Pennsylvania › Manufacturing › 250 to 499 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Sheet Metal Workers Local #44 Retirement Income Plan
Sponsored by Sheet Metal Workers Local #44 Retirement Income Plan, Wilkes Barre, 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.
Sheet Metal Workers Local #44 Retirement Income Plan is a defined benefit pension plan sponsored by Sheet Metal Workers Local #44 Retirement Income Plan of Wilkes Barre, Pennsylvania. For the plan year ending 31 Dec 2024 it reported 469 participants, 181 of them active, and net assets of $35.2M. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $75,039 per participant, below the $87,254 median for defined benefit plans with 250 to 499 participants and above the $67,961 median for defined benefit plans in manufacturing. 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 $2.8M for the year ($15,672 per active participant) and benefits paid were $2.9M. 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 5 service provider organisations paid $5,000 or more, with reported compensation of $204K: $435 per participant, above the same-size median of $413. Administrative expenses charged to the plan were $329K. 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 $12.0M in 2009 to $35.2M in 2024 (up 193%), and participants from 503 to 469 (down 7%).
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 | $75,039 | $87,254 | $67,961 | $86,221 |
| Employer contributions per active participant | $15,672 | $11,032 | $6,915 | $10,244 |
| Schedule C compensation per participant | $435 | $413 | $299 | $344 |
| Schedule C compensation, share of net assets | 0.58% | 0.51% | 0.47% | 0.42% |
| Administrative expenses per participant | $701 | $596 | $498 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 250 to 499 participants (873 plans), manufacturing (1,532) 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 | 469 | $35.2M | $75,038 | $2.8M | — | $204K |
| 2023 | 467 | $32.2M | $68,970 | $2.8M | — | $202K |
| 2022 | 463 | $28.8M | $62,285 | $3.0M | — | $191K |
| 2021 | 446 | $31.4M | $70,388 | $2.8M | — | $183K |
| 2020 | 438 | $27.0M | $61,637 | $2.1M | — | $163K |
| 2019 | 472 | $24.9M | $52,710 | $2.0M | — | $194K |
| 2018 | 435 | $21.5M | $49,315 | $2.0M | — | $254K |
| 2017 | 473 | $22.5M | $47,539 | $1.8M | — | $244K |
| 2016 | 391 | $20.5M | $52,312 | $1.4M | — | $160K |
| 2015 | 481 | $18.8M | $39,035 | $1.4M | — | $174K |
| 2014 | 475 | $19.1M | $40,152 | $375K | — | $29K |
| 2013 | 457 | $18.3M | $40,081 | $1.4M | — | $160K |
| 2012 | 485 | $16.7M | $34,363 | $1.3M | — | $156K |
| 2011 | 503 | $15.0M | $29,901 | $1.7M | — | $132K |
| 2010 | 511 | $12.3M | $23,998 | $1.7M | — | $130K |
| 2009 | 503 | $12.0M | $23,917 | $1.5M | — | $85K |
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$32,208,678
- Employer contributions$2,836,722
- Participant contributions—
- Rollovers and other contributions$107,146
- Total contributions$2,943,868
- Total income, including investment results$6,192,952
- Benefits paid$2,879,437
- Administrative expenses$328,818
- Total expenses$3,208,255
- Net income$2,984,697
- Net transfers$0
- Net assets, end of year$35,193,375
Participants
- Active participants181
- Retired or separated, receiving benefits189
- Retired or separated, entitled to future benefits72
- Total participants, end of year469
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Berkshire Asset Management | Investment advisory (plan) | $128,647 | $0 |
| Lawrence C Musgrove Associates | Contract Administrator | $35,640 | $0 |
| Foster & Foster | Actuarial | $24,860 | $0 |
| Alan Ross & Company, PC | Accounting (including auditing) | $9,750 | $0 |
| O'Donoghue & O'Donoghue, LLP | Legal | $5,283 | $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$128,647
- Other administrative expenses$119,673
- Contract administrator fees$35,640
- Actuarial fees$24,860
- IQPA audit fees$11,211
- Legal fees$5,282
- Trustee and custodial fees$3,505
- Total administrative expenses$328,818
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.
- Registered investment companies (mutual funds)$13.9M · 39.6%
- U.S. Government securities$11.9M · 33.8%
- Corporate stocks$7.6M · 21.7%
- Cash (interest and non-interest bearing)$1.2M · 3.4%
- Receivables$552K · 1.6%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmAlan Ross & Company PC
- 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
1ABenefits are primarily pay related
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 333410: Ventilation, Heating, Air-Conditioning, & Commercial Refrigeration Equipment Mfg.
Similar plans in Pennsylvania
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Ametek Inc. Pension Plan | Ametek, Inc. | 493 | $37.5M | $76,124 |
| Johnson Matthey Inc. Amended and Restated Hourly Employees Pension Plan | Johnson Matthey Inc. | 459 | $38.0M | $82,778 |
| Knouse Foods Bargaining Unit Employees Retirement Plan | Knouse Foods Cooperative, Inc. | 497 | $22.3M | $44,849 |
| Liberty Coca-Cola Beverages and Teamsters Local #125 Pension Plan | Liberty Coca-Cola Beverages LLC | 444 | $26.6M | $59,914 |
| B. Braun of Puerto Rico, Inc. Pension Plan | B. Braun Puerto Rico, Inc. | 506 | $8.8M | $17,454 |
| Retirement Plan for Employees of Knouse Foods Cooperative, Inc. | Knouse Foods Cooperative, Inc. | 416 | $35.3M | $84,959 |
Defined benefit plans in manufacturing closest in size.
Questions and answers
How big is Sheet Metal Workers Local #44 Retirement Income Plan?
469 participants at the end of the plan year ending 31 Dec 2024, of whom 181 were active employees, with net assets of $35,193,375. Among defined benefit plans that places it in the 250 to 499 participants band, which held 873 plans in plan year 2024.
What does Sheet Metal Workers Local #44 Retirement Income Plan contribute per participant?
The filing reports $2,836,722 in employer contributions for the year, which is $15,672 per active participant; the median for plans of the same type and size was $11,032 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 $204,180 in compensation to service provider organisations, $435 per participant or 0.58% of net assets. The same-size median among plans reporting any Schedule C compensation was $413 per participant. Administrative expenses on Schedule H were $328,818. 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 Sheet Metal Workers Local #44 Retirement Income Plan. Recordkeeping or administration: Lawrence C Musgrove Associates. Investment advisory or management: Berkshire Asset Management. The financial statements were audited by Alan Ross & Company PC. 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 14 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 23-6537135, plan 001, received 14 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.