Pennsylvania › Construction › 1,000 to 4,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Iron Workers Local 401 Annuity Fund
Sponsored by Board of Trustees Iron Workers Local 401 Annuity 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.
Board of Trustees Iron Workers Local 401 Annuity Fund of Philadelphia, Pennsylvania sponsors Iron Workers Local 401 Annuity Fund, a money purchase plan. Its Form 5500 for the plan year ending 31 Dec 2024 shows 1,866 participants (820 active) and $140M in net assets. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $74,836 per participant, well above the $50,295 median for defined contribution plans with 1,000 to 4,999 participants and well above the $54,962 median for defined contribution 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.
The employer contributed $11.3M during the year, or $13,723 per active participant against a same-size median of $2,045; participants contributed — and $13K arrived as rollovers and other contributions. Benefits paid out totalled $14.5M.
Schedule C lists 10 service provider organisations paid $5,000 or more, with reported compensation of $881K: $472 per participant, well above the same-size median of $82.08. Administrative expenses charged to the plan were $938K. 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 $88.1M in 2009 to $140M in 2024 (up 59%), and participants from 2,096 to 1,866 (down 11%).
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 DC plans |
|---|---|---|---|---|
| Net assets per participant | $74,836 | $50,295 | $54,962 | $53,102 |
| Employer contributions per active participant | $13,723 | $2,045 | $2,728 | $2,175 |
| Schedule C compensation per participant | $472 | $82.08 | $162 | $123 |
| Schedule C compensation, share of net assets | 0.63% | 0.17% | 0.33% | 0.26% |
| Administrative expenses per participant | $503 | $82.20 | $166 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 1,000 to 4,999 participants (10,207 plans), construction (4,204) and all US plans (63,460). 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 | 1,866 | $140M | $74,836 | $11.3M | — | $881K |
| 2023 | 2,167 | $129M | $59,695 | $7.8M | — | $814K |
| 2022 | 2,103 | $121M | $57,466 | $6.0M | — | $794K |
| 2021 | 2,144 | $145M | $67,718 | $7.1M | $0 | $916K |
| 2020 | 2,094 | $140M | $67,032 | $6.5M | $0 | $648K |
| 2019 | 2,176 | $137M | $62,855 | $8.6M | $12K | $728K |
| 2018 | 2,210 | $120M | $54,132 | $9.5M | $90K | $662K |
| 2017 | 2,098 | $126M | $59,922 | $7.9M | $1.2M | $684K |
| 2016 | 2,068 | $109M | $52,616 | $7.8M | — | $668K |
| 2015 | 2,027 | $105M | $51,815 | $6.9M | — | $654K |
| 2014 | 1,923 | $102M | $52,970 | $5.8M | — | $646K |
| 2013 | 1,981 | $97.1M | $49,005 | $6.0M | — | $552K |
| 2012 | 1,900 | $85.8M | $45,142 | $5.6M | — | $528K |
| 2011 | 1,906 | $87.0M | $45,630 | $5.2M | — | $553K |
| 2010 | 1,926 | $88.3M | $45,833 | $4.6M | — | $558K |
| 2009 | 2,096 | $88.1M | $42,030 | $5.7M | — | $563K |
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$129,359,271
- Employer contributions$11,252,658
- Participant contributions—
- Rollovers and other contributions$13,496
- Total contributions$11,266,154
- Total income, including investment results$25,693,744
- Benefits paid$14,470,732
- Administrative expenses$938,302
- Total expenses$15,409,034
- Net income$10,284,710
- Net transfers$0
- Net assets, end of year$139,643,981
Participants
- Active participants820
- Retired or separated, receiving benefits0
- Retired or separated, entitled to future benefits1,046
- Participants with account balances1,866
- Total participants, end of year1,866
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Iron Workers Local 401 | Plan Administrator | $214,621 | $0 |
| Merrill Lynch | Investment management | $158,887 | $0 |
| Atalanta Sosnoff Capital | Investment management | $121,699 | $0 |
| Intercontinentl Enhanced Core US | Investment management | $121,634 | $0 |
| Loomis Sayles | Investment management | $85,982 | $0 |
| Eaton Vance | Investment management | $82,502 | $0 |
| PNC Bank, N.A. | Investment management | $35,069 | $0 |
| Lazard Asset Management | Investment advisory (plan) | $22,929 | $0 |
| Fischer Dorwart, P.C. | Accounting (including auditing) | $20,005 | $0 |
| Bridgeway Benefit Technologies | Recordkeeping and information management | $17,721 | $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
- Investment advisory and management fees$593,651
- Contract administrator fees$214,621
- Other administrative expenses$50,396
- Trustee and custodial fees$35,069
- Legal fees$24,560
- IQPA audit fees$20,005
- Total administrative expenses$938,302
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$69.8M · 50.0%
- Corporate debt instruments$25.3M · 18.1%
- U.S. Government securities$23.9M · 17.1%
- Common/collective trusts$13.9M · 10.0%
- Cash (interest and non-interest bearing)$4.1M · 2.9%
- Receivables$1.4M · 1.0%
- Participant loans$1.3M · 0.9%
- Registered investment companies (mutual funds)$7,876 · 0.0%
- Employer real property$356 · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmFischer Dorwart, P.C.
- 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
2CMoney purchase (other than target benefit) plan2EProfit-sharing 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 |
|---|---|---|---|---|
| Iron Workers of Western Pennsylvania Profit Sharing Plan | Board of Trustees Iron Workers of Western PA Profit Sharing Plan | 2,003 | $234M | $116,696 |
| Plumbers Lu No 690 Supplemental Retirement Plan | BD of Tees of Plumbers Lu No 690 SRP | 1,800 | $156M | $86,527 |
| The H & K Group 401(k) Plan | H & K Group, Inc. | 2,007 | $157M | $78,443 |
| Plumbers and Pipefitters Local 168 Retirement Plan | Plumbers and Pipefitters Local 168 Retirement Plan | 1,595 | $74.8M | $46,918 |
| The Danella Companies 401(k) Plan | Danella Companies, Inc. | 2,053 | $20.0M | $9,746 |
| The Contractors Retirement Plan | People 2.0 Global, LLC | 1,589 | $25.9M | $16,319 |
Defined contribution plans in construction closest in size.
Questions and answers
How big is Iron Workers Local 401 Annuity Fund?
1,866 participants at the end of the plan year ending 31 Dec 2024, of whom 820 were active employees, with net assets of $139,643,981. Among defined contribution plans that places it in the 1,000 to 4,999 participants band, which held 10,207 plans in plan year 2024.
What does Board of Trustees Iron Workers Local 401 Annuity Fund contribute per participant?
The filing reports $11,252,658 in employer contributions for the year, which is $13,723 per active participant; the median for plans of the same type and size was $2,045 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 $881,049 in compensation to service provider organisations, $472 per participant or 0.63% of net assets. The same-size median among plans reporting any Schedule C compensation was $82.08 per participant. Administrative expenses on Schedule H were $938,302. 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 401 Annuity Fund. Recordkeeping or administration: Iron Workers Local 401 and Bridgeway Benefit Technologies. Investment advisory or management: Merrill Lynch, Atalanta Sosnoff Capital and Intercontinentl Enhanced Core US. The financial statements were audited by Fischer Dorwart, P.C.. 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 9 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 23-2191989, plan 001, received 9 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.