Michigan › Manufacturing › 1,000 to 4,999 participants
Form 5500 statement · plan year 1 Apr 2024 to 31 Mar 2025
Sheet Metal Workers Local No. 292 Pension Fund
Sponsored by Board of Trustees, Sheet Metal Workers Local No. 292 Pension Fund, 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.
Sheet Metal Workers Local No. 292 Pension Fund is a defined benefit pension plan sponsored by Board of Trustees, Sheet Metal Workers Local No. 292 Pension Fund of Troy, Michigan. For the plan year ending 31 Mar 2025 it reported 1,621 participants, 608 of them active, and net assets of $164M. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $100,883 per participant, above the $87,935 median for defined benefit plans with 1,000 to 4,999 participants and well above the $67,961 median for defined benefit plans in manufacturing. 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 $9.5M for the year ($15,657 per active participant) and benefits paid were $9.0M. 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 15 service provider organisations paid $5,000 or more, with reported compensation of $828K: $511 per participant, well above the same-size median of $325. Administrative expenses charged to the plan were $925K. 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 $51.5M in 2009 to $164M in 2024 (up 217%), and participants from 2,118 to 1,621 (down 23%).
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 | $100,883 | $87,935 | $67,961 | $86,221 |
| Employer contributions per active participant | $15,657 | $10,593 | $6,915 | $10,244 |
| Schedule C compensation per participant | $511 | $325 | $299 | $344 |
| Schedule C compensation, share of net assets | 0.51% | 0.41% | 0.47% | 0.42% |
| Administrative expenses per participant | $571 | $513 | $498 | $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), manufacturing (1,532) 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 | 1,621 | $164M | $100,883 | $9.5M | — | $828K |
| 2023 | 1,568 | $158M | $101,019 | $12.7M | — | $1.2M |
| 2022 | 1,507 | $145M | $96,476 | $9.4M | — | $987K |
| 2021 | 1,599 | $152M | $95,316 | $10.3M | — | $1.1M |
| 2020 | 1,630 | $149M | $91,193 | $13.1M | — | $925K |
| 2019 | 1,530 | $106M | $69,092 | $11.6M | — | $931K |
| 2018 | 1,510 | $110M | $73,052 | $7.1M | — | $791K |
| 2017 | 1,547 | $109M | $70,195 | $21.8M | — | $759K |
| 2016 | 1,509 | $85.2M | $56,478 | $5.9M | — | $645K |
| 2014 | 1,793 | $82.5M | $46,035 | $5.7M | — | $540K |
| 2013 | 1,817 | $79.1M | $43,551 | $6.5M | — | $603K |
| 2012 | 1,529 | $72.0M | $47,116 | $5.9M | — | $614K |
| 2011 | 1,603 | $68.3M | $42,614 | $3.4M | — | $772K |
| 2010 | 1,607 | $71.5M | $44,494 | $4.7M | — | $738K |
| 2009 | 2,118 | $51.5M | $24,334 | $2.3M | — | $921K |
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$158,398,168
- Employer contributions$9,519,577
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$9,519,577
- Total income, including investment results$15,047,657
- Benefits paid$8,989,656
- Administrative expenses$925,255
- Total expenses$9,914,911
- Net income$5,132,746
- Net transfers$0
- Net assets, end of year$163,530,914
Participants
- Active participants608
- Retired or separated, receiving benefits613
- Retired or separated, entitled to future benefits257
- Total participants, end of year1,621
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Morgan Stanley | Custodial (securities); Investment advisory (plan); Securities brokerage; Other services | $541,069 | $0 |
| Benesys, Inc. | Accounting (including auditing); Contract Administrator; Recordkeeping and information management | $131,464 | $0 |
| The Segal Company | Actuarial | $71,431 | $0 |
| Watkins Pawlick Calati & Prifti, PC | Legal | $40,615 | $0 |
| Benda, Grace, Stulz & Company, P.C. | Accounting (including auditing) | $20,150 | $0 |
| American Graphics Printing | Copying and duplicating | $9,664 | $0 |
| Brentwood Asset Advisor | Consulting (pension) | $8,600 | $0 |
| Stefansky, Halloway & Nichols, Inc. | Accounting (including auditing) | $5,356 | $0 |
| Geneva | Investment management | $0 | $0 |
| Fuller & Thaler Asset Management | Investment management | $0 | $0 |
| Lazard Asset Management | Investment management | $0 | $0 |
| Causeway Capital Management, LLC | Investment management | $0 | $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$549,669
- Contract administrator fees$124,214
- Other administrative expenses$110,444
- Actuarial fees$71,431
- Legal fees$40,615
- IQPA audit fees$19,700
- Recordkeeping fees$5,356
- Other trustee fees and expenses$3,826
- Total administrative expenses$925,255
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 debt instruments$129M · 77.4%
- U.S. Government securities$17.4M · 10.5%
- Registered investment companies (mutual funds)$11.1M · 6.7%
- Cash (interest and non-interest bearing)$6.2M · 3.7%
- Receivables$2.8M · 1.7%
- Buildings and other property used in plan operation$9,902 · 0.0%
- Corporate stocks$481 · 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)
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 339900: Other Miscellaneous Mfg.
Similar plans in Michigan
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Comau LLC Employees' Retirement Income Plan | Comau LLC | 1,909 | $126M | $66,029 |
| Union Carbide Employees' Pension Plan (Personal Pension Account) | Union Carbide Corporation C/o the Dow Chemical Company | 1,375 | $50.2M | $36,481 |
| Accuride Consolidated Employee Pension Plan | Accuride Corporation | 1,913 | $69.8M | $36,499 |
| Iacna Portable Pension Plan | International Automotive Components Group North America, Inc. | 1,264 | $9.5M | $7,554 |
| Borgwarner Inc. Retirement Plan | Borgwarner Inc. | 1,975 | $126M | $64,007 |
| Garrett Transportation I Inc. Pension Plan | Garrett Transportation I Inc. | 1,243 | $164M | $131,625 |
Defined benefit plans in manufacturing closest in size.
Questions and answers
How big is Sheet Metal Workers Local No. 292 Pension Fund?
1,621 participants at the end of the plan year ending 31 Mar 2025, of whom 608 were active employees, with net assets of $163,530,914. 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 Board of Trustees, Sheet Metal Workers Local No. 292 Pension Fund contribute per participant?
The filing reports $9,519,577 in employer contributions for the year, which is $15,657 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 $828,349 in compensation to service provider organisations, $511 per participant or 0.51% of net assets. The same-size median among plans reporting any Schedule C compensation was $325 per participant. Administrative expenses on Schedule H were $925,255. 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 Board of Trustees, Sheet Metal Workers Local No. 292 Pension Fund. Recordkeeping or administration: Benesys, Inc.. Investment advisory or management: Morgan Stanley, Geneva and Fuller & Thaler Asset Management. Trustee or custodian: Morgan Stanley. 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 Apr 2024 to 31 Mar 2025, received by the Department of Labor on 15 Jan 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 38-1659157, plan 001, received 15 Jan 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.