | $6.1M |
| 2016 | 10,755 | $1.94B | $180,322 | $59.9M | — | $10.0M |
| 2015 | 10,450 | $1.84B | $175,914 | $59.7M | — | $6.6M |
| 2014 | 10,033 | $1.86B | $185,415 | $59.8M | — | $5.2M |
| 2013 | 9,749 | $1.73B | $177,037 | $57.7M | — | $6.4M |
| 2012 | 9,391 | $1.49B | $159,111 | $2.3M | — | $6.0M |
| 2011 | 9,760 | $1.37B | $140,730 | $163M | — | $5.8M |
| 2010 | 9,763 | $1.25B | $127,658 | $157M | — | $5.8M |
| 2009 | 9,717 | $993M | $102,173 | $87.8M | — | $4.6M |
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$2,781,849,406
- Employer contributions$74,996,816
- Participant contributions$0
- Rollovers and other contributions$0
- Total contributions$74,996,816
- Total income, including investment results$267,200,638
- Benefits paid$140,432,526
- Administrative expenses$5,060,189
- Total expenses$145,492,715
- Net income$121,707,923
- Net transfers$0
- Net assets, end of year$2,903,557,329
Participants
- Active participants5,246
- Retired or separated, receiving benefits4,295
- Retired or separated, entitled to future benefits984
- Total participants, end of year11,406
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Legal and General | Investment management | $1,356,682 | $0 |
| Northern Trust Company | Trustee (bank, trust company, or similar financial institution); Investment management | $1,198,580 | $0 |
| Prudential Insurance Company | Investment management | $1,059,343 | $0 |
| CAPTRUST | Consulting (pension); Investment advisory (plan) | $428,060 | $0 |
| Vulcan Value Partners | Investment management | $388,329 | $5,801 |
| Capital International, Inc. | Investment management | $360,302 | $0 |
| Artisan Partners | 'Soft dollars' commissions; Investment management fees paid directly by plan; Non-monetary compensation | $308,090 | $0 |
| Willis Towers Watson | Actuarial; Consulting (pension) | $71,600 | $0 |
| UBS | Investment management | $51,360 | $0 |
| Morningstar, Inc. | Investment management | $31,256 | $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$3,237,611
- Trustee and custodial fees$1,198,580
- Contract administrator fees$428,060
- Other administrative expenses$93,082
- Actuarial fees$71,600
- Recordkeeping fees$31,256
- Total administrative expenses$5,060,189
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$1.01B · 34.8%
- Corporate debt instruments$816M · 28.1%
- Partnership/joint venture interests$313M · 10.7%
- Pooled separate accounts$252M · 8.7%
- Registered investment companies (mutual funds)$190M · 6.5%
- U.S. Government securities$126M · 4.3%
- Corporate stocks$105M · 3.6%
- Receivables$94.7M · 3.3%
- Other investments$129K · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmCBIZ CPAS P.C.
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $25,000,000
- 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 related3FPlan 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 221100: Electric Power Generation, Transmission & Distribution.
Other plans of Salt River Valley Water Users Association
| Plan | Participants | Net assets |
|---|---|---|
| Salt River Project Employees' 401(k) Plan | 6,847 | $1.33B |
Similar plans in Arizona
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Liberty Utilities Cash Balance Pension Plan | Liberty Utilities Co. | 2,130 | $74.1M | $34,805 |
| Liberty Utilities Defined Benefit Pension Plan | Liberty Utilities Co. | 1,864 | $405M | $217,452 |
| Tucson Electric Power Company Pension Trust Plan for Employees Represented by I.B.E.W Local 1116 | Tucson Electric Power Company | 1,568 | $175M | $111,904 |
| Tucson Electric Power Company Salaried Employees Retirement Plan | Tucson Electric Power Company | 1,395 | $267M | $191,670 |
| Pension Plan for Employees of Unisource Energy Services | Tucson Electric Power Company | 436 | $41.8M | $95,832 |
Defined benefit plans in utilities closest in size.
Questions and answers
How big is Salt River Project Employees' Retirement Plan?
11,406 participants at the end of the plan year ending 31 Dec 2024, of whom 5,246 were active employees, with net assets of $2,903,557,329. 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 Salt River Valley Water Users Association contribute per participant?
The filing reports $74,996,816 in employer contributions for the year, which is $14,296 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 $5,259,403 in compensation to service provider organisations, $461 per participant or 0.18% of net assets. The same-size median among plans reporting any Schedule C compensation was $232 per participant. Administrative expenses on Schedule H were $5,060,189. 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 Salt River Valley Water Users Association. Investment advisory or management: Legal and General, Northern Trust Company and Prudential Insurance Company. Trustee or custodian: Northern Trust Company. The financial statements were audited by CBIZ CPAS P.C.. 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 13 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 86-0053220, plan 335, received 13 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.