Industry sector · Form 5500 business code 23xxxx
Construction: retirement plans
Plans whose sponsor entered a business code in this sector on Form 5500.
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. The business code is chosen by the filer from the list in the Form 5500 instructions.
For plan year 2024, 5,205 retirement plans in construction with 100 or more participants filed Form 5500: 4,542 defined contribution and 663 defined benefit. They reported 9,542,183 participant records and $731.7B in net assets, counting every plan on the form.
The median defined contribution plan held $54,767 per participant, close to the national median of $53,031, and its employer put in $2,722 per active participant (national: $2,174). Among plans reporting Schedule C compensation the median was $162 per participant against $123 nationally.
Employers contributed $36.5B and participants $9.78B during the year, and the plans paid out $52.5B in benefits.
In 2009 the same group numbered 4,608 plans with $227.2B; by 2024 it was 5,205 plans (up 13%) and $731.7B (up 222%). From plan year 2023 the 100-participant line counts participants with account balances, which moved many plans to the short form.
Medians compared with all US plans
| Median plan, plan year 2024 | Industry: DC | US: DC | Industry: DB | US: DB |
|---|---|---|---|---|
| Net assets per participant | $54,767 | $53,031 | $100,664 | $86,234 |
| Employer contributions per active participant | $2,722 | $2,174 | $13,333 | $10,244 |
| Schedule C compensation per participant | $162 | $123 | $444 | $344 |
| Schedule C compensation, share of net assets | 0.33% | 0.26% | 0.46% | 0.42% |
| Administrative expenses per participant | $166 | $116 | $596 | $527 |
Medians across plans with 100 or more participants (4,214 DC and 658 DB plans with a Schedule H here). Fee medians cover plans reporting an amount. DC: defined contribution, such as 401(k) and 403(b). DB: defined benefit pension.
Distribution of DC plans
| Measure | 25th percentile | Median | 75th percentile | Plans |
|---|---|---|---|---|
| Net assets per participant | $27,840 | $54,767 | $98,907 | 4,214 |
| Employer contributions per active participant | $1,438 | $2,722 | $5,547 | 4,145 |
| Schedule C compensation per participant | $82.53 | $162 | $281 | 3,761 |
| Administrative expenses per participant | $76.32 | $166 | $282 | 3,993 |
Trend by plan year
| Plan year | Plans 100+ | Participants | Net assets | Employer contributions | Participant contributions | Median DC assets / participant | Median DC Sch. C / participant |
|---|---|---|---|---|---|---|---|
| 2025partial | 658 | 1,773,977 | $103.5B | $4.74B | $1.57B | $73,588 | $201 |
| 2024 | 5,205 | 9,542,183 | $731.7B | $36.5B | $9.78B | $54,767 | $162 |
| 2023 | 5,175 | 9,158,190 | $659.7B | $34.3B | $8.85B | $48,869 | $147 |
| 2022 | 5,918 | 8,374,433 | $568.5B | $31.4B | $8.26B | $36,305 | $132 |
| 2021 | 5,735 | 8,628,923 | $628.6B | $29.7B | $7.36B | $43,214 | $138 |
| 2020 | 5,597 | 8,346,850 | $581.3B | $27.3B | $6.70B | $40,702 | $122 |
| 2019 | 5,381 | 8,196,174 | $496.1B | $27.7B | $6.28B | $35,465 | $116 |
| 2018 | 4,973 | 7,092,224 | $385.8B | $23.1B | $5.58B | $31,192 | $112 |
| 2017 | 4,777 | 6,921,705 | $395.6B | $21.8B | $4.94B | $34,647 | $97.32 |
| 2016 | 4,524 | 6,758,448 | $353.4B | $20.2B | $4.44B | $31,741 | $85.87 |
| 2015 | 4,347 | 6,546,191 | $323.8B | $18.8B | $4.05B | $30,391 | $82.76 |
| 2014 | 4,217 | 6,355,642 | $321.3B | $16.9B | $3.57B | $31,098 | $78.46 |
| 2013 | 4,134 | 6,132,869 | $303.0B | $15.3B | $3.15B | $31,164 | $70.38 |
| 2012 | 4,113 | 6,088,703 | $268.1B | $14.5B | $2.85B | $27,281 | $71.25 |
| 2011 | 4,136 | 6,038,091 | $242.6B | $13.5B | $2.73B | $24,635 | $69.01 |
| 2010 | 4,297 | 6,096,222 | $246.2B | $12.5B | $2.73B | $24,200 | $68.78 |
| 2009 | 4,608 | 6,344,413 | $227.2B | $12.8B | $2.93B | $20,686 | $57.40 |
Plan year is the year in which the plan year began. The drop in large plans from 2023 follows a rule change: the 100-participant line now counts participants with account balances, so many plans moved to the short form.
Provider share
Service provider organisations named most often on the Schedule C of the 5,259 plans on this page's list, by number of plans. A plan usually names several providers.
Largest plans
The 50 largest by participants of 5,259 plans with a page on this site.
| Plan | Sponsor | State | Type | Participants | Net assets | Per participant | Employer / active | Sch. C / participant |
|---|---|---|---|---|---|---|---|---|
| National Electrical Benefit Fund | Trustees of the National Electrical Benefit Fund | MD | DB | 736,031 | $20.8B | $28,304 | $2,845 | $75.74 |
| United Association National Pension Fund | B/o/t United Association National Pension Fund | VA | DB | 196,837 | $7.70B | $39,122 | $5,521 | $88.19 |
| National Electrical Annuity Plan | Trustees of the National Electrical Annuity Plan | MD | DC | 195,719 | $19.2B | $97,856 | $13,948 | $140 |
| Sheet Metal Workers' National Pension Fund | BD of Trustees Sheet Metal Workers' National Pension Fund | VA | DB | 152,375 | $8.26B | $54,238 | $10,087 | $110 |
| Western States Carpenters Pension Plan | Joint Board of Trustees Western States Carpenters Pension Plan | CA | DB | 139,574 | $11.3B | $81,223 | $6,040 | $109 |
| International Painters and Allied Trades Industry Pension Plan | Intl Painters & Allied Trades Ind. Pension Fund- Board of Trustees | MD | DB | 95,494 | $4.44B | $46,461 | $10,031 | $131 |
| Southwest Carpenters Annuity Fund | Board of Trustees, Southwest Carpenters Annuity Fund | CA | DC | 93,934 | $1.13B | $12,074 | $1,954 | $40.86 |
| Boilermaker-Blacksmith National Pension Trust | Board of Trustees Boilermaker-Blacksmith National | MO | DB | 80,280 | $7.38B | $91,885 | $14,669 | $443 |
| Laborers Annuity Plan for Northern California | Board of Trustees Laborers Pension Trust Fund for Nor Cal-Annuity | CA | DC | 78,189 | $1.54B | $19,659 | $5,209 | $47.46 |
| Bricklayers & Trowel Trades International Pension Fund | Bricklayers & Trowel Trades Intl Pension FD BD of Trustee | DC | DB | 77,108 | $2.07B | $26,836 | $4,413 | $94.79 |
| Carpenters Annuity Trust Fund for Northern California | Carpenters Annuity Trust Fund for Northern California | CA | DC | 64,162 | $3.48B | $54,266 | $4,549 | $115 |
| Liuna National (Industrial) Pension Fund | Board of Trustees of the Liuna National (Industrial) Pension Fund | DC | DB | 63,303 | $1.65B | $26,051 | $4,478 | $144 |
| Central Midwest Regional Council of Carpenters Defined Contribution Pension Plan | Trustees of Central Midwest Regional Council of Carpenters DC Pension | MI | DC | 55,172 | $1.59B | $28,794 | $5,159 | $82.57 |
| National Elevator Industry Pension Plan | National Elevator Industry Pension Plan Plan Board of Trustees | PA | DB | 54,107 | $11.7B | $216,919 | $20,255 | $508 |
| Quanta Services, Inc. 401(k) Savings Plan | Quanta Services Inc. | TX | DC | 54,016 | $2.20B | $40,746 | $2,103 | $34.62 |
| Construction Laborers Annuity Plan for Southern California | Board of Trustees,construction Laborers Annuity Plan for Southern Cali | CA | DC | 51,834 | $272M | $5,254 | $1,711 | $11.00 |
| International Brotherhood of Trade Unions Local 713 Annuity Fund | Board of Trustees Local 713 Annuity Fund | NY | DC | 50,911 | $33.8M | $663 | $118 | $8.22 |
| Carpenters Pension Trust Fund for Northern California | Carpenters Pension Trust Fund | CA | DB | 50,394 | $6.58B | $130,475 | $16,173 | $288 |
| N. Atlantic States Carp. Pension Fund | Bot of the North Atlantic States Carpenters Pension Fund | MA | DB | 45,727 | $4.91B | $107,373 | $16,821 | $252 |
| Pension Trust Fund for Operating Engineers | Board of Trustees, Pension Trust Fund for Operating | CA | DB | 45,574 | $5.40B | $118,390 | $17,354 | $331 |
| Laborers Pension Trust Fund for Northern California | Board of Trustees Laborers Pension Trust Fund for Northern California | CA | DB | 44,826 | $5.45B | $121,670 | $17,526 | $301 |
| Construction Laborers Pension Trust Fund for Southern California | Board of Trustees,construction Laborers Pension Trust for Southern Cal | CA | DB | 42,443 | $3.67B | $86,550 | $9,639 | $460 |
| Laborers National Pension Fund | Board of Trustees of the Laborers National Pension Fund | TX | DB | 40,898 | $1.53B | $37,431 | $8,361 | $124 |
| Pension, Hospitalization & Benefit Plan of the Electrical Industry - Pension Trust Acct | BD of TR of the Pension, Hosp & Benefit PL of the Elec Ind-Pension | NY | DB | 40,749 | $5.24B | $128,644 | $8,119 | $486 |
| Operating Engineers Pension Trust | Board of Trustees, Operating Engineers Pension Trust | CA | DB | 40,018 | $3.65B | $91,257 | $17,462 | $504 |
| Annuity Plan of the Electrical Industry | Board of Trustees of the Annuity Plan of the Electrical Industry | NY | DC | 39,697 | $2.28B | $57,490 | $5,387 | $175 |
| Eastern Atlantic States Carpenters Pension Fund | Board of Trustees Eastern Atlantic States Carpenters Pension Fund | PA | DB | 39,234 | $4.55B | $115,894 | $18,052 | $281 |
| New York District Council of Carpenters Annuity FD | Board of Trustees of the Nydcc Annuity FD | NY | DC | 38,355 | $3.69B | $96,222 | $10,714 | $5.25 |
| Mid-America Carpenters Regional Council Supplemental Retirement Plan | Board of Trustees of Mid-America Carp Reg Council Supplemental Retirem | IL | DC | 37,703 | $2.02B | $53,632 | $10,810 | $65.26 |
| Mid-America Carpenters Regional Council Pension Fund | Board of Trustees of Mid-America Carpenters Regional Council Pension F | IL | DB | 37,623 | $6.30B | $167,547 | $23,551 | $269 |
| Elevator Constructors Annuity and 401(k) Retirement Plan | BD of Trustees of the Elev Constu Annuity and 401(k) Ret Plan | PA | DC | 37,105 | $7.29B | $196,467 | $16,604 | $80.76 |
| Eastern Atlantic States Carpenters Annuity Fund | Board of Trustees Eastern Atlantic States Carpenters Annuity Fund | PA | DC | 34,950 | $2.17B | $62,194 | $7,591 | $92.69 |
| National Automatic Sprinkler Industry Pension Fund | National Automatic Sprinkler Industry Pension Fund JT Board of Trustee | MD | DB | 34,009 | $4.75B | $139,691 | $13,506 | $686 |
| Deferred Salary Plan of the Electrical Industry | Board of Trustees of the Deferred Salary Plan of the Electrical Ind | NY | DC | 33,824 | $7.99B | $236,139 | $14,185 | $128 |
| National Roofing Industry Pension Fund | National Roofing Industry Pension Fund Wilson-McShane Corporation | MN | DB | 33,418 | $2.39B | $71,477 | $4,563 | $175 |
| International Brotherhood of Electrical Workers District No. 9 Pension Plan | Board of Trustees, International Brotherhood of | OR | DC | 32,974 | $2.47B | $74,792 | $4,121 | $33.90 |
| Peter Kiewit Sons, Inc. Retirement Savings Plan | Peter Kiewit Sons, Inc. | NE | DC | 32,312 | $3.37B | $104,188 | $4,519 | $68.29 |
| Midwest Operating Engineers Pension Trust Fund | Trustees of the Midwest Operating Engineers Pension Trust Fund | IL | DB | 31,707 | $5.77B | $182,108 | $26,010 | $409 |
| Massachusetts Laborers' Annuity Fund | Bd. of Trustees of Mass. Laborers Annuity Fund | MA | DC | 31,668 | $2.26B | $71,379 | $10,967 | $144 |
| Ohio Carpenters' Pension Plan | Trustees of Ohio Carpenters' Pension Plan | MI | DB | 31,115 | $2.12B | $68,151 | $13,790 | $215 |
| Laborers District Council & Contractors Pension Fund of Ohio | BD of Trustees, Laborers Dist Council & Constrs Pension Fund | OH | DB | 30,539 | $2.69B | $88,040 | $6,524 | $519 |
| National Electrical 401(k) Plan | Trustees of the National Electrical 401(k) Plan | MD | DC | 30,463 | $176M | $5,762 | $16 | $18.64 |
| Chicago & Vicinity Laborers' District Council Pension Plan | BD of Trustees, Chicago & Vicinity Laborers' Distr. Council Pens Fund | IL | DB | 30,331 | $5.23B | $172,308 | $27,637 | $328 |
| New York District Council of Carpenters Pension PL | Board of Trustees of Nycdcc Pension Fund | NY | DB | 30,149 | $5.21B | $172,686 | $20,586 | $328 |
| The Mastec, Inc. 401(k) Retirement Plan | Mastec, Inc. | FL | DC | 29,923 | $918M | $30,666 | $1,524 | $36.73 |
| Boilermakers National Annuity Trust | Board of Trustees Boilermakers National Annuity | MO | DC | 29,668 | $1.28B | $43,001 | $3,008 | $214 |
| Sprinkler Industry Supplemental Pension Fund | Sprinkler Industry Supplemental Pension Fund Joint Board of Trustees | MD | DC | 29,607 | $2.94B | $99,312 | $7,330 | $215 |
| Southern California Ibew-Neca Defined Contribution Plan | Board of Trustees, Southern California Ibew-Neca | CA | DC | 29,361 | $1.28B | $43,617 | $2,413 | $161 |
| Pension Trust Fund for Operating Engineers Annuity Plan | Board of Trustees, Operating Engineers Annuity Plan | CA | DC | 28,957 | $654M | $22,590 | $1,771 | $56.51 |
| Michigan Laborers' Pension Plan | Board of Trustees Michigan Laborers' Pension Fund | MI | DB | 28,837 | $1.33B | $46,125 | $6,557 | $182 |
By plan size
By state
Business codes in this sector
| Code | Principal business activity | Plans 100+ | Participants | Net assets |
|---|---|---|---|---|
| 238900 | Other Specialty Trade Contractors (including site preparation) | 1,028 | 1,640,381 | $124.8B |
| 236200 | Nonresidential Building Construction | 862 | 1,434,378 | $124.4B |
| 238220 | Plumbing, Heating, & Air-Conditioning Contractors | 765 | 1,132,253 | $98.5B |
| 238210 | Electrical Contractors | 721 | 2,088,748 | $156.9B |
| 237310 | Highway, Street, & Bridge | 424 | 653,211 | $45.8B |
| 238100 | Foundation, Structure, & Building Exterior Contractors (including framing carpentry, masonry, glass, roofing, & siding) | 369 | 1,000,743 | $59.4B |
| 236110 | Residential Building Construction | 325 | 242,806 | $20.2B |
| 237990 | Other Heavy & Civil Engineering Construction | 304 | 700,637 | $64.2B |
| 238300 | Building Finishing Contractors (including drywall, insulation, painting, wallcovering, flooring, tile, & finish carpentry) | 219 | 457,078 | $24.5B |
| 237100 | Utility System Construction | 108 | 88,100 | $5.26B |
| 238290 | Other Building Equipment Contractors | 47 | 80,443 | $6.25B |
| 237210 | Land Subdivision | 32 | 23,154 | $1.59B |
Codes with 20 or more plans of 100+ participants in plan year 2024. Labels are from the official Form 5500 instructions.
Questions and answers
How many retirement plans are there in construction?
5,205 plans with 100 or more participants filed Form 5500 for plan year 2024, out of 9,313 pension plans on the full form. Smaller plans file Form 5500-SF and are counted separately where shown.
What is the typical 401(k) balance in construction?
The median defined contribution plan reported $54,767 in net assets per participant (middle half of plans: $27,840 to $98,907); nationally it was $53,031. This is a plan-level average that includes former employees, not a typical person's balance.
What do employers contribute in construction?
The median defined contribution plan received $2,722 in employer contributions per active participant, against $2,174 nationally. Plans with no employer contribution are included at zero.
What are average 401(k) fees in construction?
Among defined contribution plans that report any Schedule C compensation, the median was $162 per participant and 0.33% of net assets (nationally $123 and 0.26%). Schedule C leaves out fund expense ratios and fees the employer pays, so it understates total cost.
Where does this come from?
Form 5500 annual reports in the EBSA research files, with filings received through 24 Aug 2026. Medians are computed by this site across plans with 100 or more participants.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files, public domain, with filings received through 24 Aug 2026. Totals count every pension plan on the full form; medians and the plan list cover plans with 100 or more participants. See the methodology.