New York › Construction › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Sheet Metal Workers Local Union No. 28 Pension Fund
Sponsored by Board of Trustees of SMW Lu No. 28 Pension Fund, Mineola, NY
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, Sheet Metal Workers Local Union No. 28 Pension Fund covered 5,570 participants and held $364M in net assets. The plan is a defined benefit pension plan sponsored by Board of Trustees of SMW Lu No. 28 Pension Fund of Mineola, New York. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $65,370 per participant, well below the $87,623 median for defined benefit plans with 5,000 to 24,999 participants and well below 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 $13.1M for the year ($6,603 per active participant) and benefits paid were $18.4M. 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 $742K: $133 per participant, well below the same-size median of $232. Administrative expenses charged to the plan were $1.8M. 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 $77.3M in 2009 to $364M in 2024 (up 371%), and participants from 4,546 to 5,570 (up 23%).
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 | $65,370 | $87,623 | $100,593 | $86,221 |
| Employer contributions per active participant | $6,603 | $9,468 | $13,292 | $10,244 |
| Schedule C compensation per participant | $133 | $232 | $443 | $344 |
| Schedule C compensation, share of net assets | 0.20% | 0.30% | 0.46% | 0.42% |
| Administrative expenses per participant | $315 | $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 | 5,570 | $364M | $65,370 | $13.1M | — | $742K |
| 2023 | 5,572 | $330M | $59,247 | $13.6M | — | $601K |
| 2022 | 5,542 | $299M | $54,003 | $15.1M | — | $580K |
| 2021 | 5,774 | $334M | $57,763 | $16.2M | — | $529K |
| 2020 | 5,635 | $289M | $51,368 | $16.8M | — | $431K |
| 2019 | 5,752 | $255M | $44,291 | $19.9M | — | $459K |
| 2018 | 5,616 | $209M | $37,172 | $20.2M | — | $486K |
| 2017 | 5,379 | $207M | $38,526 | $18.4M | — | $590K |
| 2016 | 5,229 | $175M | $33,519 | $18.4M | — | $630K |
| 2015 | 5,083 | $156M | $30,765 | $16.4M | — | $1.2M |
| 2014 | 4,945 | $150M | $30,412 | $16.4M | — | $1.1M |
| 2013 | 4,791 | $135M | $28,083 | $14.5M | — | $1.2M |
| 2012 | 4,639 | $110M | $23,808 | $13.1M | — | $1.1M |
| 2011 | 4,427 | $94.2M | $21,279 | $10.9M | — | $1.1M |
| 2010 | 4,525 | $87.7M | $19,382 | $9.3M | — | $361K |
| 2009 | 4,546 | $77.3M | $16,993 | $10.0M | — | $268K |
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$330,126,671
- Employer contributions$13,133,779
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$13,133,779
- Total income, including investment results$54,132,590
- Benefits paid$18,394,442
- Administrative expenses$1,756,188
- Total expenses$20,150,630
- Net income$33,981,960
- Net transfers$0
- Net assets, end of year$364,108,631
Participants
- Active participants1,989
- Retired or separated, receiving benefits1,775
- Retired or separated, entitled to future benefits1,553
- Total participants, end of year5,570
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Westfield Capital Management LP | Investment management | $130,544 | $0 |
| Milliman, Inc. | — | $83,220 | $0 |
| Loomis, Sayles & Company | Investment management | $74,213 | $0 |
| Fenimore Asset Management | Investment management fees paid directly by plan | $72,724 | $0 |
| Calibre CPA Group, PLLC | Accounting (including auditing) | $56,774 | $0 |
| Proskauer Rose, LLP | Legal | $53,390 | $0 |
| Eagle Asset Management | Investment management | $44,666 | $0 |
| McMorgan & Company LLC | Investment management fees paid directly by plan | $41,103 | $0 |
| Reynolds Consulting Services | Investment advisory (plan) | $29,150 | $0 |
| Colleran, O'Hara & Mills LLP | Legal | $26,115 | $0 |
| Harding Loevner | Investment management | $24,372 | $0 |
| Syntonic System, Inc. | — | $20,612 | $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
- Investment advisory and management fees$673,715
- Salaries and allowances$439,663
- Other administrative expenses$395,953
- Actuarial fees$83,220
- Legal fees$79,505
- IQPA audit fees$42,900
- Recordkeeping fees$23,624
- Trustee and custodial fees$17,608
- Total administrative expenses$1,756,188
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.
- Common/collective trusts$172M · 47.2%
- Corporate stocks$52.6M · 14.4%
- Partnership/joint venture interests$32.9M · 9.0%
- Cash (interest and non-interest bearing)$31.4M · 8.6%
- Pooled separate accounts$30.9M · 8.5%
- Registered investment companies (mutual funds)$17.5M · 4.8%
- 103-12 investment entities$7.0M · 1.9%
- U.S. Government securities$6.8M · 1.9%
- Other investments$5.9M · 1.6%
- Corporate debt instruments$4.1M · 1.1%
- Real estate$1.8M · 0.5%
- Receivables$1.5M · 0.4%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmCalibre CPA Group PLLC
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $5,000,000
- 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)
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 238900: Other Specialty Trade Contractors (including site preparation).
Similar plans in New York
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Metal Trades Branch Local 638 Pension Fund | Metal Trades Branch Local 638 Pension Fund | 6,271 | $1.02B | $162,632 |
| IUOE Local 30 Pension Fund | BD of Trustees IUOE Local 30 Pension Fund | 5,116 | $376M | $73,562 |
| Upstate New York Engineers Pension Fund | BD of Trust Upstate New York Engineers Pension Fund | 6,843 | $454M | $66,319 |
| IBEW Local 1249 Pension Plan | IBEW Local 1249 Pension Fund Board of Trustees | 5,077 | $664M | $130,737 |
| Excavators Union Local 731 Pension Fund | Excavators Union Pension Fund Loca | 11,892 | $3.01B | $253,288 |
| Iron Workers Locals 40, 361 & 417 Pension Fund | Board of Trustees Iron Workers Locals 40, 361 & 417 Pension Fund | 4,795 | $706M | $147,161 |
Defined benefit plans in construction closest in size.
Questions and answers
How big is Sheet Metal Workers Local Union No. 28 Pension Fund?
5,570 participants at the end of the plan year ending 31 Dec 2024, of whom 1,989 were active employees, with net assets of $364,108,631. 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 Board of Trustees of SMW Lu No. 28 Pension Fund contribute per participant?
The filing reports $13,133,779 in employer contributions for the year, which is $6,603 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 $742,066 in compensation to service provider organisations, $133 per participant or 0.20% of net assets. The same-size median among plans reporting any Schedule C compensation was $232 per participant. Administrative expenses on Schedule H were $1,756,188. 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 Board of Trustees of SMW Lu No. 28 Pension Fund. Investment advisory or management: Westfield Capital Management LP, Loomis, Sayles & Company and Eagle Asset Management. The financial statements were audited by Calibre CPA Group PLLC. 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 14 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 11-2480671, plan 001, received 14 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.