Michigan › Construction › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
IBEW Local No. 58 Annuity Fund
Sponsored by Board of Trustees of the IBEW Local No. 58 Annuity Fund, Madison Heights, 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.
Board of Trustees of the IBEW Local No. 58 Annuity Fund of Madison Heights, Michigan sponsors IBEW Local No. 58 Annuity Fund, a 401(k) plan. Its Form 5500 for the plan year ending 31 Dec 2024 shows 6,150 participants (5,364 active) and $919M in net assets. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $149,383 per participant, well above the $64,499 median for defined contribution plans with 5,000 to 24,999 participants and well above the $54,962 median for defined contribution 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.
The employer contributed $29.2M during the year, or $5,435 per active participant against a same-size median of $2,424; participants contributed $18.9M. Benefits paid out totalled $51.9M.
Schedule C lists 8 service provider organisations paid $5,000 or more, with reported compensation of $588K: $95.59 per participant, well above the same-size median of $53.38. Administrative expenses charged to the plan were $1.1M. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
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 DC plans |
|---|---|---|---|---|
| Net assets per participant | $149,383 | $64,499 | $54,962 | $53,102 |
| Employer contributions per active participant | $5,435 | $2,424 | $2,728 | $2,175 |
| Schedule C compensation per participant | $95.59 | $53.38 | $162 | $123 |
| Schedule C compensation, share of net assets | 0.06% | 0.09% | 0.33% | 0.26% |
| Administrative expenses per participant | $179 | $54.85 | $166 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 5,000 to 24,999 participants (2,605 plans), construction (4,204) and all US plans (63,460). 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 | 6,150 | $919M | $149,383 | $29.2M | $18.9M | $588K |
| 2023 | 6,079 | $820M | $134,932 | $27.9M | $17.3M | $753K |
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$820,254,242
- Employer contributions$29,155,438
- Participant contributions$18,941,828
- Rollovers and other contributions—
- Total contributions$48,097,266
- Total income, including investment results$151,975,577
- Benefits paid$51,919,101
- Administrative expenses$1,098,744
- Total expenses$53,523,906
- Net income$98,451,671
- Net transfers$0
- Net assets, end of year$918,705,913
Participants
- Active participants5,364
- Retired or separated, receiving benefits604
- Retired or separated, entitled to future benefits129
- Participants with account balances6,150
- Total participants, end of year6,150
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Empower Annuity Insurance Company | Recordkeeping and information management; Participant communication | $264,450 | $0 |
| Morgan Stanley | Investment advisory (plan) | $215,000 | $0 |
| McClain Smith & Wenz PC | Accounting (including auditing) | $32,288 | $0 |
| Watkins Pawlick Calati & Prifti, PC | Legal | $25,532 | $0 |
| Solxsys Administrative Solutions | Recordkeeping and information management | $23,617 | $0 |
| Auxiom | Recordkeeping and information management | $12,749 | $0 |
| Benesys Inc. | Recordkeeping and information management | $7,182 | $0 |
| Macqueen Insurance | Insurance agents and brokers | $7,050 | $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
- Other administrative expenses$302,331
- Recordkeeping fees$264,450
- Salaries and allowances$259,143
- Investment advisory and management fees$215,000
- IQPA audit fees$32,288
- Legal fees$25,532
- Total administrative expenses$1,098,744
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)$849M · 92.3%
- Insurance company general account$50.6M · 5.5%
- Participant loans$12.4M · 1.4%
- Cash (interest and non-interest bearing)$5.3M · 0.6%
- Receivables$2.3M · 0.2%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmMcClain Smith & Wenz PC
- Participant contributions reported as transmitted lateYes, $219,470
- 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
2EProfit-sharing plan2GTotal participant-directed account plan2JCode section 401(k) feature2TTotal or partial participant-directed account plan with a default investment account2FERISA section 404(c) plan
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 238210: Electrical Contractors.
Similar plans in Michigan
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Construction Industry Retirement Fund of Rockford | Joint Board of Trustees of Construction Industry of Rockford, Illinois | 11,408 | $619M | $54,301 |
| Iron Workers Defined Contribution Pension Fund Plan | Board of Trustees, Iron Workers Local No. 25 | 5,583 | $231M | $41,407 |
| Holcim (US) Inc. Retirement Savings Plan | Amrize North America Inc. | 11,601 | $1.27B | $109,525 |
| Millwrights' Local 1102 Supplemental Pension Fund | Millwrights' Local 1102 Supplemental Pension Fund | 5,173 | $0 | — |
| Michigan Regional Council of Carpenters' Annuity Fund | Joint Board of Trustees of Mi Reg Council of Carpenters Annuity Fund | 17,503 | $527M | $30,136 |
| IBEW Local 347 Retirement and 401(k) Plan | IBEW Local No. 347 & Iowa Chapter of Neca, Joint Board of Trustees | 3,517 | $431M | $122,538 |
Defined contribution plans in construction closest in size.
Questions and answers
How big is IBEW Local No. 58 Annuity Fund?
6,150 participants at the end of the plan year ending 31 Dec 2024, of whom 5,364 were active employees, with net assets of $918,705,913. Among defined contribution plans that places it in the 5,000 to 24,999 participants band, which held 2,605 plans in plan year 2024.
What does Board of Trustees of the IBEW Local No. 58 Annuity Fund contribute per participant?
The filing reports $29,155,438 in employer contributions for the year, which is $5,435 per active participant; the median for plans of the same type and size was $2,424 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 $587,868 in compensation to service provider organisations, $95.59 per participant or 0.06% of net assets. The same-size median among plans reporting any Schedule C compensation was $53.38 per participant. Administrative expenses on Schedule H were $1,098,744. 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 of the IBEW Local No. 58 Annuity Fund. Recordkeeping or administration: Empower Annuity Insurance Company, Solxsys Administrative Solutions and Auxiom. Investment advisory or management: Morgan Stanley. The financial statements were audited by McClain Smith & Wenz PC. 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 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 15 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 38-2749515, plan 002, received 15 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.