Pennsylvania › Construction › 25,000 or more participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Eastern Atlantic States Carpenters Pension Fund
Sponsored by Board of Trustees Eastern Atlantic States Carpenters Pension Fund, Philadelphia, PA
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.
In the plan year ending 31 Dec 2024, Eastern Atlantic States Carpenters Pension Fund covered 39,234 participants and held $4.55B in net assets. The plan is a cash balance pension plan sponsored by Board of Trustees Eastern Atlantic States Carpenters Pension Fund of Philadelphia, Pennsylvania. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $115,894 per participant, well above the $88,040 median for defined benefit plans with 25,000 or more participants and above 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 $220M for the year ($18,052 per active participant) and benefits paid were $358M. 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: $281 per participant, well above the same-size median of $143. Administrative expenses charged to the plan were $13.8M. 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 $1.42B in 2009 to $4.55B in 2024 (up 221%), and participants from 16,300 to 39,234 (up 141%).
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 | $115,894 | $88,040 | $100,593 | $86,221 |
| Employer contributions per active participant | $18,052 | $6,524 | $13,292 | $10,244 |
| Schedule C compensation per participant | $281 | $143 | $443 | $344 |
| Schedule C compensation, share of net assets | 0.24% | 0.26% | 0.46% | 0.42% |
| Administrative expenses per participant | $353 | $306 | $596 | $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), 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 | 39,234 | $4.55B | $115,894 | $220M | — | $11.0M |
| 2023 | 35,869 | $4.29B | $119,736 | $218M | — | $10.0M |
| 2022 | 35,004 | $4.11B | $117,532 | $87.8M | — | $8.6M |
| 2021 | 15,130 | $2.52B | $166,883 | $133M | — | $10.8M |
| 2020 | 15,414 | $2.58B | $167,617 | $134M | — | $9.8M |
| 2019 | 15,384 | $2.05B | $133,419 | $143M | — | $7.7M |
| 2018 | 15,308 | $2.19B | $143,023 | $154M | — | $8.5M |
| 2017 | 15,117 | $2.09B | $138,474 | $140M | — | $7.6M |
| 2016 | 15,136 | $1.99B | $131,718 | $143M | — | $4.4M |
| 2015 | 14,891 | $1.85B | $124,300 | $143M | — | $7.0M |
| 2014 | 14,676 | $1.85B | $125,886 | $125M | — | $7.2M |
| 2013 | 14,577 | $1.73B | $118,862 | $117M | — | $4.4M |
| 2012 | 14,628 | $1.61B | $110,032 | $113M | — | $4.6M |
| 2011 | 15,605 | $1.51B | $97,002 | $104M | — | $4.5M |
| 2010 | 15,765 | $1.50B | $95,073 | $103M | — | $6.0M |
| 2009 | 16,300 | $1.42B | $86,953 | $103M | — | $5.2M |
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$4,294,823,096
- Employer contributions$219,534,418
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$219,534,418
- Total income, including investment results$623,537,238
- Benefits paid$357,554,399
- Administrative expenses$13,831,972
- Total expenses$371,386,371
- Net income$252,150,867
- Net transfers$0
- Net assets, end of year$4,546,973,963
Participants
- Active participants12,161
- Retired or separated, receiving benefits15,853
- Retired or separated, entitled to future benefits7,467
- Total participants, end of year39,234
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Sierra Investment Partners Inc. | Investment management | $1,039,239 | $0 |
| Wedge Capital Management LLP | Investment management | $921,972 | $0 |
| Hardman Johnston Global Advisors | Investment management | $837,899 | $0 |
| The Revolt Group LLC | Consulting (general) | $722,906 | $0 |
| Loomis & Sayles Company LP | Investment management | $645,161 | $26,095 |
| Bridgeway Benefit Technologies | Recordkeeping and information management | $662,074 | $0 |
| Lord Abbett & Co. LLC | Investment management | $634,022 | $0 |
| Investment Performance Services LLC | Investment advisory (plan) | $570,500 | $0 |
| Eastern Atlantic State Reg Council | Direct payment from the plan; Other fees | $544,239 | $0 |
| Foundry Partners LLC | Investment management | $511,691 | $0 |
| Great Lakes Advisors LLC | Investment management | $498,754 | $0 |
| Stoneridge Investment Partners LLC | Investment management | $380,307 | $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
- Investment advisory and management fees$6,979,460
- Salaries and allowances$3,391,859
- Other administrative expenses$1,818,739
- Legal fees$715,827
- Trustee and custodial fees$318,645
- Actuarial fees$310,134
- Recordkeeping fees$162,308
- IQPA audit fees$135,000
- Total administrative expenses$13,831,972
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.
- Corporate stocks$1.49B · 29.9%
- Partnership/joint venture interests$861M · 17.3%
- Common/collective trusts$744M · 14.9%
- Corporate debt instruments$359M · 7.2%
- 103-12 investment entities$357M · 7.2%
- Receivables$297M · 6.0%
- Other loans$245M · 4.9%
- Buildings and other property used in plan operation$239M · 4.8%
- Pooled separate accounts$109M · 2.2%
- Cash (interest and non-interest bearing)$103M · 2.1%
- U.S. Government securities$52.1M · 1.0%
- Registered investment companies (mutual funds)$50.7M · 1.0%
- Real estate$37.7M · 0.8%
- Other investments$33.7M · 0.7%
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, $10,000,000
- 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)1CCash balance or similar plan
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 238100: Foundation, Structure, & Building Exterior Contractors (including framing carpentry, masonry, glass, roofing, & siding).
Similar plans in Pennsylvania
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| National Elevator Industry Pension Plan | National Elevator Industry Pension Plan Plan Board of Trustees | 54,107 | $11.7B | $216,919 |
| Greater Pennsylvania Carpenters' Pension Fund | Greater Pennsylvania Carpenters' Pension Fund | 21,052 | $1.61B | $76,630 |
| Operating Eng Cons Ind Misc. Pension Fund | BD of TR Oper Eng Cons. Industry Miscellaneous Pension Fund | 10,308 | $931M | $90,289 |
| International Union of Operating Engineers Pension Fund of Eastern Pennsylvania and Delaware | International Union of Operting Eng. Pen Fund of E.pennsylvania and de | 7,393 | $1.06B | $143,319 |
| Laborers Local Union No. 158 Pension Plan | Laborers Local Union No. 158 Pension Fund | 5,499 | $246M | $44,694 |
| Steamfitters Local Union No. 420 Pension Plan | Board of Trustees of Steamfitters Lu 420 Pension Plan | 5,303 | $643M | $121,289 |
Defined benefit plans in construction closest in size.
Questions and answers
How big is Eastern Atlantic States Carpenters Pension Fund?
39,234 participants at the end of the plan year ending 31 Dec 2024, of whom 12,161 were active employees, with net assets of $4,546,973,963. 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 Board of Trustees Eastern Atlantic States Carpenters Pension Fund contribute per participant?
The filing reports $219,534,418 in employer contributions for the year, which is $18,052 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 $11,021,975 in compensation to service provider organisations, $281 per participant or 0.24% of net assets. The same-size median among plans reporting any Schedule C compensation was $143 per participant. Administrative expenses on Schedule H were $13,831,972. 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 Eastern Atlantic States Carpenters Pension Fund. Recordkeeping or administration: Bridgeway Benefit Technologies. Investment advisory or management: Sierra Investment Partners Inc., Wedge Capital Management LLP and Hardman Johnston Global Advisors. 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 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 7 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 23-1613018, plan 001, received 7 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.