Illinois › Construction › 500 to 999 participants
Form 5500 statement · plan year 1 Jun 2024 to 31 May 2025
Int'l Assoc. of S.M.A.R.T. Workers Local Union 268 Pension Trust & Plan Agreement
Sponsored by Sheet Metal Workers Local Union No. 268, Caseyville, 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.
Int'l Assoc. of S.M.A.R.T. Workers Local Union 268 Pension Trust & Plan Agreement is a defined benefit pension plan sponsored by Sheet Metal Workers Local Union No. 268 of Caseyville, Illinois. For the plan year ending 31 May 2025 it reported 867 participants, 377 of them active, and net assets of $64.8M. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $74,728 per participant, 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 $2.5M for the year ($6,597 per active participant) and benefits paid were $3.1M. 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 7 service provider organisations paid $5,000 or more, with reported compensation of $259K: $298 per participant, well below the same-size median of $377. Administrative expenses charged to the plan were $313K. 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 $22.2M in 2009 to $64.8M in 2024 (up 192%), and participants from 812 to 867 (up 7%).
The independent accountant's opinion on the financial statements was unmodified (unqualified), from an audit whose scope was limited under ERISA section 103(a)(3)(C) to exclude investment information certified by a bank or insurer.
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DB plans |
|---|---|---|---|---|
| Net assets per participant | $74,728 | $86,583 | $100,593 | $86,221 |
| Employer contributions per active participant | $6,597 | $10,758 | $13,292 | $10,244 |
| Schedule C compensation per participant | $298 | $377 | $443 | $344 |
| Schedule C compensation, share of net assets | 0.40% | 0.48% | 0.46% | 0.42% |
| Administrative expenses per participant | $361 | $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 | 867 | $64.8M | $74,728 | $2.5M | — | $259K |
| 2023 | 847 | $59.9M | $70,749 | $2.5M | — | $222K |
| 2022 | 830 | $52.0M | $62,640 | $2.4M | — | $205K |
| 2021 | 824 | $52.1M | $63,201 | $2.1M | $0 | $219K |
| 2020 | 816 | $55.4M | $67,831 | $2.0M | $0 | $192K |
| 2019 | 819 | $43.7M | $53,400 | $1.9M | $0 | $168K |
| 2018 | 809 | $40.8M | $50,491 | $1.9M | $0 | $171K |
| 2017 | 812 | $40.0M | $49,250 | $1.6M | $0 | $73K |
| 2016 | 810 | $36.6M | $45,193 | $1.7M | $0 | $78K |
| 2015 | 812 | $33.4M | $41,112 | $1.7M | $0 | $70K |
| 2014 | 810 | $33.4M | $41,175 | $1.7M | $0 | $75K |
| 2013 | 822 | $31.1M | $37,892 | $1.5M | $0 | $125K |
| 2012 | 833 | $28.2M | $33,886 | $1.6M | — | $140K |
| 2011 | 815 | $25.3M | $31,022 | $1.9M | — | $118K |
| 2010 | 814 | $24.8M | $30,495 | $1.6M | — | $124K |
| 2009 | 812 | $22.2M | $27,353 | $1.7M | — | $124K |
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$59,923,910
- Employer contributions$2,487,001
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$2,487,001
- Total income, including investment results$8,260,276
- Benefits paid$3,081,351
- Administrative expenses$313,384
- Total expenses$3,394,735
- Net income$4,865,541
- Net transfers$0
- Net assets, end of year$64,789,451
Participants
- Active participants377
- Retired or separated, receiving benefits262
- Retired or separated, entitled to future benefits140
- Total participants, end of year867
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Sheet Metal Workers Local 268 | Recordkeeping and information management | $69,346 | $0 |
| Ekon Advisors | Investment advisory (plan) | $61,625 | $0 |
| Lincoln Financial | Investment management | $44,885 | $0 |
| Ekon Benefits | Actuarial; Consulting (pension) | $39,627 | $0 |
| West & Company | Accounting (including auditing) | $22,000 | $0 |
| Matrix Trust | Trustee (bank, trust company, or similar financial institution) | $14,347 | $0 |
| Sheet Metal Workers 268 H&W Fund | Recordkeeping and information management | $6,806 | $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$120,857
- Salaries and allowances$76,152
- Other administrative expenses$50,194
- Actuarial fees$39,627
- IQPA audit fees$22,000
- Legal fees$4,554
- Total administrative expenses$313,384
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)$48.8M · 75.2%
- Pooled separate accounts$6.5M · 10.1%
- Insurance company general account$5.5M · 8.4%
- Common/collective trusts$2.9M · 4.4%
- U.S. Government securities$1.0M · 1.6%
- Cash (interest and non-interest bearing)$151K · 0.2%
- Buildings and other property used in plan operation$2,733 · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmWest & Company Inc.
- 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 Illinois
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| IBEW Local No. 117 Pension Fund | Trustees of IBEW Local No. 117 Pension Fund | 917 | $252M | $275,255 |
| Ironworkers 340 Retirement Plan | Ironworkers 340 Retirement Plan | 819 | $31.9M | $38,931 |
| Glaziers Union Local No. 27 Pension & Retirement P | Glaziers Union Local No. 27 Pension & Retirement Plan Trustees | 998 | $195M | $195,864 |
| Painters Union Local #1052 Pension Trust Fund | Painters Union Local #1052 Pension Trust Fund Trustees | 582 | $38.9M | $66,911 |
| Rockford Pipe Trades Industry Pension Fund | Board of Trustees of the Rockford Pipe Trades Industry Pension Fund | 1,029 | $229M | $222,337 |
| Iron Workers Local 498 Defined Benefit Plan | Trustees of the Iron Workers Local 498 Defined Benefit Plan | 549 | $33.9M | $61,767 |
Defined benefit plans in construction closest in size.
Questions and answers
How big is Int'l Assoc. of S.M.A.R.T. Workers Local Union 268 Pension Trust & Plan Agreement?
867 participants at the end of the plan year ending 31 May 2025, of whom 377 were active employees, with net assets of $64,789,451. 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 Union No. 268 contribute per participant?
The filing reports $2,487,001 in employer contributions for the year, which is $6,597 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 $258,636 in compensation to service provider organisations, $298 per participant or 0.40% of net assets. The same-size median among plans reporting any Schedule C compensation was $377 per participant. Administrative expenses on Schedule H were $313,384. 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 Union No. 268. Recordkeeping or administration: Sheet Metal Workers Local 268 and Sheet Metal Workers 268 H&W Fund. Investment advisory or management: Ekon Advisors and Lincoln Financial. Trustee or custodian: Matrix Trust. The financial statements were audited by West & Company Inc.. 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 from a limited-scope audit, in which the accountant did not audit investment information certified by a bank or insurance company. 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 Jun 2024 to 31 May 2025, received by the Department of Labor on 4 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 37-0557803, plan 001, received 4 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.