New York › Finance and insurance › 1,000 to 4,999 participants
Form 5500 statement · plan year 1 Jul 2024 to 30 Jun 2025
Local 138, 138A, 138B & 138C Internati of Operating Engineers Annuity Fund
Sponsored by Board of Trustees Local 138, 138A, 138B & 138C IUOE Annuity Fund, Farmingdale, 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.
Board of Trustees Local 138, 138A, 138B & 138C IUOE Annuity Fund of Farmingdale, New York sponsors Local 138, 138A, 138B & 138C Internati of Operating Engineers Annuity Fund, a profit-sharing plan. Its Form 5500 for the plan year ending 30 Jun 2025 shows 2,804 participants (1,406 active) and $387M in net assets. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $138,189 per participant, well above the $50,295 median for defined contribution plans with 1,000 to 4,999 participants and well above the $92,294 median for defined contribution plans in finance and insurance. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
The employer contributed $28.3M during the year, or $20,126 per active participant against a same-size median of $2,045; participants contributed —. Benefits paid out totalled $26.1M.
Schedule C lists 14 service provider organisations paid $5,000 or more, with reported compensation of $3.2M: $1,127 per participant, well above the same-size median of $82.08. Administrative expenses charged to the plan were $3.1M. 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 $166M in 2009 to $387M in 2024 (up 134%), and participants from 1,172 to 2,804 (up 139%).
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 DC plans |
|---|---|---|---|---|
| Net assets per participant | $138,189 | $50,295 | $92,294 | $53,102 |
| Employer contributions per active participant | $20,126 | $2,045 | $3,564 | $2,175 |
| Schedule C compensation per participant | $1,127 | $82.08 | $137 | $123 |
| Schedule C compensation, share of net assets | 0.81% | 0.17% | 0.17% | 0.26% |
| Administrative expenses per participant | $1,115 | $82.20 | $130 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 1,000 to 4,999 participants (10,207 plans), finance and insurance (4,391) and all US plans (63,460). 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 | 2,804 | $387M | $138,189 | $28.3M | — | $3.2M |
| 2023 | 2,763 | $356M | $128,937 | $26.0M | — | $2.8M |
| 2022 | 3,020 | $328M | $108,663 | $25.7M | — | $2.7M |
| 2021 | 2,508 | $299M | $119,411 | $24.6M | — | $2.7M |
| 2020 | 2,249 | $319M | $142,022 | $21.0M | — | $2.4M |
| 2019 | 2,279 | $289M | $126,758 | $21.6M | — | $2.2M |
| 2018 | 2,423 | $275M | $113,439 | $19.9M | — | $2.4M |
| 2017 | 2,114 | $257M | $121,658 | $17.3M | — | $2.0M |
| 2016 | 2,109 | $241M | $114,499 | $14.9M | — | $1.7M |
| 2015 | 2,068 | $230M | $111,268 | $14.4M | — | $1.3M |
| 2014 | 2,938 | $227M | $77,324 | $13.6M | — | $1.2M |
| 2013 | 2,802 | $225M | $80,141 | $13.0M | — | $1.2M |
| 2012 | 2,195 | $206M | $93,823 | $13.7M | — | $1.1M |
| 2011 | 1,782 | $194M | $108,792 | $13.4M | — | $1.2M |
| 2010 | 1,328 | $183M | $137,535 | $11.9M | — | $956K |
| 2009 | 1,172 | $166M | $141,254 | $13.5M | — | $1.1M |
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$356,252,663
- Employer contributions$28,296,566
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$28,296,566
- Total income, including investment results$60,462,242
- Benefits paid$26,106,607
- Administrative expenses$3,127,332
- Total expenses$29,233,939
- Net income$31,228,303
- Net transfers$0
- Net assets, end of year$387,480,966
Participants
- Active participants1,406
- Retired or separated, receiving benefits46
- Retired or separated, entitled to future benefits1,352
- Participants with account balances2,804
- Total participants, end of year2,804
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| IUOE Local 138 Apprentice Fund | Other services | $477,344 | $0 |
| UBS Financial Services Inc. | Custodial (securities); Investment management | $414,873 | $0 |
| Eaton Vance | Investment management | $392,922 | $0 |
| IUOE Local 138 Welfare Fund | Other services | $383,991 | $0 |
| IUOE Local 138, 138A, 138B, 138C | Other services | $382,618 | $0 |
| Tocqueville | Investment management | $244,264 | $0 |
| Intercontinental Real Estate | Investment management | $239,392 | $0 |
| BlackRock | Investment management | $221,320 | $0 |
| John Hancock | Custodial (securities); Investment management | $104,116 | $2,114 |
| 138 Boulevard Building Corp. | Other services | $91,000 | $0 |
| Dahab Associates | Investment management | $72,837 | $0 |
| Citrin Cooperman & Company LLP | Accounting (including auditing) | $66,780 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. 2 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$1,648,763
- Salaries and allowances$700,637
- Other administrative expenses$618,829
- Legal fees$87,179
- IQPA audit fees$53,424
- Actuarial fees$18,500
- Total administrative expenses$3,127,332
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.
- Registered investment companies (mutual funds)$176M · 45.3%
- Corporate debt instruments$80.1M · 20.6%
- Corporate stocks$64.4M · 16.5%
- U.S. Government securities$23.6M · 6.0%
- Other investments$20.9M · 5.4%
- Common/collective trusts$13.0M · 3.3%
- Cash (interest and non-interest bearing)$7.7M · 2.0%
- Receivables$3.5M · 0.9%
- Buildings and other property used in plan operation$5,028 · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmCitrin Cooperman & Company 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
2EProfit-sharing plan2GTotal participant-directed account plan2HPartial participant-directed account plan
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 525100: Insurance & Employee Benefit Funds.
Similar plans in New York
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| NBT Bancorp Inc. 401(k) & Employee Stock Ownership Plan | NBT Bancorp Inc. | 2,810 | $415M | $147,819 |
| Emblemhealth Services Company, LLC 401(k) Plan | Emblemhealth Services Company LLC | 2,792 | $378M | $135,293 |
| C.V. Starr & Co., Inc. Incentive Savings Plan | C.V. Starr & Co., Inc. | 2,862 | $487M | $170,094 |
| Local 670 Annuity Fund | Local 670 Annuity Fund Joint Board of Trustees | 2,692 | $28.0M | $10,387 |
| Lazard Freres & Co. LLC Employees' Savings Plan | Lazard Freres & Co. LLC | 3,047 | $832M | $273,063 |
| Two Sigma 401(k) Plan | Two Sigma Investments, LP | 2,583 | $698M | $270,384 |
Defined contribution plans in finance and insurance closest in size.
Questions and answers
How big is Local 138, 138A, 138B & 138C Internati of Operating Engineers Annuity Fund?
2,804 participants at the end of the plan year ending 30 Jun 2025, of whom 1,406 were active employees, with net assets of $387,480,966. Among defined contribution plans that places it in the 1,000 to 4,999 participants band, which held 10,207 plans in plan year 2024.
What does Board of Trustees Local 138, 138A, 138B & 138C IUOE Annuity Fund contribute per participant?
The filing reports $28,296,566 in employer contributions for the year, which is $20,126 per active participant; the median for plans of the same type and size was $2,045 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 $3,159,201 in compensation to service provider organisations, $1,127 per participant or 0.81% of net assets. The same-size median among plans reporting any Schedule C compensation was $82.08 per participant. Administrative expenses on Schedule H were $3,127,332. 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 Local 138, 138A, 138B & 138C IUOE Annuity Fund. Investment advisory or management: UBS Financial Services Inc., Eaton Vance and Tocqueville. Trustee or custodian: UBS Financial Services Inc. and John Hancock. The financial statements were audited by Citrin Cooperman & Company 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 Jul 2024 to 30 Jun 2025, received by the Department of Labor on 7 Apr 2026. 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 11-2653717, plan 002, received 7 Apr 2026; 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.