Navy Federal Credit Union Employees' Retirement Plan

Corporate pension· Merrifield, Virginia

Corporate pension, based in Merrifield, Virginia, reporting $2.3B in assets, for 24,473 participants.

Composed from this allocator's classification, location and filed figures.

Assets
$2.3B
Funded ratio
106.4%
Fund commitments
5
Managers
4
As of · the latest dated event for this allocator; each figure carries its own filing or report date

Nothing material in the last 90 days. Last change: 31 Dec 2025, 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).

2 more advisers, 1 more manager, 13 more commitments and 9 more dated events

Every figure, date and source on this page is shown. The names behind them, and every related record, open with the complete profile.

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Capital path

who backs this record, through what, into what; each name opens its own path
Navy Federal Credit Union Employees' Retirement Plan
Funds committed to
All 5

Relationship network

28 connected entities16 observed commitments11 repeat counterparties15 dated commitments shown here, 2022 to 2025

From board minutes, annual reports, Form 5500 filings and public records of commitments, consultants and staff in the allocator graph. Commitment amounts are those the allocator disclosed; many are not printed, and none is estimated.

Some relationships on this record are counted rather than named here. They open with the full profile.

Click any name or line for the commitments and sources behind it. Line weight is commitments together; dashed lines are inferred.

What stands out
Reading the network
  • Sponsor
  • Fund or vehicle
  • Service provider
  • Organization
›How strength and recency are read

Managers, funds and consultants are read from the commitments: three or more is a strong observed relationship, two a repeat counterparty. No consultant link is marked current on the source, so none is labelled current or former here. Related plans, people and plan service providers are ordered by what the filing shows.

Darker lines were active in the last 24 months or are current; lighter lines are older or undated.

Size, funding, policy and commitments, with their basesCorporate pensionShow
Corporate pension
Assets
$2.3B
Total assets, Dec 31, 2025 reported
Funded
106.4%
Jan 1, 2025
Private markets target
no policy read
policy Dec 31, 2025
Commitments
5
6 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

+2 more consultants and advisers advise this allocator

Every name, record and relationship behind this count, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

People

No investment staff or executives have been read for this allocator yet.

Manager roster

4 managers on the commitment tape
From the plan’s own commitment disclosures

+1 more manager received commitments

Every name, record and relationship behind this count, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

From Schedule C (investment management, code 28)

+4 more Schedule C managers

Every name, record and relationship behind this count, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

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)

+9 more dated events

Every name, record and relationship behind this count, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.

Commitments

16 rows, 0 dated closings
DateFundManagerBucketAmountVintageStatusSource
as of Dec 31, 2025Legal & General Treasury 15+ Stripscollective trustLegal and GeneralFixed income$225M heldDisclosed holdingaskebsa.dol.gov
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 Global Advisors Trust CompanyPooled vehicles$175M heldDisclosed holdingaskebsa.dol.gov

+13 more commitments

Every fund and manager this allocator committed to, with the amount, date and source on each.

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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$151MNot disclosedNot disclosed
2024 to Dec 31, 202422,380$2.0B$1.4B108.2%$2.1BNot disclosedNot disclosedNot disclosed
2023 to Dec 31, 202319,921$1.7B$1.3B102.1%$2.0BNot disclosedNot disclosedNot disclosed
2022 to Dec 31, 202219,648$2.1B$1.2B140.4%$1.8BNot disclosedNot disclosedNot disclosed
Service providers and investment entities as filed (Schedule C and D, latest year first)

+55 more service providers

Every name, record and relationship behind this count, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Provenance

Identifiers: EIN-PN 530116705-001
Cross-graph: no entry on another DFX graph
First observed Sep 15, 2026, last observed Sep 29, 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.
Capital chain

Navy Federal Credit Union Employees' Retirement Plan sits on 8 traced paths of capital across the graphs.

Consultant to allocator to manager

DFX traced 8 paths of capital through this record

Every record on each path, what it committed or lent, and as of when.

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Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

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Record history

14 dated events on the change ledger, latest event first
  • Manager relationship started
    2025-12-31source on record
  • Consultant changed
    2025-12-31source on record
  • Manager relationship started
    2025-12-31source on record

+11 more changes on this record's ledger

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The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.

›Connections

every published relationship on the graph

+16 connections on the graph

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