Michigan › Construction › 500 to 999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Sheet Metal Workers Local 224 Pension Fund
Sponsored by Sheet Metal Workers Local 224 Pension Fund BD of Trustees, Troy, MI
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, Sheet Metal Workers Local 224 Pension Fund covered 795 participants and held $76.1M in net assets. The plan is a defined benefit pension plan sponsored by Sheet Metal Workers Local 224 Pension Fund BD of Trustees of Troy, Michigan. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $95,680 per participant, above the $86,583 median for defined benefit plans with 500 to 999 participants and close to 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 $4.9M for the year ($16,554 per active participant) and benefits paid were $6.1M. 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 $433K: $544 per participant, well above the same-size median of $377. Administrative expenses charged to the plan were $555K. 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 $44.6M in 2009 to $76.1M in 2024 (up 71%), and participants from 853 to 795 (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 | $95,680 | $86,583 | $100,593 | $86,221 |
| Employer contributions per active participant | $16,554 | $10,758 | $13,292 | $10,244 |
| Schedule C compensation per participant | $544 | $377 | $443 | $344 |
| Schedule C compensation, share of net assets | 0.57% | 0.48% | 0.46% | 0.42% |
| Administrative expenses per participant | $698 | $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 | 795 | $76.1M | $95,681 | $4.9M | — | $433K |
| 2023 | 841 | $68.3M | $81,247 | $4.4M | — | $481K |
| 2022 | 772 | $62.5M | $80,927 | $4.0M | — | $503K |
| 2021 | 770 | $75.0M | $97,362 | $3.4M | — | $355K |
| 2020 | 784 | $67.9M | $86,573 | $3.4M | — | $313K |
| 2019 | 778 | $62.5M | $80,280 | $3.8M | — | $509K |
| 2018 | 804 | $54.3M | $67,566 | $4.1M | — | $340K |
| 2017 | 786 | $58.1M | $73,891 | $3.7M | — | $273K |
| 2016 | 794 | $53.3M | $67,071 | $3.4M | — | $244K |
| 2015 | 803 | $52.0M | $64,709 | $3.2M | — | $366K |
| 2014 | 803 | $53.7M | $66,832 | $3.3M | — | $187K |
| 2013 | 816 | $52.2M | $63,919 | $3.4M | — | $160K |
| 2012 | 824 | $47.7M | $57,926 | $3.1M | — | $168K |
| 2010 | 832 | $46.8M | $56,245 | $2.3M | — | $133K |
| 2009 | 853 | $44.6M | $52,292 | $2.5M | — | $136K |
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$68,328,763
- Employer contributions$4,916,423
- Participant contributions—
- Rollovers and other contributions$119,412
- Total contributions$5,035,835
- Total income, including investment results$14,355,359
- Benefits paid$6,063,295
- Administrative expenses$554,950
- Total expenses$6,618,245
- Net income$7,737,114
- Net transfers$0
- Net assets, end of year$76,065,877
Participants
- Active participants297
- Retired or separated, receiving benefits352
- Retired or separated, entitled to future benefits146
- Total participants, end of year795
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Strategic Capital Inv Advisors | Investment advisory (plan) | $116,151 | $0 |
| Solxsys Administrative Solutions | Plan Administrator; Recordkeeping and information management; Other services | $70,075 | $0 |
| Clark, Schaefer, Hackett & Co. | Accounting (including auditing) | $42,121 | $0 |
| Ledbetter Parisi LLC | Legal | $33,478 | $0 |
| John Hancock | Trustee (bank, trust company, or similar financial institution) | $28,691 | $0 |
| National Investment Services | Investment management | $26,710 | $0 |
| PNC Investments | Investment management | $18,314 | $0 |
| Washington Capital Management | Investment management | $16,915 | $0 |
| Segal Select Insurance Services Inc. | Insurance agents and brokers | $15,914 | $0 |
| Stockbridge Niche Logistics | Other services | $13,903 | $0 |
| Fifth Third Bank | Other services | $10,057 | $0 |
| Stockbridge Smart Markets Fund, LP | Direct payment from the plan | $10,019 | $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$249,674
- Contract administrator fees$100,642
- Other administrative expenses$71,991
- Actuarial fees$45,400
- IQPA audit fees$42,121
- Legal fees$33,478
- Trustee and custodial fees$10,057
- Other trustee fees and expenses$1,587
- Total administrative expenses$554,950
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)$54.8M · 71.8%
- Partnership/joint venture interests$14.5M · 19.0%
- 103-12 investment entities$3.5M · 4.6%
- Common/collective trusts$2.1M · 2.8%
- Receivables$721K · 0.9%
- Cash (interest and non-interest bearing)$657K · 0.9%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmClark, Schaefer, Hackett & Co.
- 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
1BBenefits are primarily flat dollar (includes dollars per year of service)
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 Michigan
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Sheet Metal Workers Local 7, Zone 2 Pension Plan | Joint Board of Trustees Sheet Meta Workers Local 7, Zone 2 Pension | 812 | $121M | $149,403 |
| IBEW Local 129 Pension Fund Pension Plan | IBEW Union Local 129 | 742 | $122M | $164,960 |
| Toledo Area Sheet Metal Workers Pension Plan and Trust | Toledo Area Sheet Metal Workers Pension Plan Joint Board of Trustee | 875 | $49.3M | $56,355 |
| Michigan Upper Peninsula Intrl Brotherhood of Elec Workers Pension Plan | Michigan Upper Peninsula IBEW | 671 | $103M | $152,800 |
| Flint Plumb & Pipe Pension Fun | Trustees Flint Plumbing Pension Fun | 961 | $117M | $121,234 |
| Flint Area Sheet Metal Workers Local 7-4 Pension Fund | Board of Trustees, Flint Area Sheet Metal Workers Local 7 Zone 4 | 584 | $61.5M | $105,393 |
Defined benefit plans in construction closest in size.
Questions and answers
How big is Sheet Metal Workers Local 224 Pension Fund?
795 participants at the end of the plan year ending 31 Dec 2024, of whom 297 were active employees, with net assets of $76,065,877. Among defined benefit plans that places it in the 500 to 999 participants band, which held 873 plans in plan year 2024.
What does Sheet Metal Workers Local 224 Pension Fund BD of Trustees contribute per participant?
The filing reports $4,916,423 in employer contributions for the year, which is $16,554 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 $432,732 in compensation to service provider organisations, $544 per participant or 0.57% of net assets. The same-size median among plans reporting any Schedule C compensation was $377 per participant. Administrative expenses on Schedule H were $554,950. 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 224 Pension Fund BD of Trustees. Recordkeeping or administration: Solxsys Administrative Solutions. Investment advisory or management: Strategic Capital Inv Advisors, National Investment Services and PNC Investments. Trustee or custodian: John Hancock. The financial statements were audited by Clark, Schaefer, Hackett & Co.. 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 31-6171353, 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.