Massachusetts › Finance and insurance › 250 to 499 participants
Form 5500 statement · plan year 1 Nov 2024 to 31 Oct 2025
The Defined Benefit Plan of the Institution for Savings in Newburyport
Sponsored by Institution for Savings in Newburyport, Newburyport, MA
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.
Institution for Savings in Newburyport of Newburyport, Massachusetts sponsors The Defined Benefit Plan of the Institution for Savings in Newburyport, a defined benefit pension plan. Its Form 5500 for the plan year ending 31 Oct 2025 shows 260 participants (160 active) and $71.6M in net assets.
Net assets came to $275,449 per participant, well above the $87,254 median for defined benefit plans with 250 to 499 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.
Employer contributions were $0 for the year ($0 per active participant) and benefits paid were $2.5M. 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 9 service provider organisations paid $5,000 or more, with reported compensation of $565K: $2,173 per participant, well above the same-size median of $413. Administrative expenses charged to the plan were $598K. 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 $46.0M in 2021 to $71.6M in 2024 (up 56%), and participants from 238 to 260 (up 9%).
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 | $275,449 | $87,254 | $119,983 | $86,221 |
| Employer contributions per active participant | $0 | $11,032 | $7,849 | $10,244 |
| Schedule C compensation per participant | $2,173 | $413 | $352 | $344 |
| Schedule C compensation, share of net assets | 0.79% | 0.51% | 0.32% | 0.42% |
| Administrative expenses per participant | $2,300 | $596 | $433 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 250 to 499 participants (873 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 | 260 | $71.6M | $275,450 | $0 | $0 | $565K |
| 2023 | 257 | $65.2M | $253,825 | $2.0M | $0 | $626K |
| 2022 | 241 | $49.5M | $205,490 | $1.0M | $0 | $448K |
| 2021 | 238 | $46.0M | $193,450 | $4.4M | — | $353K |
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$65,232,811
- Employer contributions$0
- Participant contributions$0
- Rollovers and other contributions$0
- Total contributions$0
- Total income, including investment results$9,446,133
- Benefits paid$2,464,061
- Administrative expenses$598,018
- Total expenses$3,062,079
- Net income$6,384,054
- Net transfers$0
- Net assets, end of year$71,616,865
Participants
- Active participants160
- Retired or separated, receiving benefits40
- Retired or separated, entitled to future benefits58
- Total participants, end of year260
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Coop. Banks Employees Ret Assn. | Plan Administrator | $203,883 | $0 |
| Nepc, LLC | Investment advisory (plan) | $87,713 | $0 |
| Select Equity Group, L.P. | Investment management | $79,981 | $0 |
| Acadian Asset Management LLC | Investment management | $64,523 | $0 |
| Copeland Capital Management, LLC | Investment management | $54,637 | $0 |
| The Bank of New York Mellon | Custodial (other than securities); Custodial (securities) | $34,132 | $0 |
| Gallagher Benefit Services, Inc. | Actuarial | $26,195 | $0 |
| Legal & General Invest MGMT America | Investment management | $7,707 | $0 |
| BlackRock Institution Trust Co. | Trustee (bank, trust company, or similar financial institution); Trustee (discretionary); Investment management | $6,265 | $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$307,750
- Contract administrator fees$203,883
- Trustee and custodial fees$34,133
- Actuarial fees$26,195
- Other administrative expenses$26,057
- Total administrative expenses$598,018
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$41.5M · 57.9%
- 103-12 investment entities$11.8M · 16.5%
- Corporate stocks$6.7M · 9.3%
- U.S. Government securities$6.4M · 8.9%
- Partnership/joint venture interests$5.3M · 7.3%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmWolf & Company, P.C.
- Participant contributions reported as transmitted lateNo
- 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 related
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 522120: Savings Institutions.
Similar plans in Massachusetts
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Sbera Pension Plan As Adopted by Salem Five Cents Savings Bank | Salem Five Cents Savings Bank | 278 | $75.0M | $269,871 |
| Newbury Corporation Pension Plan | Newbury Corporation | 255 | $74.6M | $292,502 |
| Retirement Plan for the Benefit of Salaried and Other Employees of Boston Mutual Life Insurance Company | Boston Mutual Life Insurance Co. | 355 | $42.5M | $119,661 |
| Sbera Pension Plan As Adopted by Fall River Five Cents Savings Bank | Fall River Five Cents Savings Bank | 239 | $19.5M | $81,503 |
| Quincy Mutual Fire Insurance Company Retirement Plan | Quincy Mutual Fire Insurance Company | 399 | $149M | $374,247 |
| Sbera Pension Plan As Adopted by Greenfield Savings Bank | Greenfield Savings Bank | 236 | $21.5M | $91,058 |
Defined benefit plans in finance and insurance closest in size.
Questions and answers
How big is The Defined Benefit Plan of the Institution for Savings in Newburyport?
260 participants at the end of the plan year ending 31 Oct 2025, of whom 160 were active employees, with net assets of $71,616,865. Among defined benefit plans that places it in the 250 to 499 participants band, which held 873 plans in plan year 2024.
What does Institution for Savings in Newburyport contribute per participant?
The filing reports $0 in employer contributions for the year, which is $0 per active participant; the median for plans of the same type and size was $11,032 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 $565,036 in compensation to service provider organisations, $2,173 per participant or 0.79% of net assets. The same-size median among plans reporting any Schedule C compensation was $413 per participant. Administrative expenses on Schedule H were $598,018. 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 Institution for Savings in Newburyport. Recordkeeping or administration: Coop. Banks Employees Ret Assn.. Investment advisory or management: Nepc, LLC, Select Equity Group, L.P. and Acadian Asset Management LLC. Trustee or custodian: The Bank of New York Mellon and BlackRock Institution Trust Co.. The financial statements were audited by Wolf & Company, 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. 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 Nov 2024 to 31 Oct 2025, received by the Department of Labor on 12 Jun 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 92-1546128, plan 001, received 12 Jun 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.