Utah › Finance and insurance › 25,000 or more participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Deseret Mutual Master Retirement Plan
Sponsored by Deseret Mutual Benefit Administrators, Salt Lake City, UT
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.
Deseret Mutual Benefit Administrators of Salt Lake City, Utah sponsors Deseret Mutual Master Retirement Plan, a defined benefit pension plan. Its Form 5500 for the plan year ending 31 Dec 2024 shows 32,235 participants (9,784 active) and $6.96B in net assets.
Net assets came to $215,940 per participant, well above the $88,040 median for defined benefit plans with 25,000 or more participants and well above 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 15 service provider organisations paid $5,000 or more, with reported compensation of $9.7M: $302 per participant, well above the same-size median of $143. Administrative expenses charged to the plan were $22.2M. 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 $2.93B in 2009 to $6.96B in 2024 (up 138%), and participants from 40,812 to 32,235 (down 21%).
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 | $215,940 | $88,040 | $119,983 | $86,221 |
| Employer contributions per active participant | — | $6,524 | $7,849 | $10,244 |
| Schedule C compensation per participant | $302 | $143 | $352 | $344 |
| Schedule C compensation, share of net assets | 0.14% | 0.26% | 0.32% | 0.42% |
| Administrative expenses per participant | $687 | $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 | 32,235 | $6.96B | $215,940 | — | — | $9.7M |
| 2023 | 33,144 | $7.53B | $227,138 | $199K | $0 | $9.9M |
| 2022 | 34,127 | $7.62B | $223,238 | $0 | $0 | $13.3M |
| 2021 | 35,040 | $8.96B | $255,810 | $74.3M | — | $16.8M |
| 2020 | 35,550 | $7.94B | $223,208 | $265M | — | $11.1M |
| 2019 | 36,050 | $7.00B | $194,264 | $220M | — | $12.1M |
| 2018 | 36,742 | $6.19B | $168,386 | $261M | — | $12.5M |
| 2017 | 37,508 | $6.30B | $167,927 | $287M | — | $15.3M |
| 2016 | 38,585 | $5.58B | $144,726 | $269M | — | $16.0M |
| 2015 | 39,307 | $5.16B | $131,225 | $203M | — | $17.5M |
| 2014 | 44,126 | $5.22B | $118,214 | $220M | — | $18.3M |
| 2013 | 43,370 | $4.88B | $112,437 | $254M | — | $16.1M |
| 2012 | 42,617 | $4.21B | $98,725 | $284M | — | $14.5M |
| 2011 | 41,383 | $3.69B | $89,129 | $308M | — | $8.6M |
| 2010 | 40,793 | $3.37B | $82,717 | $205M | — | $10.8M |
| 2009 | 40,812 | $2.93B | $71,759 | $175M | — | $11.2M |
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$7,528,271,003
- Employer contributions—
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$0
- Total income, including investment results−$201,207,450
- Benefits paid$344,075,338
- Administrative expenses$22,159,413
- Total expenses$366,234,751
- Net income−$567,442,201
- Net transfers$0
- Net assets, end of year$6,960,828,802
Participants
- Active participants9,784
- Retired or separated, receiving benefits15,354
- Retired or separated, entitled to future benefits3,895
- Total participants, end of year32,235
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| JP Morgan Invest MGMT | Investment management fees paid directly by plan | $1,723,418 | $0 |
| Voya Investment LLC | Investment management fees paid directly by plan | $905,906 | $0 |
| Prudential Insurance Co. | Investment management fees paid directly by plan; Investment management fees paid indirectly by plan | $737,029 | $0 |
| Schroder Investment MGMT NA Inc. | Investment management fees paid directly by plan | $696,487 | $0 |
| Scout Investments Inc. | Investment management fees paid directly by plan | $578,084 | $0 |
| JP Morgan Chase Bank | Investment management fees paid directly by plan | $373,678 | $0 |
| Factset Research Systems Inc. | Recordkeeping and information management | $299,689 | $0 |
| Virtus Partners Inc. | Investment management fees paid directly by plan | $253,586 | $0 |
| Clearwater Analytics | Recordkeeping and information management | $251,597 | $0 |
| Deloitte & Touche LLP | Accounting (including auditing) | $238,214 | $0 |
| The Bank of New York Mellon | Custodial (securities) | $228,965 | $0 |
| City of London Invst MGMT Co. Ltd. | Investment management fees paid directly by plan | $228,606 | $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$17,765,775
- Other administrative expenses$3,559,081
- Trustee and custodial fees$282,504
- Recordkeeping fees$251,597
- IQPA audit fees$201,020
- Legal fees$99,436
- Total administrative expenses$22,159,413
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.
- Partnership/joint venture interests$2.25B · 31.8%
- Corporate debt instruments$1.18B · 16.7%
- U.S. Government securities$1.17B · 16.6%
- Common/collective trusts$688M · 9.7%
- Real estate$576M · 8.1%
- Corporate stocks$417M · 5.9%
- Registered investment companies (mutual funds)$242M · 3.4%
- Cash (interest and non-interest bearing)$232M · 3.3%
- Pooled separate accounts$142M · 2.0%
- 103-12 investment entities$71.4M · 1.0%
- Other investments$62.7M · 0.9%
- Receivables$37.2M · 0.5%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmDeloitte & Touche LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $3,000,000
- 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 related1ECode section 401(h) arrangement3HPlan 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 524290: Other Insurance Related Activities (including third-party administration of Insurance and pension funds).
Other plans of Deseret Mutual Benefit Administrators
| Plan | Participants | Net assets |
|---|---|---|
| Deseret 401(k) Plan | 41,648 | $7.21B |
Similar plans in Utah
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| America First Credit Union Pension Plan | America First Credit Union | 3,585 | $600M | $167,262 |
| Intermountain Ironworkers Pension Trust | Board of Trustees Intermountain Ironworkers Pension Trust | 2,975 | $161M | $54,151 |
| Utah Sheet Metal Pension Trust | Utah Sheet Metal Pension Trust | 1,685 | $275M | $163,160 |
| Goldenwest Federal Credit Union Defined Benefit Plan and Trust | Goldenwest Federal Credit Union | 706 | $46.2M | $65,449 |
| Cyprus Federal Credit Union Cash Balance Defined Benefit Plan and Trust | Cyprus Federal Credit Union | 499 | $39.6M | $79,448 |
| Utah Bakers Pension Trust Fund | Trustees of the Utah Bakers Pension Trust Fund | 487 | $9.3M | $19,179 |
Defined benefit plans in finance and insurance closest in size.
Questions and answers
How big is Deseret Mutual Master Retirement Plan?
32,235 participants at the end of the plan year ending 31 Dec 2024, of whom 9,784 were active employees, with net assets of $6,960,828,802. 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 Deseret Mutual Benefit Administrators 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 $9,734,170 in compensation to service provider organisations, $302 per participant or 0.14% of net assets. The same-size median among plans reporting any Schedule C compensation was $143 per participant. Administrative expenses on Schedule H were $22,159,413. 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 Deseret Mutual Benefit Administrators. Recordkeeping or administration: Factset Research Systems Inc. and Clearwater Analytics. Trustee or custodian: The Bank of New York Mellon. The financial statements were audited by Deloitte & Touche 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 12 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 87-0440163, plan 001, received 12 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.