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Retirement plan

STATE FARM INSURANCE COMPANIES RETIREMENT PLAN FOR UNITED STATES EMPLOYEES

STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANYEIN 37-0533100Plan #001PY 2022
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ONE STATE FARM PLAZA - BLOOMINGTON, IL 617100001309-766-2707
Other plans on this EIN
1 filing
#002Retirement-$14.65B assets
Prospect flagsHigh retiree %Loss discoveredWind-down / frozen

Filing contacts

From the Form 5500, federal record
Plan sponsor signer
(name not on filing)
(309) 766-2707
Plan administrator entity
PENSION ADMINISTRATIVE COMMITTEE
EIN 370533100
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Summary metrics

Total assets (EOY)
$32129.1M
-8.5% from 2016
Total participants
116,786
-1.7% from 2016
Average account balance
$0
No prior year
Annual return
-9.62%
-11.72 pp from 2016

Benchmarks

See 30 peers
Peer group
Industry52 - Finance and Insurance
Plan typeDefined benefit
Participants>=10,000
Cohort30 peers
Snapshot2022
Participant deferral / active EE
$0
median $0
Employer contribution / active EE
$0
median $4,244
Participation rate
0.0%
median 0.0%
Avg account balance
$0
median $1,469,698
Admin fee / account holder
$0
median $19,323
Annual return
-9.62%
median -15.14%
Overall peer rank
86th percentileavg across 6 metrics

Analytics

2015 - 2024
Total assets (EOY)
Plan-year ending balance
$37.74B
Average account balance
Total assets / participants with a balance (line 6g)
$330K
Participants with account balance
Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.
74,755
Eligible Participants and Participation
Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.
0.0%
Contributions (total)
Employer and participant dollars contributed each year
$2.10B
Contributions per participant
Average employer and participant contribution per enrolled participant
$34K
Asset flow
BOY + contributions + return - distributions = EOY
Year
Annual return
Diverging bars; negative years highlighted
+10.27%
Admin fee / account holder
Total admin expenses / participants with a balance (line 6g)
$0
Asset composition
Cash / stocks / bonds / mutual funds / real estate / loans over time
  • Mutual / pooled
  • Stocks
  • Bonds
  • Cash
  • Real estate
  • Loans

Service providers

Top 7 by compensation
ProviderService typeCompensation
ALIGHT SOLUTIONS LLC2 years
Service code 15 · EIN 82-1061233
Recordkeeping
$4,704,695
CAPITAL INTERNATIONAL, INC.2 years
Service code 28 · EIN 95-4154361
Investment Management
$1,865,025
JP MORGAN CHASE BANK, N.A.8+ years
Service code 18 · EIN 13-4994650
Custodial (other than securities); Fl...
$553,123
THE NORTHERN TRUST COMPANY2 years
Service code 28 · EIN 36-1561860
Investment Management
$188,448
AON2 years
Service code 11 · EIN 22-2232264
Actuarial
$180,031
PRICEWATERHOUSECOOPERS2 years
Service code 10 · EIN 13-4008324
Accounting
$99,178
JPMORGAN CHASE BANK, N.A.7 years
Service code 72
Other investment fees and expenses
$99,121

Enrolled actuary

1 attachment
SB

CHRISTOPHER G. BIRCH

AON CONSULTING, INC.
Enrollment #2307123
200 EAST RANDOLPH STREET
SUITE 800
CHICAGO, IL 60601
(312) 381-1000
Signed 2023-09-19

Top hat statement on fileNQDC

Filed October 1, 2020 (most recent of 6 filings on file)

Plan administrator

Plan administrator name— Sign in and upgrade to view
One State Farm Plaza
Bloomington, IL 61710
Email— Sign in and upgrade to viewPhone— Sign in and upgrade to view

Plans declared (11)

  • Agency Deputy Regional Vice President Voluntary Early Retirement Incentive Plan3 emp
  • State Farm Insurance Companies Voluntary Early Retirement Incentive Plan122 emp
  • State Farm Insurance Companies Performance Bonus Retirement Plan13 emp
  • State Farm Leadership (L7) Early Retirement Incentive and Severance Plan19 emp
  • State Farm Leadership (L5/L6) Early Retirement Incentive and Severance Plan11 emp
  • +6 more

Total covered: 4,934 employees

Open the filing PDF

Plan features & details

Pension benefit codes1A3F3H
Plan features
  • 1A
    Benefits are primarily pay related
    Benefits under the plan are primarily determined with reference to a participant's pay (e.g. final-average-pay formula).
  • 3F
    Leased employees
    Plan sponsor(s) received services of leased employees as defined in Code section 414(n) during the plan year.
  • 3H
    Controlled group member
    Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

3 tripped
  • ComplianceLoss discovered

    Plan reported the discovery of a loss from fraud or dishonesty.

  • InformationalHigh retiree %

    Retirees and beneficiaries make up 25% or more of total participants - indicates an ageing workforce or a frozen plan.

  • InformationalWind-down / frozen

    Plan appears closed to new enrollment or frozen - balance-holders far exceed active participants, or the plan reports active distributions with no inflows. Exclude from peer benchmarks.

Expense breakdown

Schedule H Part II
Admin total
$19.2M
$426 / participant
  • Investment mgmt$2M10.7%
  • Other / not subdivided$17M89.3%
% of EOY assets
0.060%
all-in expense ratio
Categories reported
1 / 9
subdivided buckets used

Audit opinion

Schedule H Part III
Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm
PRICEWATERHOUSECOOPERS
Auditor EIN
134008324
Audit fees
(not subdivided)
Opinion code
Unqualified