Illinois › Construction › 1,000 to 4,999 participants
Form 5500 statement · plan year 1 Jul 2024 to 30 Jun 2025
Smart Local 265 Pension Fund
Sponsored by Trustees of the Smart Local 265 Pension Fund, Downers Grove, 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.
In the plan year ending 30 Jun 2025, Smart Local 265 Pension Fund covered 3,363 participants and held $607M in net assets. The plan is a defined benefit pension plan sponsored by Trustees of the Smart Local 265 Pension Fund of Downers Grove, Illinois. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $180,393 per participant, well above the $87,935 median for defined benefit plans with 1,000 to 4,999 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 $16.6M for the year ($13,464 per active participant) and benefits paid were $28.1M. 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 $3.2M: $950 per participant, well above the same-size median of $325. Administrative expenses charged to the plan were $4.1M. 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 $206M in 2009 to $607M in 2024 (up 194%), and participants from 3,006 to 3,363 (up 12%).
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 | $180,393 | $87,935 | $100,593 | $86,221 |
| Employer contributions per active participant | $13,464 | $10,593 | $13,292 | $10,244 |
| Schedule C compensation per participant | $950 | $325 | $443 | $344 |
| Schedule C compensation, share of net assets | 0.53% | 0.41% | 0.46% | 0.42% |
| Administrative expenses per participant | $1,212 | $513 | $596 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 1,000 to 4,999 participants (1,540 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 | 3,363 | $607M | $180,393 | $16.6M | — | $3.2M |
| 2023 | 3,318 | $565M | $170,427 | $16.4M | — | $2.4M |
| 2022 | 3,242 | $526M | $162,213 | $15.6M | — | $2.1M |
| 2021 | 3,157 | $495M | $156,869 | $14.6M | — | $2.3M |
| 2020 | 3,143 | $538M | $171,106 | $14.6M | — | $2.2M |
| 2019 | 3,129 | $425M | $135,930 | $14.8M | — | $1.7M |
| 2018 | 3,164 | $417M | $131,819 | $14.7M | — | $1.6M |
| 2017 | 3,112 | $396M | $127,122 | $14.3M | — | $1.6M |
| 2016 | 3,074 | $369M | $120,023 | $13.7M | — | $1.6M |
| 2015 | 2,912 | $333M | $114,481 | $12.5M | — | $1.7M |
| 2014 | 2,939 | $337M | $114,534 | $11.9M | — | $1.6M |
| 2013 | 3,019 | $324M | $107,465 | $10.6M | — | $1.6M |
| 2012 | 3,005 | $282M | $93,689 | $9.6M | — | $1.4M |
| 2011 | 2,920 | $251M | $85,987 | $9.4M | — | $1.4M |
| 2010 | 3,013 | $249M | $82,579 | $9.5M | — | $1.4M |
| 2009 | 3,006 | $206M | $68,674 | $9.8M | — | $1.2M |
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$565,475,800
- Employer contributions$16,614,433
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$16,614,433
- Total income, including investment results$73,364,475
- Benefits paid$28,100,185
- Administrative expenses$4,076,952
- Total expenses$32,177,137
- Net income$41,187,338
- Net transfers$0
- Net assets, end of year$606,663,138
Participants
- Active participants1,234
- Retired or separated, receiving benefits996
- Retired or separated, entitled to future benefits911
- Total participants, end of year3,363
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| American Realty Advisors | Investment management | $544,896 | $0 |
| Morgan Stanley Smith Barney | Investment advisory (plan) | $505,733 | $0 |
| Sierra Investment Partners, Inc. | Investment management | $300,415 | $0 |
| Boston Partners | Investment management fees paid directly by plan | $265,649 | $0 |
| Foundry Partners | Investment management | $212,295 | $0 |
| Ariel Investments | Investment management | $158,606 | $0 |
| Mondrian Investment Partners | Investment management | $152,317 | $0 |
| Segal Company | Actuarial | $150,068 | $0 |
| National Investment Services | Investment management | $146,299 | $0 |
| Chevy Chase Trust | Investment management; Trustee (bank, trust company, or similar financial institution) | $105,117 | $0 |
| Fiera Capital Inc. | Investment management | $100,292 | $0 |
| Chartwell Investment Partners | Investment management fees paid directly by plan | $99,990 | $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$2,939,724
- Other administrative expenses$399,437
- Salaries and allowances$395,656
- Actuarial fees$150,068
- Legal fees$98,731
- IQPA audit fees$37,140
- Recordkeeping fees$20,087
- Trustee and custodial fees$18,500
- Other trustee fees and expenses$17,609
- Total administrative expenses$4,076,952
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.
- Corporate stocks$187M · 30.7%
- Common/collective trusts$110M · 18.0%
- Partnership/joint venture interests$68.9M · 11.3%
- Corporate debt instruments$60.1M · 9.9%
- Cash (interest and non-interest bearing)$52.8M · 8.7%
- Registered investment companies (mutual funds)$49.2M · 8.1%
- U.S. Government securities$47.1M · 7.8%
- Real estate$14.3M · 2.4%
- Pooled separate accounts$12.0M · 2.0%
- Other investments$3.4M · 0.6%
- Receivables$3.3M · 0.5%
- Buildings and other property used in plan operation$226K · 0.0%
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, PLLC
- 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
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 238900: Other Specialty Trade Contractors (including site preparation).
Similar plans in Illinois
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Roofers Pension Fund | Board of Trustees of Roofers Pension Fund | 4,154 | $529M | $127,379 |
| Pension Fund of Cement Masons Union Local No. 502 | Board of Trustees Cement Masons' Pension Fund | 3,202 | $540M | $168,632 |
| Administrative District Council 1 Pension Fund | Board of Trustees of Administrative District Council 1 Pension Fund | 5,273 | $543M | $103,035 |
| Structural Iw Local #1 Pension Plan | BD of Trustees-Structural Iw #1 Pension Plan | 3,189 | $663M | $207,987 |
| Fox Valley and Vicinity Laborers Pension Fund | Board of Trustees of Fox Valley Laborers Pension Fund | 5,289 | $713M | $134,899 |
| Painters District Council No. 30 Pension Fund | Board of Trustees Painters District Coun No. 30 Pension Fund | 3,081 | $460M | $149,395 |
Defined benefit plans in construction closest in size.
Questions and answers
How big is Smart Local 265 Pension Fund?
3,363 participants at the end of the plan year ending 30 Jun 2025, of whom 1,234 were active employees, with net assets of $606,663,138. Among defined benefit plans that places it in the 1,000 to 4,999 participants band, which held 1,540 plans in plan year 2024.
What does Trustees of the Smart Local 265 Pension Fund contribute per participant?
The filing reports $16,614,433 in employer contributions for the year, which is $13,464 per active participant; the median for plans of the same type and size was $10,593 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 $3,194,919 in compensation to service provider organisations, $950 per participant or 0.53% of net assets. The same-size median among plans reporting any Schedule C compensation was $325 per participant. Administrative expenses on Schedule H were $4,076,952. 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 Smart Local 265 Pension Fund. Investment advisory or management: American Realty Advisors, Morgan Stanley Smith Barney and Sierra Investment Partners, Inc.. Trustee or custodian: Chevy Chase Trust. The financial statements were audited by Calibre CPA Group, PLLC. 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 Jul 2024 to 30 Jun 2025, received by the Department of Labor on 13 Mar 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 36-6168611, plan 001, received 13 Mar 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.