New York › Construction › 500 to 999 participants
Form 5500 statement · plan year 1 Jul 2024 to 30 Jun 2025
Iron Workers Local 580 Shop Pension Fund
Sponsored by Board of Trustees Iron Workers Local 580 Shop Pension Fund, 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.
Board of Trustees Iron Workers Local 580 Shop Pension Fund of New York, New York sponsors Iron Workers Local 580 Shop Pension Fund, a defined benefit pension plan. Its Form 5500 for the plan year ending 30 Jun 2025 shows 570 participants (0 active) and $4.9M in net assets. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $8,675 per participant, well below the $86,583 median for defined benefit plans with 500 to 999 participants and well below the $100,593 median for defined benefit plans in construction. 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 $143K for the year and benefits paid were $1.6M. 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 7 service provider organisations paid $5,000 or more, with reported compensation of $160K: $281 per participant, well below the same-size median of $377. Administrative expenses charged to the plan were $259K. 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 $21.6M in 2009 to $4.9M in 2024 (down 77%), and participants from 1,168 to 570 (down 51%).
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 | $8,675 | $86,583 | $100,593 | $86,221 |
| Employer contributions per active participant | — | $10,758 | $13,292 | $10,244 |
| Schedule C compensation per participant | $281 | $377 | $443 | $344 |
| Schedule C compensation, share of net assets | 3.2% | 0.48% | 0.46% | 0.42% |
| Administrative expenses per participant | $455 | $591 | $596 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 500 to 999 participants (873 plans), construction (655) 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 | 570 | $4.9M | $8,675 | $143K | — | $160K |
| 2023 | 586 | $6.1M | $10,478 | $130K | — | $164K |
| 2022 | 620 | $7.1M | $11,418 | $157K | — | $171K |
| 2021 | 659 | $8.6M | $12,994 | $160K | — | $162K |
| 2020 | 692 | $11.3M | $16,308 | $162K | — | $169K |
| 2019 | 722 | $11.3M | $15,587 | $161K | — | $177K |
| 2018 | 759 | $12.6M | $16,647 | $123K | — | $165K |
| 2017 | 789 | $13.9M | $17,629 | $214K | — | $211K |
| 2016 | 803 | $15.2M | $18,910 | $1.2M | — | $422K |
| 2015 | 873 | $15.7M | $17,981 | $328K | — | $315K |
| 2014 | 922 | $17.7M | $19,154 | $272K | — | $292K |
| 2013 | 970 | $19.5M | $20,106 | $438K | — | $295K |
| 2012 | 1,019 | $19.4M | $19,084 | $650K | — | $299K |
| 2011 | 1,063 | $19.7M | $18,572 | $529K | — | $318K |
| 2010 | 1,006 | $21.9M | $21,791 | $358K | — | $220K |
| 2009 | 1,168 | $21.6M | $18,513 | $500K | — | $232K |
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$6,139,787
- Employer contributions$142,749
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$142,749
- Total income, including investment results$659,352
- Benefits paid$1,595,223
- Administrative expenses$259,216
- Total expenses$1,854,439
- Net income−$1,195,087
- Net transfers$0
- Net assets, end of year$4,944,700
Participants
- Active participants0
- Retired or separated, receiving benefits354
- Retired or separated, entitled to future benefits57
- Total participants, end of year570
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| The Segal Co. (Eastern States) Inc. | Actuarial | $47,033 | $0 |
| Law Office of Steven N. Davi, PLLC | Legal | $34,957 | $0 |
| Schultheis & Panettieri, LLP | Accounting (including auditing) | $27,000 | $0 |
| Colleran, O'Hara & Mills, LLP | Legal | $18,000 | $0 |
| Morgan Stanley Graystone | Legal | $17,925 | $0 |
| Segal Select Insurance Services | Insurance services | $0 | $9,905 |
| Bridgeway Benefit Technologies, LLC | Recordkeeping and information management | $5,604 | $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
- Other administrative expenses$113,954
- Legal fees$52,957
- Actuarial fees$47,033
- IQPA audit fees$27,000
- Investment advisory and management fees$18,272
- Total administrative expenses$259,216
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$2.2M · 43.9%
- U.S. Government securities$1.1M · 21.5%
- Receivables$702K · 13.9%
- Corporate debt instruments$580K · 11.5%
- Cash (interest and non-interest bearing)$440K · 8.7%
- Other investments$29K · 0.6%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmSchultheis & Panettieri, LLP
- 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
1BBenefits are primarily flat dollar (includes dollars per year of service)1IFrozen plan
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 238900: Other Specialty Trade Contractors (including site preparation).
Similar plans in New York
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| United Plant & Production Workers Local 175 Pension Fund | Board of Trustees of United Plant Production Workers L175 Pension FD | 575 | $116M | $201,909 |
| United Association Plumbers Local 773 Pension Plan | Trustees of Plumbers Local 773 Pension Plan | 569 | $112M | $197,218 |
| Laborers Local 91 Pension Plan | Board of Trustees Laborers Local No. 91 Pension Fund | 597 | $2.3M | $3,819 |
| Roofers Local Union No. 22 Pension Fund | Roofers Local Union No. 22 Pension Board of Trustees | 538 | $29.9M | $55,641 |
| Laborers Local 754 Pension Plan | Trustees of Laborers Local 754 Pension Plan | 609 | $82.6M | $135,627 |
| Buffalo Carpenters Pension Fund | Trustees of Buffalo Carpenters Pension Fund | 530 | $267K | $505 |
Defined benefit plans in construction closest in size.
Questions and answers
How big is Iron Workers Local 580 Shop Pension Fund?
570 participants at the end of the plan year ending 30 Jun 2025, of whom 0 were active employees, with net assets of $4,944,700. Among defined benefit plans that places it in the 500 to 999 participants band, which held 873 plans in plan year 2024.
What does Board of Trustees Iron Workers Local 580 Shop Pension Fund contribute per participant?
The filing reports $142,749 in employer contributions for the year; the median for plans of the same type and size was $10,758 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 $160,424 in compensation to service provider organisations, $281 per participant or 3.2% of net assets. The same-size median among plans reporting any Schedule C compensation was $377 per participant. Administrative expenses on Schedule H were $259,216. 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 Iron Workers Local 580 Shop Pension Fund. Recordkeeping or administration: Bridgeway Benefit Technologies, LLC. The financial statements were audited by Schultheis & Panettieri, 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 17 Mar 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 13-6613876, plan 001, received 17 Mar 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.