New York › Finance and insurance › 25,000 or more participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Legacy Plan of the National Retirement Fund
Sponsored by BD of Trustees-Legacy Plan of the National Retirement 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.
BD of Trustees-Legacy Plan of the National Retirement Fund of White Plains, New York sponsors Legacy Plan of the National Retirement Fund, a defined benefit pension plan. Its Form 5500 for the plan year ending 31 Dec 2024 shows 184,550 participants (8,379 active) and $1.83B in net assets. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $9,920 per participant, well below the $88,040 median for defined benefit plans with 25,000 or more 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.
Employer contributions were $48.4M for the year ($5,771 per active participant) and benefits paid were $157M. 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 $19.8M: $107 per participant, well below the same-size median of $143. Administrative expenses charged to the plan were $27.4M. 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 $2.09B in 2009 to $1.83B in 2024 (down 12%), and participants from 433,933 to 184,550 (down 57%).
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 | $9,920 | $88,040 | $119,983 | $86,221 |
| Employer contributions per active participant | $5,771 | $6,524 | $7,849 | $10,244 |
| Schedule C compensation per participant | $107 | $143 | $352 | $344 |
| Schedule C compensation, share of net assets | 1.1% | 0.26% | 0.32% | 0.42% |
| Administrative expenses per participant | $149 | $306 | $433 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 25,000 or more participants (215 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 | 184,550 | $1.83B | $9,920 | $48.4M | — | $19.8M |
| 2023 | 201,048 | $1.80B | $8,931 | $36.3M | — | $18.3M |
| 2022 | 208,302 | $1.69B | $8,115 | $44.3M | — | $19.8M |
| 2021 | 213,659 | $2.07B | $9,706 | $39.2M | — | $17.6M |
| 2020 | 220,633 | $1.86B | $8,427 | $52.5M | — | $19.0M |
| 2019 | 227,096 | $1.80B | $7,909 | $82.4M | — | $22.4M |
| 2018 | 233,989 | $1.62B | $6,941 | $48.0M | — | $22.4M |
| 2017 | 353,861 | $2.51B | $7,093 | $170M | — | $34.3M |
| 2016 | 365,132 | $2.28B | $6,234 | $128M | — | $35.0M |
| 2015 | 384,505 | $2.27B | $5,903 | $118M | — | $34.9M |
| 2014 | 407,404 | $2.44B | $5,996 | $189M | — | $33.4M |
| 2013 | 408,863 | $2.38B | $5,822 | $152M | — | $33.2M |
| 2012 | 412,309 | $2.15B | $5,225 | $167M | — | $34.0M |
| 2011 | 415,067 | $2.01B | $4,852 | $136M | — | $36.1M |
| 2010 | 425,319 | $2.17B | $5,098 | $126M | — | $37.3M |
| 2009 | 433,933 | $2.09B | $4,820 | $124M | — | $38.2M |
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$1,795,552,245
- Employer contributions$48,355,277
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$48,355,277
- Total income, including investment results$219,549,140
- Benefits paid$156,996,436
- Administrative expenses$27,437,299
- Total expenses$184,433,735
- Net income$35,115,405
- Net transfers$0
- Net assets, end of year$1,830,667,650
Participants
- Active participants8,379
- Retired or separated, receiving benefits86,306
- Retired or separated, entitled to future benefits86,934
- Total participants, end of year184,550
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Amalgamated Employee Benefits Admin | Contract Administrator; Other services | $12,121,659 | $0 |
| Schulte Roth & Zabel LLP | Legal | $2,218,548 | $0 |
| Hardman Johnston Global Advisors | Investment management fees paid directly by plan | $698,309 | $0 |
| Hamilton Lane Advisors, LLC | Investment management fees paid directly by plan; Investment management fees paid indirectly by plan | $399,154 | $262,000 |
| Amalgamated Bank | Custodial (other than securities); Custodial (securities) | $548,903 | $4,877 |
| Horizon Actuarial Services, LLC | Actuarial | $489,813 | $0 |
| Lazard Asset Management, LLC | Investment management fees paid directly by plan; Investment management fees paid indirectly by plan | $426,095 | $0 |
| Skyharbor Capital Management, LLC | Investment management fees paid directly by plan | $281,591 | $0 |
| Mariner Institutional, LLC | Investment advisory (plan) | $262,500 | $0 |
| Amalgamated Life Insurance Company | Other services | $256,139 | $0 |
| Novak Francella LLC | Accounting (including auditing) | $252,000 | $0 |
| Virtual Benefits Administrators | Other services | $198,883 | $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
- Contract administrator fees$11,272,508
- Other administrative expenses$9,991,163
- Investment advisory and management fees$2,982,231
- Legal fees$2,215,003
- Actuarial fees$472,300
- Trustee and custodial fees$314,720
- IQPA audit fees$158,846
- Valuation and appraisal fees$30,528
- Total administrative expenses$27,437,299
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$846M · 45.7%
- Partnership/joint venture interests$456M · 24.6%
- 103-12 investment entities$167M · 9.0%
- Corporate stocks$151M · 8.2%
- Corporate debt instruments$71.6M · 3.9%
- Registered investment companies (mutual funds)$67.0M · 3.6%
- Cash (interest and non-interest bearing)$44.9M · 2.4%
- Receivables$26.0M · 1.4%
- Other investments$20.5M · 1.1%
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, $1,000,000
- 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
1ABenefits are primarily pay related1ECode section 401(h) arrangement1IFrozen plan
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).
Other plans of BD of Trustees-Legacy Plan of the National Retirement Fund
| Plan | Participants | Net assets |
|---|---|---|
| Adjustable Plan of the National Retirement Fund | 45,017 | $161M |
Similar plans in New York
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| The Legacy Plan of the Unite Here Retirement Fund | Board of Trustees - Legacy Plan of the Unite Here Retirement Fund | 87,313 | $601M | $6,887 |
| The Adjustable Plan of the Unite Here Retirement | Board of Trustees - Adjustable Plan of the Unite Here Retirement Fund | 72,394 | $449M | $6,207 |
| New York State Nurses Association Pension Plan | Board of Trustees-New York State Nurses Association Pension Plan | 46,491 | $5.84B | $125,702 |
| Adjustable Plan of the National Retirement Fund | BD of Trustees-Adjustable Plan of the National Retirement Fund | 45,017 | $161M | $3,583 |
| American International Group, Inc. Retirement Plan | American International Group, Inc. | 39,221 | $2.97B | $75,772 |
| Marsh & McLennan Companies Retirement Plan | Marsh & McLennan Companies, Inc. | 35,450 | $4.06B | $114,395 |
Defined benefit plans in finance and insurance closest in size.
Questions and answers
How big is Legacy Plan of the National Retirement Fund?
184,550 participants at the end of the plan year ending 31 Dec 2024, of whom 8,379 were active employees, with net assets of $1,830,667,650. Among defined benefit plans that places it in the 25,000 or more participants band, which held 215 plans in plan year 2024.
What does BD of Trustees-Legacy Plan of the National Retirement Fund contribute per participant?
The filing reports $48,355,277 in employer contributions for the year, which is $5,771 per active participant; the median for plans of the same type and size was $6,524 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 $19,782,675 in compensation to service provider organisations, $107 per participant or 1.1% of net assets. The same-size median among plans reporting any Schedule C compensation was $143 per participant. Administrative expenses on Schedule H were $27,437,299. 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 BD of Trustees-Legacy Plan of the National Retirement Fund. Recordkeeping or administration: Amalgamated Employee Benefits Admin. Investment advisory or management: Mariner Institutional, LLC. Trustee or custodian: Amalgamated Bank. 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 13-6130178, 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.