DFX Intelligence

Allocator Intelligence

The capital-owner graph behind private markets. Who owns the capital, who decides, how much, under what policy, on whose advice, to which managers, and what changed, with a source and a date behind every row. A target is never an actual, a disclosed holding is never an approval, and an estimate says so.

Corporate pension

Navy Federal Credit Union Employees' Retirement Plan

Corporate pensionMerrifield, VA
Assets
$2.3B
Total assets, Dec 31, 2025 reported
Funded
106.4%
Jan 1, 2025
Private markets target
n/a
policy Dec 31, 2025
Commitments
16
4 managers on Schedule C
Plan sponsor: Navy Federal Credit Union
Allocation policy
Form 5500, as of Dec 31, 2025
Actual allocation lines without a target (as filed)
  • Interest-bearing cash 3.3%
  • Corporate debt instruments (other) 7.8%
  • U.S. Government securities 1.9%
  • Other investments 0.2%
  • Partnership/joint venture interests 6.6%
  • 103-12 investment entities 6.8%
  • Common/collective trusts 30.9%
  • Registered investment companies 38.8%
  • Common stock 3.0%
Consultants and advisers
5 firms
People
No investment staff or executives have been read for this allocator yet.
Manager roster
3 managers on the commitment tape
From the plan’s own commitment disclosures
From Schedule C (investment management, code 28)
Commitments
16 rows, 0 dated closings
Disclosed holdings (from the plan’s performance or holdings report, as of the report date)
DateFundManagerBucketAmountVintageStatusSource
as of Dec 31, 2025Credit Suisse Floating Rate Trustcollective trustWilmington Trust, NaPrivate credit$40.1M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2025S&p 500 Flagship Nl Fundcollective trustState Street - Russell 2000Pooled vehicles$175M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2025Parametric Defensive Equity Fund103 12 ieParametric Defensive Equity FundPublic equity$156M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2025Sands Capital Coll Investment Trustcollective trustSands Capital Management, LLCPooled vehicles$270M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2025Legal & General Treasury 15+ Stripscollective trustLegal and GeneralFixed income$225M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024Credit Suisse Floating Rate Trustcollective trustWilmington Trust, NaPrivate credit$75.7M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024S&p 500 Flagship Nl Fundcollective trustState Street - Russell 2000Pooled vehicles$159M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024Parametric Defensive Equity Fund103 12 ieParametric Defensive Equity FundPublic equity$278M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024Sands Capital Coll Investment Trustcollective trustSands Capital Management, LLCPooled vehicles$220M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024Legal & General Treasury 15+ Stripscollective trustLegal and GeneralFixed income$194M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023Credit Suisse Floating Rate Trustcollective trustWilmington Trust, NaPrivate credit$69.8M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023S&p 500 Flagship Nl Fundcollective trustState Street - Russell 2000Pooled vehicles$215M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023Parametric Defensive Equity Fund103 12 ieParametric Defensive Equity FundPublic equity$240M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022Credit Suisse Floating Rate Trustcollective trustWilmington Trust, NaPrivate credit$61.5M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022S&p 500 Flagship Nl Fundcollective trustState Street - Russell 2000Pooled vehicles$170M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022Parametric Defensive Equity Fund103 12 ieParametric Defensive Equity FundPublic equity$205M heldDisclosed holdingaskebsa.dol.gov
Size and funding
44 readings
Total assets
$2.3B Dec 31, 2025 reported Form 5500
$2.1B (2024-12) · $2.0B (2023-12) · $1.8B (2022-12)
Plan assets
$2.1B Jan 1, 2025 reported Form 5500
$2.0B (2024-01) · $1.7B (2023-01) · $2.1B (2022-01)
Net assets
$2.3B Dec 31, 2025 reported Form 5500
$2.1B (2024-12) · $2.0B (2023-12) · $1.7B (2022-12)
Funded ratio
106.4% Jan 1, 2025 reported Form 5500
108.2% (2024-01) · 102.1% (2023-01) · 140.4% (2022-01)
Funding target
$1.5B Jan 1, 2025 reported Form 5500
$1.4B (2024-01) · $1.3B (2023-01) · $1.2B (2022-01)
Discount rate
5.34% Jan 1, 2025 reported Form 5500
5.18% (2024-01) · 5.25% (2023-01) · 5.42% (2022-01)
Participants
24,473 Jan 1, 2025 reported Form 5500
22,380 (2024-01) · 19,921 (2023-01) · 19,648 (2022-01)
Contributions
$50.0M Dec 31, 2025 reported Form 5500
$25.0M (2024-12) · $36.0M (2023-12) · $60.0M (2022-12)
Benefits paid
$90.7M Dec 31, 2025 reported Form 5500
$84.0M (2024-12) · $74.4M (2023-12) · $72.4M (2022-12)
Net investment income
$214M Dec 31, 2025 reported Form 5500
$86.3M (2024-12) · $242M (2023-12) · $-351M (2022-12)
Investment management fees
$1.3M Dec 31, 2025 reported Form 5500
$1.1M (2024-12) · $1.6M (2023-12) · $1.6M (2022-12)
Form 5500 filings
4 plan years
Plan yearParticipantsAssets (SB market)Funding targetFTAPTotal assets (H)Partnerships / JVMaster trustReal estate
2025 to Dec 31, 202524,473$2.1B$1.5B106.4%$2.3B$151Mn/an/a
2024 to Dec 31, 202422,380$2.0B$1.4B108.2%$2.1Bn/an/an/a
2023 to Dec 31, 202319,921$1.7B$1.3B102.1%$2.0Bn/an/an/a
2022 to Dec 31, 202219,648$2.1B$1.2B140.4%$1.8Bn/an/an/a
Service providers and investment entities as filed (Schedule C and D, latest year first)
What changed
14 events
  • Dec 31, 2025Consultant changedinference
    AON Hewitt Investment Consulting no longer appears on Navy Federal Credit Union Employees' Retirement Plan's Schedule C as pension consultant (plan year 2025 vs 2024)
    with AON Investments USA Incaskebsa.dol.gov
  • Dec 31, 2025Manager relationship started
    Towers Watson Investment Svc, Inc appears on Navy Federal Credit Union Employees' Retirement Plan's Schedule C as investment manager (plan year 2025 vs 2024)
    with Towers Watson Investment Services,askebsa.dol.gov
  • Dec 31, 2025Manager relationship started
    Legal & General Invs Mngt America appears on Navy Federal Credit Union Employees' Retirement Plan's Schedule C as investment manager (plan year 2025 vs 2024)
    with Legal & General Inv Mgmt Americaaskebsa.dol.gov
  • Dec 31, 2025Manager relationship endedinference
    Sands Capital Management, LLC no longer appears on Navy Federal Credit Union Employees' Retirement Plan's Schedule C as investment manager (plan year 2025 vs 2024)
    with Sands Capital Management, LLCaskebsa.dol.gov
  • Dec 31, 2025Assets changed
    Navy Federal Credit Union Employees' Retirement Plan total assets $2.1B -> $2.3B (+10.7%, 2024-12-31 to 2025-12-31)
    askebsa.dol.gov
  • Dec 31, 2024Holding started
    Navy Federal Credit Union Employees' Retirement Plan first reports an interest in Sands Capital Coll Investment Trust: $220M at 2024-12-31
    with Sands Capital Coll Investment Trustaskebsa.dol.gov
  • Dec 31, 2024Holding started
    Navy Federal Credit Union Employees' Retirement Plan first reports an interest in Legal & General Treasury 15+ Strips (Legal and General): $194M at 2024-12-31
    with Legal and Generalaskebsa.dol.gov
  • Jan 1, 2024Funded status changed
    Navy Federal Credit Union Employees' Retirement Plan funded ratio 102.1% -> 108.2% (2023-01-01 to 2024-01-01)
    askebsa.dol.gov
  • Jan 1, 2024Assets changed
    Navy Federal Credit Union Employees' Retirement Plan plan assets $1.7B -> $2.0B (+14.0%, 2023-01-01 to 2024-01-01)
    askebsa.dol.gov
  • Dec 31, 2023Manager relationship endedinference
    Rothchild & Co. Asset Management US no longer appears on Navy Federal Credit Union Employees' Retirement Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Rothschild Asset Management Inc.askebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    Great Lakes Advisors LLP appears on Navy Federal Credit Union Employees' Retirement Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Great Lakes Advisorsaskebsa.dol.gov
  • Dec 31, 2023Assets changed
    Navy Federal Credit Union Employees' Retirement Plan total assets $1.8B -> $2.0B (+14.0%, 2022-12-31 to 2023-12-31)
    askebsa.dol.gov
  • Jan 1, 2023Funded status changed
    Navy Federal Credit Union Employees' Retirement Plan funded ratio 140.4% -> 102.1% (2022-01-01 to 2023-01-01)
    askebsa.dol.gov
  • Jan 1, 2023Assets changed
    Navy Federal Credit Union Employees' Retirement Plan plan assets $2.1B -> $1.7B (-16.9%, 2022-01-01 to 2023-01-01)
    askebsa.dol.gov
Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.
Provenance
Identifiers: EIN-PN 530116705-001
Cross-graph: no entry on another DFX graph
First observed Sep 15, 2026, last observed Sep 15, 2026. Classification confirmed. Every row above carries its source; a reported figure is the subject’s own, a derived one is arithmetic on reported figures, an estimated one is a model or a survey imputation and is never summed into a headline.