New York › Finance and insurance › 250 to 499 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
United Optical Workers Local 408 Pension Fund
Sponsored by Board of Trustees United Optical, New York, 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.
United Optical Workers Local 408 Pension Fund is a defined benefit pension plan sponsored by Board of Trustees United Optical of New York, New York. For the plan year ending 31 Dec 2024 it reported 435 participants, and net assets of $119K.
Net assets came to $273 per participant, well below the $87,254 median for defined benefit plans with 250 to 499 participants and well below the $119,983 median for defined benefit 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.
Schedule C lists 2 service provider organisations paid $5,000 or more, with reported compensation of $99K: $226 per participant, well below the same-size median of $413. Administrative expenses charged to the plan were $110K. 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 $148K in 2015 to $119K in 2024 (down 20%), and participants from 655 to 435 (down 34%).
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 | $273 | $87,254 | $119,983 | $86,221 |
| Employer contributions per active participant | — | $11,032 | $7,849 | $10,244 |
| Schedule C compensation per participant | $226 | $413 | $352 | $344 |
| Schedule C compensation, share of net assets | 83.0% | 0.51% | 0.32% | 0.42% |
| Administrative expenses per participant | $252 | $596 | $433 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 250 to 499 participants (873 plans), finance and insurance (690) 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 | 435 | $119K | $274 | — | — | $99K |
| 2023 | 436 | $111K | $255 | — | — | $99K |
| 2022 | 463 | $131K | $283 | — | — | $92K |
| 2021 | 485 | $96K | $198 | — | — | $87K |
| 2020 | 510 | $104K | $204 | — | — | $86K |
| 2019 | 539 | $114K | $212 | — | — | $86K |
| 2018 | 567 | $103K | $182 | — | — | $86K |
| 2017 | 600 | $130K | $217 | — | — | $86K |
| 2016 | 621 | $131K | $211 | — | — | $92K |
| 2015 | 655 | $148K | $226 | — | — | $85K |
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$110,542
- Employer contributions—
- Participant contributions—
- Rollovers and other contributions$445,400
- Total contributions$445,400
- Total income, including investment results$446,656
- Benefits paid$328,755
- Administrative expenses$109,835
- Total expenses$438,590
- Net income$8,066
- Net transfers$0
- Net assets, end of year$118,608
Participants
- Active participants—
- Retired or separated, receiving benefits320
- Retired or separated, entitled to future benefits86
- Total participants, end of year435
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Savasta and Company, Inc. | Contract Administrator; Actuarial | $90,000 | $0 |
| Gould, Kobrick & Schlapp, P.C. | Accounting (including auditing) | $8,500 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. 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
- Contract administrator fees$90,000
- Other administrative expenses$10,960
- IQPA audit fees$8,500
- Legal fees$375
- Total administrative expenses$109,835
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.
- Cash (interest and non-interest bearing)$125K · 98.5%
- Receivables$1,889 · 1.5%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmGould, Kobrick & Schlapp, PC
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $40,000
- 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)1HPlan covered by PBGC that was terminated and closed out for PBGC purposes1IFrozen 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 |
|---|---|---|---|---|
| Jefferies Employees' Pension Plan | Jefferies Financial Group Inc. | 441 | $41.9M | $94,954 |
| Bank Hapoalim B.M. Pension Plan | Bank Hapoalim B.M. | 430 | $63.1M | $146,698 |
| Independent Health Association Inc. Defined Benefit Plan and Trust | Independent Health Association, Inc. | 457 | $89.4M | $195,730 |
| Transatlantic Holdings, Inc. Frozen Pension Plan | Transatlantic Holdings, Inc. | 425 | $41.8M | $98,407 |
| Preferred Mutual Insurance Company Retirement Benefit Accumulation Plan | Preferred Mutual Insurance Company | 476 | $49.4M | $103,873 |
| Security Mutual Life Ins Co. of NY Home Office & Affiliates Pension Plan | Security Mutual Life Insurance Company | 406 | $60.2M | $148,221 |
Defined benefit plans in finance and insurance closest in size.
Questions and answers
How big is United Optical Workers Local 408 Pension Fund?
435 participants at the end of the plan year ending 31 Dec 2024, with net assets of $118,608. Among defined benefit plans that places it in the 250 to 499 participants band, which held 873 plans in plan year 2024.
What does Board of Trustees United Optical contribute per participant?
This filing has no Schedule H financial statement, so employer contributions are not reported here.
What fees does the plan pay and how do they compare?
Schedule C reports $98,500 in compensation to service provider organisations, $226 per participant or 83.0% of net assets. The same-size median among plans reporting any Schedule C compensation was $413 per participant. Administrative expenses on Schedule H were $109,835. 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 United Optical. Recordkeeping or administration: Savasta and Company, Inc.. The financial statements were audited by Gould, Kobrick & Schlapp, PC. 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 15 Jul 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 13-1913618, plan 001, received 15 Jul 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.