U.S. Bancorp
MINNEAPOLIS, MN · USB (NYSE) · Finance and insurance · sponsor EIN 41-0255900 · 1 plan with Schedule H financials, latest plan year 2024
SEC registrant: US Bancorp \de\.
Plan terms
Plan terms are described in U.S. Bancorp's SEC filings: Form 11-K filed 2026-06-22 and Form 10-K filed 2026-02-23. No term could be quoted from them with the required precision.
U.S. BANK 401(K) SAVINGS PLAN
Plan year 2024-01-01 to 2024-12-31 · $11,442,089,862 in assets · 87,776 participants with a balance · >$1B bucket, single-employer · plan number 004
At a glance
Recordkeeping fees per participant (headline)
$26.87
higher than 36% of the 790 plans of similar size (>$1B) that report it
= recordkeeping_fees / participants_with_balance. Schedule H, line 2i(3); OTH_RECORDKEEPING_FEES_AMT pos 160; filing 20251014102030NAL0002608113001, received 2025-10-14 · participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20251014102030NAL0002608113001, received 2025-10-14
Administrative expenses excluding investment management, per participant
$29.50
higher than 27% of the 1,045 plans of similar size (>$1B) that report it
= admin_excl_invmgmt / participants_with_balance. derived, admin_expenses (2i(12)) minus invst_mgmt_fees (2i(5)), floored at 0; filing 20251014102030NAL0002608113001, received 2025-10-14 · participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20251014102030NAL0002608113001, received 2025-10-14
Administrative expenses per participant
$111.88
higher than 76% of the 1,076 plans of similar size (>$1B) that report it
= admin_expenses / participants_with_balance. Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20251014102030NAL0002608113001, received 2025-10-14 · participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20251014102030NAL0002608113001, received 2025-10-14
Administrative expenses as a share of assets
0.086%
higher than 81% of the 1,076 plans of similar size (>$1B) that report it
= admin_expenses / assets_eoy. Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20251014102030NAL0002608113001, received 2025-10-14 · assets_eoy: Schedule H, Part I line 1f col (b); TOT_ASSETS_EOY_AMT pos 61; filing 20251014102030NAL0002608113001, received 2025-10-14
Employer contributions per participant
$2,900
higher than 37% of the 1,135 plans of similar size (>$1B) that report it
= employer_contrib / participants_with_balance. Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20251014102030NAL0002608113001, received 2025-10-14 · participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20251014102030NAL0002608113001, received 2025-10-14
Employer share of total contributions
28.8%
higher than 35% of the 1,135 plans of similar size (>$1B) that report it
= employer_contrib / total_contrib. Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20251014102030NAL0002608113001, received 2025-10-14 · total_contrib: Schedule H, line 2a(3); TOT_CONTRIB_AMT pos 72; filing 20251014102030NAL0002608113001, received 2025-10-14
Percentiles compare this plan with the Schedule H plans of the same asset bucket and plan year, excluding final filings; a percentile is shown only where at least 50 comparable plans report the figure. The match formula is not in the filing; only amounts are shown.
Plan features
2E profit-sharing · 2F ERISA 404(c) plan · 2J 401(k) feature · 2K 401(m) arrangement · 2O ESOP-related feature · 2S pre-approved plan document · 2T default investment (QDIA) · 3H controlled-group sponsor Form 5500, line 8a; TYPE_PENSION_BNFT_CODE pos 81; filing 20251014102030NAL0002608113001, received 2025-10-14
Service providers paid directly by the plan
| Provider | Relationship | Service codes | Direct compensation | Indirect |
|---|---|---|---|---|
| ALIGHT FINANCIAL ADVISORS, LLC | NONE | 26 Investment advisory (participants); 50 Direct payment from the plan | $5,940,103 | no |
| ALIGHT SOLUTIONS LLC (recordkeeper) | NONE | 15 Recordkeeping and information management; 50 Direct payment from the plan | $2,358,875 | yes |
| GALLIARD CAPITAL MANAGEMENT, LLC | NONE | 26 Investment advisory (participants); 50 Direct payment from the plan; 51 Investment management fees paid directly by plan; 67 Other insurance wrap fees | $527,749 | yes |
| PRUDENTIAL LIFE INSURANCE CO | NONE | 50 Direct payment from the plan; 67 Other insurance wrap fees | $202,003 | no |
| AMERICAN GENERAL LIFE INSURANCE CO | NONE | 50 Direct payment from the plan; 67 Other insurance wrap fees | $194,627 | no |
| METROPOLITAN TOWER LIFE INS. CO. | NONE | 50 Direct payment from the plan; 67 Other insurance wrap fees | $186,300 | no |
| VOYA RETIREMENT INS AND ANNUITY CO | NONE | 50 Direct payment from the plan; 67 Other insurance wrap fees | $180,034 | no |
| MORGAN LEWIS BOCKIUS LLP | NONE | 29 Legal; 50 Direct payment from the plan | $168,376 | no |
| U.S. BANK NATIONAL ASSOCIATION | TRUSTEE | 21 Trustee (bank, trust company or similar); 25 Trustee (directed); 50 Direct payment from the plan; 51 Investment management fees paid directly by plan; 62 Float revenue; 68 Soft dollars commissions | $62,170 | yes |
| ALIGHT FINANCIAL SOLUTIONS, LLC | NONE | 33 Securities brokerage; 61 Finders fees / placement fees; 63 Distribution (12b-1) fees | $26,778 | yes |
| PERSHING LLC | NONE | 59 Shareholder servicing fees; 61 Finders fees / placement fees; 71 Securities brokerage commissions and fees; 99 Other fees | $0 | yes |
Schedule C Part I line 2: name (a), service codes (b), relationship (c), direct compensation paid by the plan (d), indirect compensation received (e). Filing 20251014102030NAL0002608113001, received 2025-10-14.
Full record
| Field | Value | Source |
|---|---|---|
| Plan sponsor | U.S. BANCORP | Form 5500, Part II line 2a; SPONSOR_DFE_NAME pos 19; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Plan name | U.S. BANK 401(K) SAVINGS PLAN | Form 5500, line 1a; PLAN_NAME pos 16; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Sponsor EIN / plan number | 41-0255900 / 004 | Form 5500, line 2b; SPONS_DFE_EIN pos 44; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Plan type | single-employer | Form 5500, Part I line A; TYPE_PLAN_ENTITY_CD pos 4; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Sponsor location | MINNEAPOLIS, MN | Form 5500, line 2a; SPONS_DFE_MAIL_US_STATE pos 25; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Industry (business code) | 522110, Finance and insurance | Form 5500, line 2d; BUSINESS_CODE pos 46; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Plan year | 2024-01-01 to 2024-12-31 | Form 5500, Part I plan year; FORM_PLAN_YEAR_BEGIN_DATE pos 2; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Filing received | 2025-10-14 | Form 5500, EFAST2 receipt date; DATE_RECEIVED pos 102; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Final filing | no | Form 5500, Part I line B; FINAL_FILING_IND pos 8; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Amended filing | no | Form 5500, Part I line B; AMENDED_IND pos 7; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Participants, beginning of year | 94,695 | Form 5500, line 5; TOT_PARTCP_BOY_CNT pos 71; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Active participants | 67,658 | Form 5500, line 6a(2); TOT_ACTIVE_PARTCP_CNT pos 72; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Participants, end of year | 90,116 | Form 5500, line 6f; TOT_ACT_RTD_SEP_BENEF_CNT pos 77; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Participants with an account balance | 87,776 | Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Total assets, beginning of year | $10,271,161,911 | Schedule H, Part I line 1f col (a); TOT_ASSETS_BOY_AMT pos 30; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Total assets, end of year | $11,442,089,862 | Schedule H, Part I line 1f col (b); TOT_ASSETS_EOY_AMT pos 61; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Net assets, end of year | $11,441,180,032 | Schedule H, line 1l col (b); NET_ASSETS_EOY_AMT pos 67; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Total income | $2,308,337,702 | Schedule H, Part II line 2d; TOT_INCOME_AMT pos 97; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Net income | $1,171,805,856 | Schedule H, line 2k; NET_INCOME_AMT pos 111; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Employer contributions | $254,567,828 | Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Participant contributions | $576,925,036 | Schedule H, line 2a(1)(B); PARTICIPANT_CONTRIB_AMT pos 69; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Other contributions (incl. rollovers) | $52,193,481 | Schedule H, line 2a(1)(C); OTH_CONTRIB_RCVD_AMT pos 70; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Total contributions | $883,686,345 | Schedule H, line 2a(3); TOT_CONTRIB_AMT pos 72; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Benefit payments | $1,126,871,817 | Schedule H, line 2e(4); TOT_DISTRIB_BNFT_AMT pos 101; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Total expenses (incl. benefit payments) | $1,136,531,846 | Schedule H, line 2j; TOT_EXPENSES_AMT pos 110; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Total administrative expenses | $9,820,237 | Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Recordkeeping fees | $2,358,875 | Schedule H, line 2i(3); OTH_RECORDKEEPING_FEES_AMT pos 160; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Investment advisory and management fees | $7,230,816 | Schedule H, line 2i(5); INVST_MGMT_FEES_AMT pos 107; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Administrative expenses excluding investment management | $2,589,421 | derived, admin_expenses (2i(12)) minus invst_mgmt_fees (2i(5)), floored at 0; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Held in common/collective trusts | $10,144,865,871 | Schedule H, line 1c(9) col (b); INT_COMMON_TR_EOY_AMT pos 51; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Held in mutual funds | $602,802 | Schedule H, line 1c(13) col (b); INT_REG_INVST_CO_EOY_AMT pos 55; filing 20251014102030NAL0002608113001, received 2025-10-14 |
| Independent auditor | ERNST & YOUNG | Schedule H, Part III line 3a; ACCOUNTANT_FIRM_NAME pos 116; filing 20251014102030NAL0002608113001, received 2025-10-14 |
What changed since the 2023 plan year
| Figure | 2023 | 2024 | Change |
|---|---|---|---|
| Total assets | $10,271,161,911 | $11,442,089,862 | 11.4% |
| Participants with a balance | 92,969 | 87,776 | -5.6% |
| Administrative expenses | $8,621,833 | $9,820,237 | 13.9% |
| Recordkeeping fees per participant | $34.92 | $26.87 | -23.0% |
| Employer contributions | $252,582,634 | $254,567,828 | 0.8% |
Prior filing 20241015084808NAL0047083808001, received 2024-10-15; the plan years are contiguous.
Alerts, claims and corrections
Sponsor name as filed: U.S. BANCORP; SEC registrant: US BANCORP \DE\ (CIK 36104, matched by EIN).