Massachusetts › Construction › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
N. Atlantic States Carp. Guaranteed Annuity Fund
Sponsored by Bot of the North Atlantic States Carpenters Guaranteed Annuity Fund, Wilmington, MA
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. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
In the plan year ending 31 Dec 2024, N. Atlantic States Carp. Guaranteed Annuity Fund covered 23,724 participants and held $3.70B in net assets. The plan is a cash balance pension plan sponsored by Bot of the North Atlantic States Carpenters Guaranteed Annuity Fund of Wilmington, Massachusetts. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $155,899 per participant, well above the $87,623 median for defined benefit plans with 5,000 to 24,999 participants and well above the $100,593 median for defined benefit plans in construction. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
Employer contributions were $112M for the year ($10,787 per active participant) and benefits paid were $177M. In a defined benefit plan the employer's contribution follows funding rules rather than a match formula, so it can swing widely from year to year.
Schedule C lists 15 service provider organisations paid $5,000 or more, with reported compensation of $6.0M: $252 per participant, above the same-size median of $232. Administrative expenses charged to the plan were $13.5M. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
Across the filings on record, net assets went from $1.38B in 2009 to $3.70B in 2024 (up 167%), and participants from 32,735 to 23,724 (down 28%).
The independent accountant's opinion on the financial statements was unmodified (unqualified).
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DB plans |
|---|---|---|---|---|
| Net assets per participant | $155,899 | $87,623 | $100,593 | $86,221 |
| Employer contributions per active participant | $10,787 | $9,468 | $13,292 | $10,244 |
| Schedule C compensation per participant | $252 | $232 | $443 | $344 |
| Schedule C compensation, share of net assets | 0.16% | 0.30% | 0.46% | 0.42% |
| Administrative expenses per participant | $568 | $396 | $596 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 5,000 to 24,999 participants (651 plans), construction (655) and all US plans (5,308). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2024 | 23,724 | $3.70B | $155,899 | $112M | — | $6.0M |
| 2023 | 23,926 | $3.62B | $151,163 | $117M | — | $6.0M |
| 2022 | 23,395 | $3.48B | $148,794 | $114M | — | $6.7M |
| 2021 | 23,286 | $3.84B | $164,914 | $112M | — | $7.7M |
| 2020 | 22,459 | $3.30B | $146,840 | $97.2M | — | $7.2M |
| 2019 | 21,619 | $2.91B | $134,600 | $118M | — | $7.6M |
| 2018 | 22,457 | $2.52B | $112,122 | $116M | — | $7.2M |
| 2017 | 25,911 | $2.51B | $96,888 | $103M | — | $9.9M |
| 2016 | 24,697 | $2.19B | $88,507 | $95.6M | — | $8.8M |
| 2015 | 23,520 | $1.99B | $84,479 | $96.1M | — | $8.5M |
| 2014 | 23,458 | $1.96B | $83,503 | $83.7M | — | $8.0M |
| 2013 | 22,932 | $1.84B | $80,407 | $82.3M | — | $7.0M |
| 2012 | 21,709 | $1.67B | $76,827 | $73.5M | — | $6.4M |
| 2011 | 21,966 | $1.50B | $68,184 | $75.3M | — | $5.7M |
| 2010 | 32,207 | $1.51B | $46,927 | $71.3M | — | $4.9M |
| 2009 | 32,735 | $1.38B | $42,246 | $78.4M | — | $4.9M |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began.
Statement for the year
- Net assets, beginning of year$3,616,716,414
- Employer contributions$112,316,701
- Participant contributions—
- Rollovers and other contributions$820,842
- Total contributions$113,137,543
- Total income, including investment results$276,538,141
- Benefits paid$177,359,125
- Administrative expenses$13,476,304
- Total expenses$194,696,565
- Net income$81,841,576
- Net transfers$0
- Net assets, end of year$3,698,557,990
Participants
- Active participants10,412
- Retired or separated, receiving benefits2,025
- Retired or separated, entitled to future benefits10,499
- Total participants, end of year23,724
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Meketa Investment Group Inc. | Investment advisory (plan) | $1,049,964 | $0 |
| Washington Capital Management Inc. | Investment management | $689,421 | $0 |
| Artisan Partners LMTD Partnership | Investment management | $562,230 | $0 |
| Nasc Pension Fund Cca | Plan Administrator | $507,642 | $0 |
| Acadian Asset Management LLC | Investment management | $367,007 | $0 |
| Loomis Sayles & Company | Investment management | $303,397 | $0 |
| State Street Bank & Trust Co. | Custodial (securities); Investment management | $262,757 | $0 |
| BNY Mellon Investment Adviser Inc. | Investment management | $245,294 | $0 |
| Rice Hall James & Assoc LLC | Investment management | $231,456 | $0 |
| Dodge & Cox Investment Managers | Investment management | $221,180 | $0 |
| J.P. Morgan Chase Bank Natl Assoc. | Investment management | $188,418 | $0 |
| The Segal Company (Eastern States) | Actuarial; Consulting (general) | $167,690 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. 3 smaller rows are not shown. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Administrative expenses on Schedule H
- Other administrative expenses$7,653,503
- Investment advisory and management fees$4,951,434
- Trustee and custodial fees$426,427
- Legal fees$189,250
- Actuarial fees$167,690
- IQPA audit fees$88,000
- Total administrative expenses$13,476,304
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Partnership/joint venture interests$1.66B · 43.8%
- Common/collective trusts$636M · 16.8%
- Corporate stocks$382M · 10.0%
- 103-12 investment entities$343M · 9.0%
- U.S. Government securities$158M · 4.2%
- Real estate$140M · 3.7%
- Registered investment companies (mutual funds)$133M · 3.5%
- Corporate debt instruments$114M · 3.0%
- Cash (interest and non-interest bearing)$97.4M · 2.6%
- Participant loans$34.8M · 0.9%
- Buildings and other property used in plan operation$27.6M · 0.7%
- Other investments$25.6M · 0.7%
- Other loans$22.5M · 0.6%
- Receivables$20.2M · 0.5%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmSchultheis & Panettieri, LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $10,000,000
- Blackout period during the yearNo
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
1BBenefits are primarily flat dollar (includes dollars per year of service)1CCash balance or similar plan
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 236200: Nonresidential Building Construction.
Similar plans in Massachusetts
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| N. Atlantic States Carp. Pension Fund | Bot of the North Atlantic States Carpenters Pension Fund | 45,727 | $4.91B | $107,373 |
| Massachusetts Laborers' Pension Fund | Board of Trustees of Massachusetts Laborers' Pension Fund | 22,433 | $2.50B | $111,299 |
| Electrical Workers Pension Plan Local 103 I.B.E.W. | Joint Board of Trustees Electrical Workers Local 103 IBEW | 10,385 | $2.04B | $196,054 |
| International Union of Operating Engineers Local 4 Pension Fund | Board of Trustees I.U.O.E. Local 4 Pension Fund | 7,096 | $1.29B | $182,432 |
| Iron Workers District Council of New England Pension Fund | Board of Trustees Iron Workers | 4,993 | $682M | $136,644 |
| Painters and Allied Trades District Council No. 35 Pension Fund | BD of Trustees PDC Pension Fund | 4,737 | $805M | $170,033 |
Defined benefit plans in construction closest in size.
Questions and answers
How big is N. Atlantic States Carp. Guaranteed Annuity Fund?
23,724 participants at the end of the plan year ending 31 Dec 2024, of whom 10,412 were active employees, with net assets of $3,698,557,990. Among defined benefit plans that places it in the 5,000 to 24,999 participants band, which held 651 plans in plan year 2024.
What does Bot of the North Atlantic States Carpenters Guaranteed Annuity Fund contribute per participant?
The filing reports $112,316,701 in employer contributions for the year, which is $10,787 per active participant; the median for plans of the same type and size was $9,468 in plan year 2024. Form 5500 reports the total only. It does not state the match formula, and the per-participant figure is an average, not any one person's contribution.
What fees does the plan pay and how do they compare?
Schedule C reports $5,983,954 in compensation to service provider organisations, $252 per participant or 0.16% of net assets. The same-size median among plans reporting any Schedule C compensation was $232 per participant. Administrative expenses on Schedule H were $13,476,304. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is Bot of the North Atlantic States Carpenters Guaranteed Annuity Fund. Recordkeeping or administration: Nasc Pension Fund Cca. Investment advisory or management: Meketa Investment Group Inc., Washington Capital Management Inc. and Artisan Partners LMTD Partnership. Trustee or custodian: State Street Bank & Trust Co.. The financial statements were audited by Schultheis & Panettieri, LLP. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an unmodified (unqualified) opinion. Unmodified (formerly "unqualified") is the standard clean opinion.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 1 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 13 Oct 2025. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 04-2776873, plan 001, received 13 Oct 2025; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.