Illinois › Construction › 500 to 999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Iron Workers Local 498 Defined Benefit Plan
Sponsored by Trustees of the Iron Workers Local 498 Defined Benefit Plan, Oak Brook, IL
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.
Iron Workers Local 498 Defined Benefit Plan is a defined benefit pension plan sponsored by Trustees of the Iron Workers Local 498 Defined Benefit Plan of Oak Brook, Illinois. For the plan year ending 31 Dec 2024 it reported 549 participants, 181 of them active, and net assets of $33.9M. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $61,767 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 $4.4M for the year ($24,270 per active participant) and benefits paid were $4.0M. 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 7 service provider organisations paid $5,000 or more, with reported compensation of $211K: $384 per participant, close to the same-size median of $377. Administrative expenses charged to the plan were $300K. 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 $15.9M in 2009 to $33.9M in 2024 (up 114%), and participants from 469 to 549 (up 17%).
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 | $61,767 | $86,583 | $100,593 | $86,221 |
| Employer contributions per active participant | $24,270 | $10,758 | $13,292 | $10,244 |
| Schedule C compensation per participant | $384 | $377 | $443 | $344 |
| Schedule C compensation, share of net assets | 0.62% | 0.48% | 0.46% | 0.42% |
| Administrative expenses per participant | $547 | $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 | 549 | $33.9M | $61,767 | $4.4M | — | $211K |
| 2023 | 530 | $30.3M | $57,098 | $4.0M | — | $193K |
| 2022 | 509 | $27.7M | $54,373 | $3.4M | — | $231K |
| 2021 | 483 | $33.5M | $69,358 | $3.0M | — | $277K |
| 2020 | 476 | $30.9M | $64,897 | $3.3M | — | $267K |
| 2019 | 487 | $28.0M | $57,501 | $4.0M | — | $222K |
| 2018 | 479 | $23.6M | $49,219 | $4.7M | — | $270K |
| 2017 | 464 | $23.7M | $51,151 | $3.9M | — | $287K |
| 2016 | 461 | $20.9M | $45,319 | $3.0M | — | $239K |
| 2015 | 459 | $20.3M | $44,316 | $3.0M | — | $223K |
| 2014 | 457 | $20.5M | $44,926 | $2.5M | — | $226K |
| 2013 | 459 | $20.0M | $43,571 | $2.3M | — | $207K |
| 2012 | 461 | $18.1M | $39,297 | $2.2M | — | $197K |
| 2011 | 479 | $17.0M | $35,484 | $2.4M | — | $232K |
| 2010 | 473 | $17.0M | $35,915 | $1.9M | — | $209K |
| 2009 | 469 | $15.9M | $33,829 | $2.3M | — | $223K |
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$30,262,313
- Employer contributions$4,392,879
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$4,392,879
- Total income, including investment results$7,960,009
- Benefits paid$4,011,804
- Administrative expenses$300,454
- Total expenses$4,312,258
- Net income$3,647,751
- Net transfers$0
- Net assets, end of year$33,910,064
Participants
- Active participants181
- Retired or separated, receiving benefits175
- Retired or separated, entitled to future benefits107
- Total participants, end of year549
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Benefit Management Group, Inc. | Contract Administrator | $78,000 | $0 |
| Ted Windsor & Associates | Actuarial | $28,426 | $0 |
| Calibre CPA Group, PLLC | Accounting (including auditing) | $25,588 | $0 |
| American Realty Advisors | Investment management | $25,378 | $0 |
| Comerica Bank | Custodial (securities) | $25,212 | $0 |
| Segal Marco Advisors | Investment advisory (plan) | $25,000 | $0 |
| Northern Trust Company | Custodial (securities); Investment management | $3,005 | $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
- Contract administrator fees$78,000
- Other administrative expenses$59,354
- Investment advisory and management fees$53,382
- Actuarial fees$28,426
- Trustee and custodial fees$25,212
- Legal fees$21,019
- IQPA audit fees$20,000
- Recordkeeping fees$15,061
- Total administrative expenses$300,454
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)$25.8M · 75.3%
- Common/collective trusts$3.9M · 11.4%
- Partnership/joint venture interests$2.3M · 6.7%
- Cash (interest and non-interest bearing)$1.8M · 5.3%
- Receivables$451K · 1.3%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmCalibre CPA Group, LLC
- 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 238900: Other Specialty Trade Contractors (including site preparation).
Similar plans in Illinois
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Painters Union Local #1052 Pension Trust Fund | Painters Union Local #1052 Pension Trust Fund Trustees | 582 | $38.9M | $66,911 |
| Plumbing & Heating Wholesalers Retirement Income Plan for the Benefit of Shopmen's Division of Pipe Fitters' Association, Local 597 | Shopmens Division Local 597 Joint Board of Trustees | 534 | $16.2M | $30,301 |
| Ironworkers 340 Retirement Plan | Ironworkers 340 Retirement Plan | 819 | $31.9M | $38,931 |
| Plumbers and Pipefitters Local Union 553 Pension Plan | Trustees of the Plumbers and Pipefitters Local 553 | 499 | $59.3M | $118,904 |
| Int'l Assoc. of S.M.A.R.T. Workers Local Union 268 Pension Trust & Plan Agreement | Sheet Metal Workers Local Union No. 268 | 867 | $64.8M | $74,728 |
| Roofers Local No. 88 Pension Fund | Roofers Local No. 88 Pension Fund Board of Trustees | 479 | $24.2M | $50,515 |
Defined benefit plans in construction closest in size.
Questions and answers
How big is Iron Workers Local 498 Defined Benefit Plan?
549 participants at the end of the plan year ending 31 Dec 2024, of whom 181 were active employees, with net assets of $33,910,064. Among defined benefit plans that places it in the 500 to 999 participants band, which held 873 plans in plan year 2024.
What does Trustees of the Iron Workers Local 498 Defined Benefit Plan contribute per participant?
The filing reports $4,392,879 in employer contributions for the year, which is $24,270 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 $210,609 in compensation to service provider organisations, $384 per participant or 0.62% of net assets. The same-size median among plans reporting any Schedule C compensation was $377 per participant. Administrative expenses on Schedule H were $300,454. 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 Trustees of the Iron Workers Local 498 Defined Benefit Plan. Recordkeeping or administration: Benefit Management Group, Inc.. Investment advisory or management: American Realty Advisors, Segal Marco Advisors and Northern Trust Company. Trustee or custodian: Comerica Bank and Northern Trust Company. The financial statements were audited by Calibre CPA Group, 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 6 Nov 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 36-3119818, plan 003, received 6 Nov 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.