Michigan › Construction › 500 to 999 participants
Form 5500 statement · plan year 1 May 2024 to 30 Apr 2025
Toledo Area Sheet Metal Workers Pension Plan and Trust
Sponsored by Toledo Area Sheet Metal Workers Pension Plan Joint Board of Trustee, 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.
Toledo Area Sheet Metal Workers Pension Plan Joint Board of Trustee of Troy, Michigan sponsors Toledo Area Sheet Metal Workers Pension Plan and Trust, a defined benefit pension plan. Its Form 5500 for the plan year ending 30 Apr 2025 shows 875 participants (352 active) and $49.3M in net assets. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $56,355 per participant, well below the $86,583 median for defined benefit plans with 500 to 999 participants and well below 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 $5.8M for the year ($16,406 per active participant) and benefits paid were $4.9M. 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 13 service provider organisations paid $5,000 or more, with reported compensation of $394K: $450 per participant, above the same-size median of $377. Administrative expenses charged to the plan were $460K. 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 $28.4M in 2009 to $49.3M in 2024 (up 73%), and participants from 816 to 875 (up 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 | $56,355 | $86,583 | $100,593 | $86,221 |
| Employer contributions per active participant | $16,406 | $10,758 | $13,292 | $10,244 |
| Schedule C compensation per participant | $450 | $377 | $443 | $344 |
| Schedule C compensation, share of net assets | 0.80% | 0.48% | 0.46% | 0.42% |
| Administrative expenses per participant | $525 | $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 | 875 | $49.3M | $56,354 | $5.8M | — | $394K |
| 2023 | 898 | $46.5M | $51,812 | $5.5M | — | $312K |
| 2022 | 835 | $44.0M | $52,662 | $5.3M | — | $438K |
| 2021 | 870 | $43.2M | $49,615 | $5.4M | — | $374K |
| 2020 | 851 | $41.0M | $48,135 | $4.5M | — | $377K |
| 2019 | 825 | $33.2M | $40,222 | $4.7M | — | $343K |
| 2017 | 816 | $34.2M | $41,915 | $4.8M | — | $305K |
| 2016 | 886 | $31.9M | $36,010 | $4.4M | — | $397K |
| 2015 | 853 | $29.9M | $35,053 | $3.9M | — | $391K |
| 2014 | 942 | $30.9M | $32,811 | $3.4M | — | $402K |
| 2013 | 903 | $30.4M | $33,687 | $3.1M | — | $423K |
| 2012 | 900 | $28.9M | $32,078 | $3.5M | — | $343K |
| 2011 | 899 | $27.2M | $30,244 | $3.1M | — | $321K |
| 2010 | 898 | $30.9M | $34,420 | $2.5M | — | $243K |
| 2009 | 816 | $28.4M | $34,863 | $2.0M | — | $236K |
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$46,527,151
- Employer contributions$5,775,013
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$5,775,013
- Total income, including investment results$8,173,825
- Benefits paid$4,931,024
- Administrative expenses$459,731
- Total expenses$5,390,755
- Net income$2,783,070
- Net transfers$0
- Net assets, end of year$49,310,221
Participants
- Active participants352
- Retired or separated, receiving benefits312
- Retired or separated, entitled to future benefits123
- Total participants, end of year875
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Benesys, Inc. | Contract Administrator | $70,508 | $0 |
| Vanguard | Investment management fees paid directly by plan | $64,858 | $0 |
| Hamlin Capital Management | Investment management fees paid directly by plan | $43,700 | $0 |
| United Actuarial Services, Inc. | Actuarial | $42,500 | $0 |
| Morgan Stanley | Investment advisory (plan) | $30,719 | $0 |
| Boyd Watterson Asset Management | Investment management fees paid directly by plan | $30,298 | $0 |
| Shumaker, Loop & Kendrick LLP | Legal | $24,672 | $0 |
| Reinhart Partners, Inc. | Investment management fees paid directly by plan | $20,435 | $0 |
| Macqueen Insurance Group | Insurance services | $18,649 | $0 |
| Clark, Schaefer, Hackett & Co. | Accounting (including auditing) | $16,075 | $0 |
| Ernst & Young US LLP | Accounting (including auditing) | $12,953 | $0 |
| SMW Fringe Benefit Funds, Inc. | Contract Administrator | $9,413 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. 1 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$183,417
- Other administrative expenses$78,103
- Contract administrator fees$75,217
- Actuarial fees$73,700
- Legal fees$34,436
- IQPA audit fees$12,059
- Trustee and custodial fees$2,799
- Total administrative expenses$459,731
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)$17.5M · 35.5%
- Partnership/joint venture interests$12.1M · 24.6%
- Corporate stocks$8.8M · 17.7%
- U.S. Government securities$4.2M · 8.5%
- 103-12 investment entities$2.1M · 4.3%
- Corporate debt instruments$2.1M · 4.3%
- Cash (interest and non-interest bearing)$1.5M · 3.0%
- Receivables$1.0M · 2.0%
- Other investments$7,591 · 0.0%
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, $500,000
- 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 238220: Plumbing, Heating, & Air-Conditioning Contractors.
Similar plans in Michigan
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Flint Plumb & Pipe Pension Fun | Trustees Flint Plumbing Pension Fun | 961 | $117M | $121,234 |
| 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 |
| Sheet Metal Workers Local NO.20 Gary Area Pension | Trustees of Sheet Metal Workers Local 20 Gary Area Pension Fund | 1,063 | $112M | $105,738 |
| Sheet Metal Workers Local 224 Pension Fund | Sheet Metal Workers Local 224 Pension Fund BD of Trustees | 795 | $76.1M | $95,680 |
| Bricklayers Local No. 1 of Ky. Pension Trust Fund | Joint Board of Trustees Bricklayer Union No. 1 of Ky. Pension Trust | 1,164 | $23.7M | $20,403 |
| IBEW Local 129 Pension Fund Pension Plan | IBEW Union Local 129 | 742 | $122M | $164,960 |
Defined benefit plans in construction closest in size.
Questions and answers
How big is Toledo Area Sheet Metal Workers Pension Plan and Trust?
875 participants at the end of the plan year ending 30 Apr 2025, of whom 352 were active employees, with net assets of $49,310,221. Among defined benefit plans that places it in the 500 to 999 participants band, which held 873 plans in plan year 2024.
What does Toledo Area Sheet Metal Workers Pension Plan Joint Board of Trustee contribute per participant?
The filing reports $5,775,013 in employer contributions for the year, which is $16,406 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 $394,013 in compensation to service provider organisations, $450 per participant or 0.80% of net assets. The same-size median among plans reporting any Schedule C compensation was $377 per participant. Administrative expenses on Schedule H were $459,731. 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 Toledo Area Sheet Metal Workers Pension Plan Joint Board of Trustee. Recordkeeping or administration: Benesys, Inc. and SMW Fringe Benefit Funds, Inc.. Investment advisory or management: Morgan Stanley. 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 May 2024 to 30 Apr 2025, received by the Department of Labor on 12 Feb 2026. 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 34-6682530, plan 001, received 12 Feb 2026; 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.