NAICS 525110 Quarterly Industry Report
Pension Funds
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 525110Sector: Finance and Insurance (52)Updated: Q1 2026
About This Report
This Fair Market Value report for NAICS 525110 analyzes Pension Funds using real industry data from the Census Bureau[3], Federal Reserve, and Department of Labor. Additional data is drawn from SBA[5].. Research incorporates current statistics on pension fund assets, employer contributions, investment management practices, and regulatory compliance requirements.
Industry Definition & Overview
Pension Funds (NAICS 525110) encompasses legal entities organized to provide retirement income benefits exclusively for employees or members of sponsoring organizations. This sector includes defined benefit plans that guarantee specific retirement payments and defined contribution plans like 401(k)s where benefits depend on accumulated contributions and investment returns. Per Census Bureau[3] data, there are approximately 1,558 active companies in this classification managing substantial retirement assets across public and private sectors.
Pension funds manage trillions in assets supporting retirement security for millions of Americans. As of September 2025, government defined benefit plans held $9.5 trillion in assets, while private-sector DB plans held $3.1 trillion. Operations involve critical functions including plan design, investment portfolio management, record-keeping services, and strict compliance with federal regulations. Investment earnings historically comprise the majority of pension fund receipts, demonstrating the importance of professional asset management and diversified investment strategies.
Pension funds operate under federal oversight through the Department of Labor, Internal Revenue Service, and the Pension Benefit Guaranty Corporation. The industry faces evolving challenges as organizations shift from traditional defined benefit arrangements toward defined contribution plans. According to the Investment Company Institute[4], total U.S. retirement assets reached $52.1 trillion, reflecting the massive scale of retirement savings managed across the sector.
What's Included in This Industry
- Defined benefit pension plan asset management
- Defined contribution plan investment oversight
- Pension fund actuarial valuation and funding analysis
- Retirement benefit calculation and payment processing
- Investment manager selection and performance monitoring
- Asset allocation strategy and rebalancing
- Fiduciary compliance and governance oversight
- Participant recordkeeping and statement generation
- Regulatory reporting to PBGC and DOL
- Plan termination and surplus asset distribution
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Sector | Finance and Insurance | 52 |
| Subsector | Funds, Trusts, and Other Financial Vehicles | 525 |
| Industry Group | Insurance and Employee Benefit Funds | 5251 |
| NAICS Industry | Pension Funds | 52511 |
| National Industry | Pension Funds | 525110 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 525120 | Health and Welfare Funds | Health and Welfare Funds provide medical, surgical, and welfare benefits to employees, closely related to pension funds as both are employee benefit funds within the Finance and Insurance sector. |
| 525190 | Other Insurance Funds | Other Insurance Funds include various self-insurance and workers' compensation funds beyond health and welfare, sharing regulatory frameworks and employee benefit fund structures with pension funds. |
| 523940 | Portfolio Management and Investment Advice | Portfolio Management and Investment Advice manages investment portfolios for pension funds and other institutional clients, directly supporting pension fund operations through professional asset management. |
| 524292 | Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds | Third Party Administration of Insurance and Pension Funds provides claims processing, recordkeeping, and compliance services for pension plans, serving as an essential operational support function. |
| 525920 | Trusts, Estates, and Agency Accounts | Trusts, Estates, and Agency Accounts manages fiduciary relationships and trust accounts with regulatory requirements and management practices overlapping with pension fund administration. |
| 524113 | Direct Life Insurance Carriers | Direct Life Insurance Carriers provide annuity products to pension plans and retirees, supporting the delivery of retirement income through insurance products that complement pension fund distributions. |
SBA Lending Summary
8
Total SBA Loans
$400K
Total Loan Volume
$50K
Average Loan Size
10 yrs
Average Loan Term
10.00%
Average Interest Rate
0
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[2]
Key Insight: Per SBA size standards[6], pension funds and related financial entities have specific size classifications. These standards are reviewed every five years and may use average annual receipts or average number of employees to determine small business eligibility for federal contracting and support programs. Eligible businesses can access SBA 7(a) loans[7] for working capital, equipment, and acquisition financing, while 504 loans[8] support major fixed-asset purchases including real estate and heavy machinery.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | The Huntington National Bank | 8 | $400K | $50K |
Frequently Asked Questions
Common questions about this industry.
What types of plans are classified under NAICS 525110?
NAICS 525110 classifies legal entities organized exclusively to provide retirement income benefits. Per Census Bureau[9] definitions, this includes defined benefit plans guaranteeing specific retirement payments, defined contribution plans like 401(k)s, profit-sharing plans, and multiemployer pension funds collectively managed for union or association members.
How much in total assets do U.S. pension funds hold?
As of September 2025, total U.S. retirement assets reached $52.1 trillion. Government defined benefit plans held $9.5 trillion, private-sector DB plans held $3.1 trillion, and employer-based defined contribution plans held $13.9 trillion per Investment Company Institute[4] quarterly statistics.
What federal regulations govern pension funds?
ERISA (Employee Retirement Income Security Act) of 1974 is the primary federal law governing pension funds, establishing minimum standards for plan design, funding, vesting, and fiduciary responsibilities. Per the Department of Labor[10], oversight is divided among the DOL, Internal Revenue Service, and the Pension Benefit Guaranty Corporation.
What is the difference between defined benefit and defined contribution plans?
Defined benefit plans promise participants a specified monthly retirement benefit based on salary, age, and years of service, with the employer bearing investment risk. Defined contribution plans like 401(k)s allow employees to contribute salary with employer matching, and retirement benefits depend on accumulated contributions plus investment gains, shifting risk to the individual.
How many pension fund entities operate in the U.S.?
Per verified industry data, approximately 1,558 active companies are classified under NAICS 525110 in the United States, including both public sector pension funds and private sector defined benefit and defined contribution plans managing retirement benefits for millions of American workers.
What investment strategies do pension funds typically use?
Pension funds employ diversified investment approaches including asset allocation across stocks, bonds, and alternatives such as private equity and real estate. Many funds use liability-driven investment strategies to match portfolio assets with future benefit obligations. Professional management and pooled investments reduce administrative costs and manage risk exposure.
Are pension funds included in Census Bureau business surveys?
Per Census Bureau[11] documentation, pension funds (NAICS 525110, 525120, 525190) are specifically excluded from major statistical programs including County Business Patterns and the Survey of U.S. Business Enterprises due to their unique regulatory environment.
What role does the Pension Benefit Guaranty Corporation play?
The PBGC is a federal agency created by ERISA to protect retirement incomes of participants in private-sector defined benefit pension plans. Per PBGC[12] data, the agency insures pension benefits for roughly 31 million Americans, stepping in to pay benefits when defined benefit plans become insolvent or terminate without sufficient assets.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [3]Census Bureau data.census.gov
- [4]Investment Company Institute ici.org
- [5]SBA sba.gov
- [6]SBA size standards sba.gov
- [7]SBA 7(a) loans sba.gov
- [8]504 loans sba.gov
- [9]Census Bureau census.gov
- [10]Department of Labor dol.gov
- [11]Census Bureau census.gov
- [12]PBGC pbgc.gov
Disclaimer
This publication has been prepared by Fair Market Value (“Fair Market Value”) for informational purposes only. It is provided on an “as-is” and “as available” basis. Fair Market Value makes no representations or warranties, express or implied, regarding the merchantability, fitness for a particular purpose, completeness, or accuracy of the data or information contained herein. This publication is not intended to be, and should not be construed as, professional financial, legal, tax, or investment advice. Users should consult with qualified professionals before making any financial or business decisions based on the information presented.
To the extent permitted by law, Fair Market Value disclaims all liability for loss or damage, direct and indirect, suffered or incurred by any person resulting from the use of, or reliance upon, the data in this publication.
Copyright © 2026 Fair Market Value. All rights reserved. All data, information, articles, graphs, and content contained in this publication are copyrighted works and Fair Market Value hereby reserves all rights. No part of this publication may be copied, reproduced, republished, uploaded to a third party, or distributed without the prior written permission of Fair Market Value.