Michigan › Construction › 500 to 999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Sheet Metal Workers Local 7, Zone 2 Pension Plan
Sponsored by Joint Board of Trustees Sheet Meta Workers Local 7, Zone 2 Pension, Lansing, 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 7, Zone 2 Pension Plan covered 812 participants and held $121M in net assets. The plan is a defined benefit pension plan sponsored by Joint Board of Trustees Sheet Meta Workers Local 7, Zone 2 Pension of Lansing, Michigan. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $149,403 per participant, well above the $86,583 median for defined benefit plans with 500 to 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 $4.9M for the year ($12,824 per active participant) and benefits paid were $5.8M. 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 9 service provider organisations paid $5,000 or more, with reported compensation of $577K: $710 per participant, well above the same-size median of $377. Administrative expenses charged to the plan were $691K. 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 $52.8M in 2009 to $121M in 2024 (up 130%), and participants from 707 to 812 (up 15%).
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 | $149,403 | $86,583 | $100,593 | $86,221 |
| Employer contributions per active participant | $12,824 | $10,758 | $13,292 | $10,244 |
| Schedule C compensation per participant | $710 | $377 | $443 | $344 |
| Schedule C compensation, share of net assets | 0.47% | 0.48% | 0.46% | 0.42% |
| Administrative expenses per participant | $850 | $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 | 812 | $121M | $149,403 | $4.9M | — | $577K |
| 2023 | 798 | $107M | $134,095 | $4.7M | — | $488K |
| 2022 | 771 | $93.4M | $121,196 | $4.2M | — | $468K |
| 2021 | 764 | $111M | $144,970 | $3.0M | — | $500K |
| 2020 | 752 | $97.4M | $129,513 | $4.5M | — | $446K |
| 2019 | 763 | $88.7M | $116,199 | $4.9M | — | $457K |
| 2018 | 752 | $75.5M | $100,422 | $3.7M | — | $428K |
| 2017 | 736 | $79.6M | $108,198 | $3.1M | — | $407K |
| 2016 | 738 | $71.6M | $97,043 | $3.4M | — | $397K |
| 2015 | 729 | $69.2M | $94,936 | $3.2M | — | $363K |
| 2014 | 731 | $70.2M | $96,049 | $2.6M | — | $274K |
| 2013 | 705 | $66.7M | $94,569 | $2.9M | — | $323K |
| 2012 | 709 | $59.2M | $83,433 | $2.7M | — | $268K |
| 2011 | 689 | $55.2M | $80,115 | $2.7M | — | $285K |
| 2010 | 705 | $55.2M | $78,247 | $1.8M | — | $224K |
| 2009 | 707 | $52.8M | $74,662 | $2.0M | — | $329K |
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$107,007,679
- Employer contributions$4,885,984
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$4,885,984
- Total income, including investment results$20,839,823
- Benefits paid$5,841,546
- Administrative expenses$690,512
- Total expenses$6,532,058
- Net income$14,307,765
- Net transfers$0
- Net assets, end of year$121,315,444
Participants
- Active participants381
- Retired or separated, receiving benefits227
- Retired or separated, entitled to future benefits153
- Total participants, end of year812
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Zacks Capital Management | Investment management | $165,315 | $0 |
| Watkins Ross & Company | Actuarial | $130,623 | $0 |
| Munder Capital Management | Investment management | $80,569 | $0 |
| Yousif Capital Management | Investment management | $54,450 | $0 |
| Comerica Bank | Custodial (securities) | $39,203 | $0 |
| Delta Capital Management, LLC | Investment management | $37,941 | $0 |
| Tic Midwest | Accounting (including auditing); Plan Administrator; Recordkeeping and information management | $34,317 | $0 |
| Standard Valuation | Consulting (pension) | $26,000 | $0 |
| Key Bank National Association | Investment management | $8,432 | $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$372,707
- Actuarial fees$130,623
- Other administrative expenses$50,909
- Trustee and custodial fees$41,004
- Legal fees$36,767
- Contract administrator fees$24,501
- IQPA audit fees$20,600
- Other trustee fees and expenses$7,537
- Recordkeeping fees$5,864
- Total administrative expenses$690,512
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$53.7M · 44.2%
- Registered investment companies (mutual funds)$28.8M · 23.7%
- U.S. Government securities$19.7M · 16.2%
- Corporate debt instruments$15.1M · 12.4%
- Common/collective trusts$2.8M · 2.3%
- Cash (interest and non-interest bearing)$732K · 0.6%
- Receivables$732K · 0.6%
- Buildings and other property used in plan operation$8,873 · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmBenda, Grace, Stulz & Company, P.C.
- 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)1ECode section 401(h) arrangement
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 |
|---|---|---|---|---|
| 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 |
| Sheet Metal Workers Local 224 Pension Fund | Sheet Metal Workers Local 224 Pension Fund BD of Trustees | 795 | $76.1M | $95,680 |
| Flint Plumb & Pipe Pension Fun | Trustees Flint Plumbing Pension Fun | 961 | $117M | $121,234 |
| IBEW Local 129 Pension Fund Pension Plan | IBEW Union Local 129 | 742 | $122M | $164,960 |
| 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 |
| Michigan Upper Peninsula Intrl Brotherhood of Elec Workers Pension Plan | Michigan Upper Peninsula IBEW | 671 | $103M | $152,800 |
Defined benefit plans in construction closest in size.
Questions and answers
How big is Sheet Metal Workers Local 7, Zone 2 Pension Plan?
812 participants at the end of the plan year ending 31 Dec 2024, of whom 381 were active employees, with net assets of $121,315,444. Among defined benefit plans that places it in the 500 to 999 participants band, which held 873 plans in plan year 2024.
What does Joint Board of Trustees Sheet Meta Workers Local 7, Zone 2 Pension contribute per participant?
The filing reports $4,885,984 in employer contributions for the year, which is $12,824 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 $576,850 in compensation to service provider organisations, $710 per participant or 0.47% of net assets. The same-size median among plans reporting any Schedule C compensation was $377 per participant. Administrative expenses on Schedule H were $690,512. 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 Joint Board of Trustees Sheet Meta Workers Local 7, Zone 2 Pension. Recordkeeping or administration: Tic Midwest. Investment advisory or management: Zacks Capital Management, Munder Capital Management and Yousif Capital Management. Trustee or custodian: Comerica Bank. The financial statements were audited by Benda, Grace, Stulz & Company, P.C.. 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 38-1616942, 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.