Defined Benefit (Pension) · DOL Form 5500 · 2023

Discover Financial Services Pension Plan

Data updated 2026-08-25

$518M
Total assets Above avg plan size
2,739
Participants Above avg headcount
97th
Percentile by assets National rank
$189,143
Avg per participant Above avg balance/head
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Official DOL plan name: Discover Financial Services Pension Plan · Sponsored by Discover Financial Services · Illinois · Finance & Insurance

$518M in assets, 2,739 participants

Discover Financial Services's Discover Financial Services Pension Plan reported $518M in total assets and 2,739 participants in its 2023 DOL Form 5500 filing, ranking in the 97th percentile by assets among filed plans. Figures are as reported by the plan sponsor to the Department of Labor, not audited or endorsed by PlainRetire.

  • #8,477 in Finance & Insurance (8,869 peers)

Coverage in Illinois

Discover Financial Services Pension Plan covers 2,739 participants in Illinois, 3.5x the typical Illinois plan (state average ~779 per filing). Assets: $518M.

#8,477
in Finance & Insurance (8,869 peers)
+4.1%
assets growth YoY
5.2×
vs typical plan assets (national mean)

Discover Financial Services Pension Plan's outsized position by total assets

Discover Financial Services Pension Plan vs every filed plan by assets

End-of-year total assets · plan year 2023 · DOL Form 5500

$518,061,817 Top 3% higher than 97% of 127,068 filed plans

This plan $0 $2,050,000,000 every filed plan with reported assets, bucketed by value

Dashed line + filled bar = this entry, among filed plans.

Source U.S. Department of Labor Form 5500 filings (EBSA) · plan year 2023

Discover Financial Services Pension Plan's large-plan peer group by participant headcount

Plan-year 2023 Form 5500 filings with a reported participant count, partitioned by headcount band, not by assets. Discover Financial Services Pension Plan lands in the large band (2,739 participants).

What changed between DOL Form 5500 filings

plan year 2022 → plan year 2023

  • Discover Financial Services Pension Plan reported net income rose from -$98M in the plan year 2022 filing to $21M in the plan year 2023 filing.
  • Discover Financial Services Pension Plan reported participants fell from 2,887 in the plan year 2022 filing to 2,739 in the plan year 2023 filing.
  • Discover Financial Services Pension Plan end-of-year assets rose from $497M in the plan year 2022 filing to $518M in the plan year 2023 filing.

See the national 2022→2023 release diff →

Published 5500 schedule card

Filing strip 362517428 · Discover Financial Services PY 2023 · Defined Benefit (Pension)

Discover Financial Services Pension Plan · $518M · 2,739 · 97th

  • 5500 $518M
  • ASSETS 2,739
  • PCT 97th
  • EIN Defined Benefit (Pension)
  • RANK near Munich Reinsurance America, Inc. Pension Plan
  • PHOTO ind #8477

Stamps derive from this plan's Form 5500 line items (assets, participants, type, EIN, cohort placement) - not a quality rating of the sponsor. Read with Finance & Insurance retirement plans → · Plans in Illinois →

Discover Financial Services Pension Plan in the asset neighbourhood

Greif Pension Plan$520MRetirement Plan for Union Represented EmployeesRetirement Plan for Union Re…$519MMunich Reinsurance America, Inc. Pension PlanMunich Reinsurance America, …$518MDiscover Financial Services Pension PlanDiscover Financial Services …$518MEricsson US Pension Plan$516M
End-of-year total assets ($M) among Discover Financial Services Pension Plan and nearest nationwide Defined Benefit (Pension) peers. Source: DOL Form 5500 plan year 2023.

Illinois filing particulars

Total Assets (Beginning of Year)$497M
Net Assets (End of Year)$518M
Net Income$21M
Employer EIN362517428
Plan Effective Date2007-01-01
Filing StatusFILING RECEIVED

Sponsor Plan History (Discover Financial Services)

Sponsor-wide plan assets over time

All Discover Financial Services plans reported in each filing year

Latest sponsor-wide plan assets
$3.7B 35.14873585710934% vs 2022
2024 filing year
$2.5B$3B$3.5B$4B 202220232024 $2.73B $3.7B ▲ +35.5%
Year Plans Participants Total Assets
2022 2 18,939 $2.7B
2023 2 22,274 $3.3B
2024 2 22,935 $3.7B

Nearby Defined Benefit (Pension) Plans in Illinois

Peer Defined Benefit (Pension) plans, same state, same plan type, ranked by total assets.

Discover Financial Services Pension Plan vs. nearby Defined Benefit (Pension) plans in Illinois, assets vs. participants Scatter plot of 6 data points. 0200004000060000 -200204060 Total assets ($B) Participants Discover Financial Services Pension Plan, Total assets ($B): 0.518061817 · Participants: 2739Discover Financial Services Pension PlanCentral States, Southeast & Southwest Areas Pension Plan, Total assets ($B): 49.680270595 · Participants: 48538Central States, Southeast & Southwest Areas Pension PlanState Farm Insurance Companies Retirement Plan for United States Employees, Total assets ($B): 35.242945747 · Participants: 45001State Farm Insurance Companies Retirement Plan for United States EmployeesUnited Food & Commercial Workers Intl Union - Industry Pension Fund, Total assets ($B): 7.965094339 · Participants: 20680United Food & Commercial Workers Intl Union - Industry Pension FundJohn Deere Pension Plan for Salaried Employees, Total assets ($B): 7.960744597 · Participants: 16346John Deere Pension Plan for Salaried EmployeesAbbott Laboratories Annuity Retirement Plan, Total assets ($B): 7.819798504 · Participants: 17382Abbott Laboratories Annuity Retirement Plan
Discover Financial Services Pension Plan vs. nearby Defined Benefit (Pension) plans in Illinois, assets vs. participants
Compare Discover Financial Services Pension Plan side-by-side with 3 peers →

Discover Financial Services Pension Plan's out-of-state Defined Benefit (Pension) peers by assets and headcount

Outside Illinois, the nearest Defined Benefit (Pension) by assets is Munich Reinsurance America, Inc. Pension Plan in NJ ($518M); by covered participants it is Carmax, Inc. Pension Plan in VA (2,741 participants). Same-state nearby plans are listed separately above.

Closest by plan assets

Nearest other-state filings by tot_assets_eoy ($518M here).

Similar participant headcount

Nearest other-state filings by covered participants (2,739 participants); asset peers above are excluded.

DOL Form 5500 plan year 2023. Asset totals can differ widely at the same headcount; neither axis is a quality rating.

Frequently Asked Questions

How did Discover Financial Services Pension Plan assets move in 2023? ▼
Discover Financial Services Pension Plan edged up modestly - up 4.1% during 2023, from $497M to $518M. Reported net income was $21M.
How have Discover Financial Services plan assets changed over time? ▼
Across 3 plan years on file (2022-2024), Discover Financial Services's sponsor-wide assets grew 35.1%, from $2.7B to $3.7B.
Where does Discover Financial Services Pension Plan rank by assets among Form 5500 filers? ▼
Discover Financial Services Pension Plan ranks in the 97th percentile by end-of-year assets among 127,072 plans that reported assets for plan year 2023 (in the top 5% of all filed plans by assets).
Which Defined Benefit (Pension) plans are similar in size to Discover Financial Services Pension Plan? ▼
Among Defined Benefit (Pension) plans in other states, the closest by assets is Munich Reinsurance America, Inc. Pension Plan in NJ ($518M, 322 participants).
Which Defined Benefit (Pension) plans cover a similar participant headcount to Discover Financial Services Pension Plan? ▼
Among Defined Benefit (Pension) plans in other states, the closest by covered participants is Carmax, Inc. Pension Plan in VA (2,741 participants, $204M in assets).

Source: U.S. Department of Labor, Employee Benefits Security Administration (EBSA), Form 5500 public disclosure dataset. Plan year 2023.

Source: DOL EFAST2 filing system (efast.dol.gov) - original filing retrieval by EIN 362517428.

Read our methodology - how this data is sourced, computed, and verified.

Data sourced from U.S. Department of Labor Form 5500 filings (EBSA). See our methodology for details.