Maryland › Transportation and warehousing › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Seafarers Pension Plan
Sponsored by Board of Trustees Seafarers Pension Plan, Camp Springs, MD
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.
Seafarers Pension Plan is a defined benefit pension plan sponsored by Board of Trustees Seafarers Pension Plan of Camp Springs, Maryland. For the plan year ending 31 Dec 2024 it reported 17,705 participants, 7,295 of them active, and net assets of $2.06B. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $116,076 per participant, well above the $87,623 median for defined benefit plans with 5,000 to 24,999 participants and above the $94,853 median for defined benefit plans in transportation and warehousing. 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 ($1,802 per active participant) and benefits paid were $78.6M. 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 $11.0M: $620 per participant, well above the same-size median of $232. Administrative expenses charged to the plan were $14.8M. 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 $910M in 2009 to $2.06B in 2024 (up 126%), and participants from 21,633 to 17,705 (down 18%).
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 | $116,076 | $87,623 | $94,853 | $86,221 |
| Employer contributions per active participant | $1,802 | $9,468 | $12,821 | $10,244 |
| Schedule C compensation per participant | $620 | $232 | $425 | $344 |
| Schedule C compensation, share of net assets | 0.53% | 0.30% | 0.43% | 0.42% |
| Administrative expenses per participant | $837 | $396 | $650 | $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), transportation and warehousing (227) 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 | 17,705 | $2.06B | $116,076 | $13.1M | — | $11.0M |
| 2023 | 16,490 | $1.90B | $115,052 | $11.9M | — | $10.4M |
| 2022 | 17,714 | $1.78B | $100,667 | $11.3M | — | $10.5M |
| 2021 | 18,516 | $2.14B | $115,645 | $11.3M | — | $10.8M |
| 2020 | 18,319 | $1.93B | $105,180 | $11.2M | — | $10.7M |
| 2019 | 18,567 | $1.76B | $94,842 | $11.8M | — | $9.6M |
| 2018 | 19,425 | $1.55B | $79,651 | $12.3M | — | $10.1M |
| 2017 | 19,487 | $1.63B | $83,894 | $37.6M | — | $9.9M |
| 2016 | 19,309 | $1.47B | $76,052 | $12.1M | — | $9.5M |
| 2015 | 19,079 | $1.42B | $74,670 | $11.2M | — | $8.5M |
| 2014 | 19,592 | $1.44B | $73,564 | $45.6M | — | $8.9M |
| 2013 | 19,751 | $1.33B | $67,359 | $55.9M | — | $7.8M |
| 2012 | 20,138 | $1.16B | $57,642 | $66.1M | — | $9.0M |
| 2011 | 20,120 | $1.05B | $52,128 | $53.6M | — | $7.3M |
| 2010 | 21,348 | $1.01B | $47,420 | $76.4M | — | $6.2M |
| 2009 | 21,633 | $910M | $42,057 | $65.9M | — | $5.9M |
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$1,897,203,158
- Employer contributions$13,145,951
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$13,145,951
- Total income, including investment results$251,351,229
- Benefits paid$78,609,060
- Administrative expenses$14,814,974
- Total expenses$93,424,034
- Net income$157,927,195
- Net transfers$0
- Net assets, end of year$2,055,130,353
Participants
- Active participants7,295
- Retired or separated, receiving benefits4,990
- Retired or separated, entitled to future benefits4,392
- Total participants, end of year17,705
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Seafarers Vacation Plan | Recordkeeping and information management | $4,908,734 | $0 |
| Morgan Stanley Smith Barney LLC | Investment advisory (plan); Securities brokerage | $2,105,452 | $0 |
| Seafarers Intl Union Agliw | Recordkeeping and information management | $783,035 | $0 |
| Atalanta Sosnoff Capital | Investment management | $756,331 | $0 |
| JP Morgan Chase Bank, N.A. | Investment management; Investment advisory (plan); Trustee (discretionary) | $549,413 | $0 |
| Asb Capital Management LLC | Investment management | $520,792 | $0 |
| Wells Fargo Asset Management | Investment management | $288,974 | $0 |
| Comerica Bank | Custodial (securities); Other services | $237,410 | $0 |
| Quan-Vest Consultants, Inc. | Investment advisory (plan) | $214,992 | $0 |
| Weaver and Tidwell, LLP | Accounting (including auditing) | $153,040 | $0 |
| SEI Trust Company | Custodial (securities); Trustee (bank, trust company, or similar financial institution); Trustee (discretionary); Investment advisory (plan); Investment management | $136,430 | $0 |
| Basil Castrovinci Associates Inc. | Direct payment from the plan | $129,600 | $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$8,658,093
- Investment advisory and management fees$4,594,414
- Salaries and allowances$1,167,789
- IQPA audit fees$153,040
- Actuarial fees$132,025
- Trustee and custodial fees$57,344
- Other trustee fees and expenses$52,269
- Total administrative expenses$14,814,974
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$700M · 34.1%
- Corporate stocks$572M · 27.8%
- U.S. Government securities$305M · 14.8%
- Registered investment companies (mutual funds)$254M · 12.4%
- Other investments$146M · 7.1%
- Corporate debt instruments$54.6M · 2.7%
- Real estate$17.5M · 0.9%
- Receivables$4.3M · 0.2%
- Cash (interest and non-interest bearing)$2.5M · 0.1%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmWeaver and Tidwell, LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $500,000
- Blackout period during the year—
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)3JU.S.-based plan that covers residents of Puerto Rico and is qualified under both codes
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 483000: Water Transportation.
Similar plans in Maryland
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Meba Pension Trust-Defined Benefit Plan | Board of Trustees, Meba Pension Trust-Defined Benefit Plan | 5,626 | $925M | $164,468 |
| Truck Drivers & Helpers Local Union No. 355 Retirement Plan | Joint Board of Trustees of the Drivers and Helpers Local No. 355 | 4,318 | $732M | $169,437 |
| Masters, Mates & Pilots Pension Plan | Board of Trustees of Masters, Mates & Pilots Pension Plan | 4,220 | $328M | $77,755 |
| Steamship Trade Association of Baltimore, Incorporated - International Longshoremen's Association Pension Plan | Board of Trustees of the Steamship Trade Association of Baltimore, | 3,178 | $1.14B | $357,300 |
| Warehouse Employees Local No. 570 Pension Fund | Warehouse Employees Local No. 570 | 2,942 | $255M | $86,718 |
| Freight Drivers and Helpers Local Union No. 557 Pension Plan | Board of Trustees, Freight Drivers and Helpers Local Union No. 557 | 1,980 | $212M | $107,238 |
Defined benefit plans in transportation and warehousing closest in size.
Questions and answers
How big is Seafarers Pension Plan?
17,705 participants at the end of the plan year ending 31 Dec 2024, of whom 7,295 were active employees, with net assets of $2,055,130,353. 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 Seafarers Pension Plan contribute per participant?
The filing reports $13,145,951 in employer contributions for the year, which is $1,802 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 $10,972,638 in compensation to service provider organisations, $620 per participant or 0.53% of net assets. The same-size median among plans reporting any Schedule C compensation was $232 per participant. Administrative expenses on Schedule H were $14,814,974. 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 Seafarers Pension Plan. Recordkeeping or administration: Seafarers Vacation Plan and Seafarers Intl Union Agliw. Investment advisory or management: Morgan Stanley Smith Barney LLC, Atalanta Sosnoff Capital and JP Morgan Chase Bank, N.A.. Trustee or custodian: JP Morgan Chase Bank, N.A., Comerica Bank and SEI Trust Company. The financial statements were audited by Weaver and Tidwell, 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 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 13-6100329, 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.