Employer · plans filed under one EIN
Operating Engineers Local 428 Annuity Trust Fund
Phoenix, AZ · Construction
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances.
Operating Engineers Local 428 Annuity Trust Fund, based in Phoenix, Arizona, sponsors 2 retirement plans with 100 or more participants: 1 defined contribution and 1 defined benefit. Together they reported 9,580 participant records and $328M in net assets.
The largest is Operating Engineers Local 428 Annuity Trust Fund, a defined contribution plan with 8,185 participants. A person can be counted in more than one plan, so the participant total is a count of records rather than of people.
Employer contributions across the plans were $16.8M and participant contributions $0 in the latest plan years; benefits paid were $19.5M. Schedule C compensation reported to service provider organisations totalled $1.0M.
Combined net assets moved from $165M in 2009 to $15.0M in 2025 (down 91%). Plan mergers and spin-offs show up here as steps in the series.
Plans
| Plan | Kind | Plan year | Participants | Net assets | Per participant | Employer / active | Sch. C compensation |
|---|---|---|---|---|---|---|---|
| Operating Engineers Local 428 Annuity Trust Fund | defined contribution plan | 2024 | 8,185 | $313M | $38,281 | $2,051 | $735K |
| Arizona Operating Engineers Pension Plan | defined benefit pension plan | 2025 | 1,395 | $15.0M | $10,738 | — | $273K |
| US median, plan year 2024: DC plans $53,102 per participant, $2,175 employer contribution per active participant; DB plans $86,221 and $10,244. | |||||||
Trend by plan year
| Plan year | Plans | Participant records | Net assets | Employer contributions | Participant contributions |
|---|---|---|---|---|---|
| 2025 | 1 | 1,395 | $15.0M | $0 | $0 |
| 2024 | 2 | 9,658 | $330M | $16.8M | $0 |
| 2023 | 2 | 9,366 | $310M | $17.0M | $0 |
| 2022 | 2 | 9,308 | $277M | $13.5M | $0 |
| 2021 | 2 | 9,252 | $335M | $11.1M | $0 |
| 2020 | 2 | 8,933 | $314M | $13.0M | $0 |
| 2019 | 2 | 8,761 | $290M | $10.4M | $0 |
| 2018 | 2 | 8,596 | $251M | $8.9M | $0 |
| 2017 | 2 | 8,480 | $280M | $6.3M | $0 |
| 2016 | 1 | 2,155 | $38.8M | $0 | $0 |
| 2015 | 2 | 8,793 | $242M | $5.3M | $0 |
| 2014 | 2 | 8,797 | $256M | $5.3M | $0 |
| 2013 | 2 | 9,215 | $257M | $5.7M | $0 |
| 2012 | 2 | 9,362 | $240M | $5.8M | $0 |
| 2011 | 2 | 9,392 | $224M | $13.2M | $0 |
| 2010 | 2 | 9,777 | $225M | $10.2M | $0 |
| 2009 | 1 | 7,489 | $165M | $6.7M | $0 |
History of the plans listed above, in the years each filed the full Form 5500 with 100 or more participants. Plans that have since terminated are not included.
Service providers
| Organisation | Services reported | Plans | Compensation reported |
|---|---|---|---|
| Verus Advisors, Inc. | Consulting (pension); Investment advisory (plan) | 2 | $163,376 |
| JP Morgan Asset Management | Investment management | 2 | $133,141 |
| LSV Asset Management | — | 1 | $110,403 |
| Western Asset Management Company | Investment management | 1 | $104,898 |
| The Segal Company | Actuarial; Consulting (pension); Consulting (general) | 2 | $80,877 |
| Southwest Service Administrators | Participant communication; Copying and duplicating; Recordkeeping and information management; Contract Administrator | 1 | $63,173 |
| Southwest Service Administrators | Participant communication; Copying and duplicating; Recordkeeping and information management; Plan Administrator | 1 | $61,301 |
| Segal Select Insurance Brokerage | — | 1 | $59,500 |
| Baldwin Moffitt Behm LLP | Accounting (including auditing) | 2 | $49,069 |
| Panagora Asset Management, Inc. | — | 1 | $46,463 |
| Spencer Fane LLP | Legal | 1 | $32,358 |
| Spencer Fane LLP | Legal | 1 | $30,606 |
| PNC Bank | Custodial (securities) | 1 | $30,583 |
| Letterstream | Copying and duplicating | 1 | $22,131 |
| Mosaic | Copying and duplicating | 1 | $11,851 |
Organisations paid $5,000 or more by any of these plans, from Schedule C. Individuals are not shown.
Questions and answers
How many retirement plans does Operating Engineers Local 428 Annuity Trust Fund have?
2 plans with 100 or more participants filed Form 5500 under its employer identification number for the latest plan years: Operating Engineers Local 428 Annuity Trust Fund and Arizona Operating Engineers Pension Plan. Smaller plans and plans filed under a subsidiary's number are not grouped here.
How much does Operating Engineers Local 428 Annuity Trust Fund contribute to its plans?
$16,790,494 in employer contributions across these plans in their latest plan years, about $2,051 per active participant record. Form 5500 reports totals and not the match or accrual formula.
Who provides services to these plans?
Schedule C filings name Verus Advisors, Inc., JP Morgan Asset Management, LSV Asset Management and Western Asset Management Company and others. Only organisations paid $5,000 or more by a plan are listed on Schedule C.
Where does this come from?
Form 5500 annual reports filed with the Department of Labor's EFAST2 system, from the EBSA research files, with filings received through 24 Aug 2026. Figures are as filed and may be amended.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files, public domain, with filings received through 24 Aug 2026. Plans are grouped by the sponsor's employer identification number exactly as filed; a company that files under several EINs appears as several employers. See the methodology and corrections.