# U.S. Bank Pension Plan

U.S. Bank Pension Plan is a Pension Fund based in St. Paul, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** St. Paul, United States
- **Region:** North America
- **Address:** St. Paul, Minnesota, United States
- **Assets under management:** Undisclosed
- **Website:** careers.usbank.com
- **LinkedIn:** https://www.linkedin.com/company/us-bank

## Regulatory record

- **Reports private funds:** No

## About

The U.S. Bank Pension Plan provides defined benefit retirement income to eligible employees of U.S. Bancorp, the Minneapolis-headquartered super-regional bank with roughly $670 billion in assets. The plan operates as a cash balance arrangement, where hypothetical account balances grow based on pay credits tied to age and service, plus annual interest credits. On December 31, 2023, the plan absorbed the U.S. Bank MUFG Pension Plan, a legacy obligation from the bank's 2022 acquisition of MUFG Union Bank's core retail franchise. Asset allocation follows the path of a mature corporate pension: the plan maintains exposures to investment-grade fixed income, public equities, and a dedicated alternatives sleeve that includes direct commercial real estate holdings and an alternative investment portfolio with a global mandate. The real estate portfolio tilts toward United States commercial properties. Private equity, private credit, infrastructure, and hedge fund allocations feature in the alternatives mix, reflecting standard institutional practice for liability-driven portfolios. The plan's parent, U.S. Bancorp, is a publicly traded company whose pension investment committee sets asset allocation policy and monitors funded status. The plan absorbed its MUFG counterparty liability at year-end 2023, a consolidation that simplified the benefit structure. Andy Cecere, who served as CEO of U.S. Bancorp until early 2025, now holds the Executive Chairman role; Gunjan Kedia assumed the CEO position in 2025. The U.S. The U.S. Bank Foundation operates as the bank's philanthropic vehicle, functionally separated from pension assets. The plan's structural differentiator is its status as an active corporate defined benefit plan in a landscape where most large US banks have frozen or terminated theirs. This creates an ongoing internal liability stream requiring disciplined asset-liability matching. The 2023 merger integration and concurrent legacy-plan spin-off illustrate active governance of retirement obligations rather than a frozen, runoff posture.

## Sectors

- Real Estate
- Private Credit
- Private Equity
- Infrastructure
- Hedge Funds

## People

- Andy Cecere — Executive Chairman of U.S. Bancorp
- Gunjan Kedia — CEO of U.S. Bancorp

## Questions

### Who oversees the investment strategy for the U.S. Bank Pension Plan?

The pension investment committee of U.S. Bancorp sets the asset allocation and monitors the funded status. The plan sits within the bank's treasury or benefits function, with day-to-day investment management outsourced to external managers. Executive Chairman Andy Cecere and CEO Gunjan Kedia are the named senior principals of the parent institution.

### How is the U.S. Bank Pension Plan funded?

U.S. Bancorp makes all contributions — employees do not contribute. The plan uses a cash balance formula where notional accounts receive annual pay credits (a percentage of salary based on age and years of service) plus interest credits. This employer-funded structure is a classic defined benefit arrangement.

### What happened to the MUFG Union Bank pension obligations after U.S. Bancorp's acquisition?

The U.S. Bank MUFG Pension Plan was merged into the U.S. Bank Pension Plan effective December 31, 2023. This consolidation followed U.S. Bancorp's 2022 acquisition of MUFG Union Bank's core retail banking business. A separate U.S. Bank Legacy Pension Plan was also created for certain participants during the restructuring.

### Is the U.S. Bank Pension Plan still open to new participants?

The plan's cash balance formula and ongoing employer funding suggest it remains active for eligible U.S. Bank employees. Many large US banks froze or terminated their defined benefit plans years ago; U.S. Bank maintaining an active plan is a notable posture, though specific eligibility details are not publicly documented.

### What is the relationship between the U.S. Bank Pension Plan and the U.S. Bank Foundation?

The U.S. Bank Foundation is the bank's philanthropic arm and is legally and functionally separate from pension plan assets. The foundation operates under its own governance structure and does not draw on pension funds. ERISA regulations require strict segregation of pension assets from corporate or charitable uses.

### Where is the plan administered from?

Administration is handled by U.S. Bank Employee Services from the bank's headquarters operations in the Minneapolis-St. Paul area. The plan's official address is St. Paul, Minnesota, while U.S. Bancorp's corporate headquarters is in Minneapolis.

## Related profiles

- [U.S. Bancorp Asset Management](https://altss.com/profile/u-s-bancorp-asset-management)
- [U.S. Bank Private Wealth Management](https://altss.com/profile/u-s-bank-private-wealth-management)

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Last updated: 2026-08-11T02:43:31.692Z

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