New York › Finance and insurance › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
The Retirement Plan of the Amalgamated Insurance Fund
Sponsored by Board of Trustees - the Retirement Plan of the Amalgamated Ins. Fund, White Plains, 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 - the Retirement Plan of the Amalgamated Ins. Fund of White Plains, New York sponsors The Retirement Plan of the Amalgamated Insurance Fund, a defined benefit pension plan. Its Form 5500 for the plan year ending 31 Dec 2024 shows 18,793 participants and −$852M in net assets. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Schedule C lists 9 service provider organisations paid $5,000 or more, with reported compensation of $1.4M: $72.53 per participant, well below the same-size median of $232. Administrative expenses charged to the plan were $2.0M. 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 −$169M in 2009 to −$852M in 2024 (), and participants from 37,481 to 18,793 (down 50%).
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 | — | $87,623 | $119,983 | $86,221 |
| Employer contributions per active participant | — | $9,468 | $7,849 | $10,244 |
| Schedule C compensation per participant | $72.53 | $232 | $352 | $344 |
| Schedule C compensation, share of net assets | — | 0.30% | 0.32% | 0.42% |
| Administrative expenses per participant | $106 | $396 | $433 | $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), 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 | 18,793 | −$852M | −$45,361 | — | — | $1.4M |
| 2023 | 19,780 | −$771M | −$38,959 | — | — | $1.2M |
| 2022 | 20,841 | −$700M | −$33,570 | — | — | $1.3M |
| 2021 | 22,160 | −$650M | −$29,353 | −$29K | — | $1.4M |
| 2020 | 23,327 | −$612M | −$26,228 | $0 | — | $1.4M |
| 2019 | 24,724 | −$568M | −$22,955 | $0 | — | $1.4M |
| 2018 | 25,970 | −$516M | −$19,870 | −$157K | — | $1.5M |
| 2017 | 26,508 | −$470M | −$17,716 | −$9,000 | — | $1.4M |
| 2016 | 27,850 | −$428M | −$15,361 | — | — | $1.5M |
| 2015 | 29,501 | −$388M | −$13,146 | $3.1M | — | $1.5M |
| 2014 | 30,847 | −$354M | −$11,486 | — | — | $1.4M |
| 2013 | 32,125 | −$318M | −$9,895 | $0 | — | $1.5M |
| 2012 | 33,613 | −$281M | −$8,361 | $9,000 | — | $1.5M |
| 2011 | 35,029 | −$244M | −$6,975 | $23K | — | $1.9M |
| 2010 | 36,363 | −$207M | −$5,682 | $793K | — | $1.8M |
| 2009 | 37,481 | −$169M | −$4,503 | $376K | — | $2.4M |
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−$770,606,999
- Employer contributions—
- Participant contributions—
- Rollovers and other contributions$0
- Total contributions$0
- Total income, including investment results$114,050
- Benefits paid$14,882,968
- Administrative expenses$1,990,437
- Total expenses$81,974,733
- Net income−$81,860,683
- Net transfers$0
- Net assets, end of year−$852,467,682
Participants
- Active participants—
- Retired or separated, receiving benefits15,226
- Retired or separated, entitled to future benefits2,888
- Total participants, end of year18,793
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Amalgamated Employee Benefits Admin | Contract Administrator; Other services | $1,161,721 | $0 |
| Sovos Compliance LLC | Other services | $0 | $46,779 |
| The Segal Company | Actuarial | $40,449 | $0 |
| Novak Francella LLC | Accounting (including auditing) | $28,000 | $0 |
| Amalgamated Life Insurance Company | Other services | $22,802 | $0 |
| Zelis Payments Holding LLC | Other services | $0 | $22,802 |
| Amalgamated Bank | Other fees; Direct payment from the plan | $20,252 | $0 |
| Schulte Roth & Zabel, LLP | Legal | $12,763 | $0 |
| Alliant Insurance Services, Inc. | Insurance agents and brokers | $0 | $7,505 |
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$1,023,313
- Other administrative expenses$885,620
- Actuarial fees$40,690
- IQPA audit fees$24,000
- Legal fees$16,814
- Total administrative expenses$1,990,437
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)$3.1M · 77.6%
- Receivables$906K · 22.4%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmNovak Francella, LLC
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $500,000
- 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
1ABenefits are primarily pay related
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 524290: Other Insurance Related Activities (including third-party administration of Insurance and pension funds).
Similar plans in New York
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| New York Life Insurance Company Pension Plan | New York Life Insurance Company | 22,822 | $3.95B | $173,153 |
| American Express Retirement Plan | American Express Company and Its Participating Subsidiaries | 16,121 | $1.01B | $62,481 |
| M&T Bank Corporation Pension Plan | Manufacturers and Traders Trust Co. | 23,068 | $3.21B | $139,081 |
| Pentegra Defined Benefit Plan for Financial Inst | Board of Directors of Pentegra Defined Benefit Plan | 15,292 | $3.01B | $196,895 |
| Morgan Stanley Employees Retirement Plan | Morgan Stanley Domestic Holdings, LLC | 23,726 | $2.03B | $85,559 |
| 32BJ School Workers Pension Fund | Board of Trustees of the 32BJ School Workers Pension Fund | 15,019 | $598M | $39,849 |
Defined benefit plans in finance and insurance closest in size.
Questions and answers
How big is The Retirement Plan of the Amalgamated Insurance Fund?
18,793 participants at the end of the plan year ending 31 Dec 2024, with net assets of −$852,467,682. 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 - the Retirement Plan of the Amalgamated Ins. Fund 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 $1,363,073 in compensation to service provider organisations, $72.53 per participant. The same-size median among plans reporting any Schedule C compensation was $232 per participant. Administrative expenses on Schedule H were $1,990,437. 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 - the Retirement Plan of the Amalgamated Ins. Fund. Recordkeeping or administration: Amalgamated Employee Benefits Admin. The financial statements were audited by Novak Francella, LLC. 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 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 13-4920446, plan 001, received 15 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.