Pennsylvania › Construction › 500 to 999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Insulators Local No. 2 Pension Plan
Sponsored by Board of Trustees Insulators Local No. 2 Pension Plan, Pittsburgh, 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, Insulators Local No. 2 Pension Plan covered 943 participants and held $206M in net assets. The plan is a defined benefit pension plan sponsored by Board of Trustees Insulators Local No. 2 Pension Plan of Pittsburgh, Pennsylvania. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $217,968 per participant, well above the $86,583 median for defined benefit plans with 500 to 999 participants and well 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 $7.4M for the year ($17,469 per active participant) and benefits paid were $14.7M. 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 $1.3M: $1,339 per participant, well above the same-size median of $377. Administrative expenses charged to the plan were $1.4M. 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 $101M in 2009 to $206M in 2024 (up 104%), and participants from 846 to 943 (up 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 DB plans |
|---|---|---|---|---|
| Net assets per participant | $217,968 | $86,583 | $100,593 | $86,221 |
| Employer contributions per active participant | $17,469 | $10,758 | $13,292 | $10,244 |
| Schedule C compensation per participant | $1,339 | $377 | $443 | $344 |
| Schedule C compensation, share of net assets | 0.61% | 0.48% | 0.46% | 0.42% |
| Administrative expenses per participant | $1,517 | $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 | 943 | $206M | $217,968 | $7.4M | — | $1.3M |
| 2023 | 993 | $198M | $199,511 | $8.0M | — | $1.2M |
| 2022 | 1,018 | $188M | $184,607 | $10.4M | — | $1.1M |
| 2021 | 1,009 | $212M | $210,031 | $10.2M | — | $1.0M |
| 2020 | 1,028 | $189M | $183,641 | $7.6M | — | $851K |
| 2019 | 1,002 | $180M | $179,427 | $8.8M | — | $817K |
| 2018 | 962 | $157M | $163,572 | $8.8M | — | $857K |
| 2017 | 887 | $171M | $193,029 | $6.8M | — | $946K |
| 2016 | 877 | $156M | $177,609 | $7.3M | — | $782K |
| 2015 | 880 | $146M | $165,599 | $7.6M | — | $833K |
| 2014 | 849 | $149M | $175,300 | $8.2M | — | $812K |
| 2013 | 800 | $143M | $178,205 | $7.5M | — | $711K |
| 2012 | 815 | $120M | $147,281 | $5.6M | — | $678K |
| 2011 | 850 | $111M | $130,059 | $6.5M | — | $738K |
| 2010 | 852 | $114M | $133,613 | $6.5M | — | $707K |
| 2009 | 846 | $101M | $119,222 | $5.5M | — | $618K |
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$198,113,594
- Employer contributions$7,354,392
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$7,354,392
- Total income, including investment results$23,596,005
- Benefits paid$14,734,577
- Administrative expenses$1,430,972
- Total expenses$16,165,549
- Net income$7,430,456
- Net transfers$0
- Net assets, end of year$205,544,050
Participants
- Active participants421
- Retired or separated, receiving benefits377
- Retired or separated, entitled to future benefits64
- Total participants, end of year943
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Systematic Financial MGMT, L.P. | Investment management | $160,805 | $0 |
| Foundry Partners | Investment management | $115,369 | $0 |
| Ullico Investment Advisors, Inc. | Investment management | $100,985 | $0 |
| Central Data Services, Inc. | Contract Administrator | $95,220 | $0 |
| Ifm Investors Pty Ltd. | Investment management; Foreign entity | $91,502 | $0 |
| Atlanta Capital Management | Investment management fees paid directly by plan | $87,365 | $0 |
| Intercontinental Real Estate Corp. | Investment management; Foreign entity | $75,077 | $0 |
| The Prudential Insurance Company of | Investment management | $70,923 | $0 |
| Johnston Asset Management | Investment management | $70,088 | $0 |
| Mariner Institutuional LLC | Investment advisory (plan) | $65,000 | $0 |
| Newtower Trust Company | Investment management | $61,486 | $0 |
| PNC Bank NA | Custodial (securities) | $55,657 | $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$1,044,337
- Other administrative expenses$134,965
- Contract administrator fees$95,220
- Trustee and custodial fees$55,657
- Legal fees$39,054
- Actuarial fees$29,200
- IQPA audit fees$20,645
- Other trustee fees and expenses$11,894
- Total administrative expenses$1,430,972
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.
- Common/collective trusts$64.2M · 31.2%
- Corporate stocks$61.0M · 29.7%
- Registered investment companies (mutual funds)$26.0M · 12.6%
- Partnership/joint venture interests$13.8M · 6.7%
- U.S. Government securities$8.8M · 4.3%
- Pooled separate accounts$7.1M · 3.5%
- Other investments$6.8M · 3.3%
- 103-12 investment entities$6.5M · 3.2%
- Corporate debt instruments$5.0M · 2.4%
- Cash (interest and non-interest bearing)$3.9M · 1.9%
- Receivables$1.7M · 0.8%
- Buildings and other property used in plan operation$956K · 0.5%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmDiclaudio & Kramer, LLC
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $1,000,000
- 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
1ABenefits are primarily pay related1ECode section 401(h) arrangement
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 238300: Building Finishing Contractors (including drywall, insulation, painting, wallcovering, flooring, tile, & finish carpentry).
Similar plans in Pennsylvania
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| IBEW Local No. 143 Pension Plan | IBEW Local No. 143 Pension Plan | 994 | $80.3M | $80,793 |
| Susquehanna Laborers Combined Pension Fund | Trustees of Susquehanna Laborers Combined Pension Fund | 922 | $58.7M | $63,640 |
| Cement Masons Local 526 Pension Plan | Board of Trustees Cement Masons Local 526 Pension Fund | 1,024 | $75.3M | $73,546 |
| Laborers' Local 130 Pension Fund | Trustees of Laborers' Local 130 Pension Fund | 620 | $4.1M | $6,579 |
| Laborers' Local No. 1174 Pension Fund | Laborers' Local No. 1174 Pension Fund | 1,141 | $119M | $104,390 |
| I.B.E.W. Local 81 Defined Benefit Pension Plan | I.B.E.W. Local 81 Defined Benefit Pension Plan Joint Board of Trustees | 564 | $22.6M | $40,014 |
Defined benefit plans in construction closest in size.
Questions and answers
How big is Insulators Local No. 2 Pension Plan?
943 participants at the end of the plan year ending 31 Dec 2024, of whom 421 were active employees, with net assets of $205,544,050. 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 Insulators Local No. 2 Pension Plan contribute per participant?
The filing reports $7,354,392 in employer contributions for the year, which is $17,469 per active participant; 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 $1,262,475 in compensation to service provider organisations, $1,339 per participant or 0.61% of net assets. The same-size median among plans reporting any Schedule C compensation was $377 per participant. Administrative expenses on Schedule H were $1,430,972. 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 Insulators Local No. 2 Pension Plan. Recordkeeping or administration: Central Data Services, Inc.. Investment advisory or management: Systematic Financial MGMT, L.P., Foundry Partners and Ullico Investment Advisors, Inc.. Trustee or custodian: PNC Bank NA. The financial statements were audited by Diclaudio & Kramer, 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 22 Sep 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 23-6030054, plan 001, received 22 Sep 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.