California › Manufacturing › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Amgen Retirement and Savings Plan
Sponsored by Amgen Inc., Thousand Oaks, 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.
Amgen Inc. of Thousand Oaks, California sponsors Amgen Retirement and Savings Plan, an ESOP with a 401(k) feature. Its Form 5500 for the plan year ending 31 Dec 2024 shows 22,645 participants (14,965 active) and $7.72B in net assets.
Net assets came to $340,712 per participant, well above the $64,499 median for defined contribution plans with 5,000 to 24,999 participants and well above the $62,303 median for defined contribution 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.
The employer contributed $268M during the year, or $17,909 per active participant against a same-size median of $2,424; participants contributed $237M and $116M arrived as rollovers and other contributions. Benefits paid out totalled $536M.
Schedule C lists 9 service provider organisations paid $5,000 or more, with reported compensation of $10.0M: $444 per participant, well above the same-size median of $53.38. Administrative expenses charged to the plan were $9.8M. 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 $2.02B in 2009 to $7.72B in 2024 (up 282%), and participants from 15,660 to 22,645 (up 45%).
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 DC plans |
|---|---|---|---|---|
| Net assets per participant | $340,712 | $64,499 | $62,303 | $53,102 |
| Employer contributions per active participant | $17,909 | $2,424 | $2,187 | $2,175 |
| Schedule C compensation per participant | $444 | $53.38 | $136 | $123 |
| Schedule C compensation, share of net assets | 0.13% | 0.09% | 0.24% | 0.26% |
| Administrative expenses per participant | $431 | $54.85 | $131 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 5,000 to 24,999 participants (2,605 plans), manufacturing (11,377) and all US plans (63,460). 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 | 22,645 | $7.72B | $340,712 | $268M | $237M | $10.0M |
| 2023 | 20,142 | $6.89B | $342,245 | $210M | $193M | $10.9M |
| 2022 | 20,260 | $6.00B | $295,988 | $202M | $178M | $12.3M |
| 2021 | 18,851 | $7.18B | $380,788 | $193M | $171M | $12.7M |
| 2020 | 18,645 | $6.76B | $362,337 | $194M | $168M | $10.0M |
| 2019 | 18,378 | $5.92B | $321,916 | $179M | $153M | $10.8M |
| 2018 | 17,328 | $4.82B | $278,103 | $165M | $144M | $8.1M |
| 2017 | 17,119 | $5.06B | $295,516 | $164M | $140M | $7.5M |
| 2016 | 16,352 | $4.28B | $261,554 | $153M | $131M | $6.6M |
| 2015 | 16,176 | $3.99B | $246,426 | $153M | $132M | $9.8M |
| 2014 | 15,695 | $4.23B | $269,297 | $171M | $149M | $9.3M |
| 2013 | 16,124 | $3.93B | $243,600 | $159M | $138M | $7.9M |
| 2012 | 15,393 | $3.13B | $203,529 | $155M | $132M | $7.2M |
| 2011 | 15,469 | $2.62B | $169,242 | $164M | $130M | $6.5M |
| 2010 | 15,417 | $2.51B | $162,614 | $150M | $129M | $5.7M |
| 2009 | 15,660 | $2.02B | $128,945 | $147M | $127M | $3.6M |
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$6,893,499,102
- Employer contributions$268,014,992
- Participant contributions$237,183,261
- Rollovers and other contributions$116,347,764
- Total contributions$621,546,017
- Total income, including investment results$1,367,907,239
- Benefits paid$536,251,834
- Administrative expenses$9,761,225
- Total expenses$545,985,439
- Net income$821,921,800
- Net transfers$0
- Net assets, end of year$7,715,420,902
Participants
- Active participants14,965
- Retired or separated, receiving benefits673
- Retired or separated, entitled to future benefits6,945
- Participants with account balances22,574
- Total participants, end of year22,645
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Merrill Lynch Pierce Fenner & Smith | Recordkeeping and information management; Trustee (bank, trust company, or similar financial institution); Trustee (directed); Participant loan processing; Participant communication | $5,341,609 | $0 |
| Sustainable Growth Advisers, LP | Investment management | $976,987 | $0 |
| Arrowmark Partners | Investment management | $953,956 | $0 |
| Northern Trust Company | Trustee (directed); Investment management | $937,363 | $0 |
| Pzena Investment Management | Investment management | $829,909 | $0 |
| Aristotle Capital Boston | Investment management | $572,377 | $0 |
| Sands Capital Management, LLC | Investment management | $314,382 | $0 |
| Wellington Trust Company | Investment management | $105,705 | $0 |
| Northern Trust Investments Inc. | Investment management | $11,812 | $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$7,903,793
- Trustee and custodial fees$937,363
- Recordkeeping fees$920,069
- Total administrative expenses$9,761,225
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$5.65B · 73.2%
- Other investments$1000M · 12.9%
- Corporate stocks$533M · 6.9%
- Employer securities$344M · 4.5%
- Registered investment companies (mutual funds)$149M · 1.9%
- Participant loans$35.2M · 0.5%
- Cash (interest and non-interest bearing)$3.5M · 0.0%
- Receivables$3.4M · 0.0%
- Corporate debt instruments$2,979 · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmErnst & Young
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $2,000,000
- 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
2EProfit-sharing plan2FERISA section 404(c) plan2GTotal participant-directed account plan2JCode section 401(k) feature2KCode section 401(m) arrangement2RParticipant-directed brokerage accounts provided as an investment option under the plan2S401(k) plan or 403(b) plan that provides for automatic enrollment2TTotal or partial participant-directed account plan with a default investment account3HPlan sponsor(s) is (are) a member(s) of a controlled group2OESOP other than a leveraged ESOP
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 325410: Pharmaceutical & Medicine Mfg.
Similar plans in California
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Intel Retirement Contribution Plan | Intel Corporation | 29,222 | $7.29B | $249,541 |
| Applied Materials, Inc. Employee Savings & Retirement Plan | Applied Materials, Inc. | 20,657 | $6.17B | $298,449 |
| Intuit Inc. 401(k) Plan | Intuit Inc. | 35,542 | $3.68B | $103,629 |
| Grifols Employee Retirement Savings Plan | Grifols Shared Services NA, Inc. | 19,489 | $980M | $50,297 |
| U.S. Roche 401(k) Savings Plan | Genentech, Inc. | 36,458 | $14.3B | $393,535 |
| Rivian, LLC 401(k) Plan | Rivian, LLC | 17,510 | $755M | $43,096 |
Defined contribution plans in manufacturing closest in size.
Questions and answers
How big is Amgen Retirement and Savings Plan?
22,645 participants at the end of the plan year ending 31 Dec 2024, of whom 14,965 were active employees, with net assets of $7,715,420,902. Among defined contribution plans that places it in the 5,000 to 24,999 participants band, which held 2,605 plans in plan year 2024.
What does Amgen Inc. contribute per participant?
The filing reports $268,014,992 in employer contributions for the year, which is $17,909 per active participant; the median for plans of the same type and size was $2,424 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 $10,044,100 in compensation to service provider organisations, $444 per participant or 0.13% of net assets. The same-size median among plans reporting any Schedule C compensation was $53.38 per participant. Administrative expenses on Schedule H were $9,761,225. 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 Amgen Inc.. Recordkeeping or administration: Merrill Lynch Pierce Fenner & Smith. Investment advisory or management: Sustainable Growth Advisers, LP, Arrowmark Partners and Northern Trust Company. Trustee or custodian: Merrill Lynch Pierce Fenner & Smith and Northern Trust Company. The financial statements were audited by Ernst & Young. 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 9 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 95-3540776, plan 001, received 9 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.