Michigan › Construction › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 May 2024 to 30 Apr 2025
Michigan Regional Council of Carpenters' Annuity Fund
Sponsored by Joint Board of Trustees of Mi Reg Council of Carpenters Annuity 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.
In the plan year ending 30 Apr 2025, Michigan Regional Council of Carpenters' Annuity Fund covered 17,503 participants and held $527M in net assets. The plan is a money purchase plan sponsored by Joint Board of Trustees of Mi Reg Council of Carpenters Annuity Fund of Troy, Michigan. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $30,136 per participant, well below the $64,499 median for defined contribution plans with 5,000 to 24,999 participants and well below 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 $38.8M during the year, or $2,216 per active participant against a same-size median of $2,424; participants contributed —. Benefits paid out totalled $34.4M.
Schedule C lists 12 service provider organisations paid $5,000 or more, with reported compensation of $2.3M: $130 per participant, well above the same-size median of $53.38. Administrative expenses charged to the plan were $2.7M. 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 $251M in 2009 to $527M in 2024 (up 110%), and participants from 16,132 to 17,503 (up 8%).
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 DC plans |
|---|---|---|---|---|
| Net assets per participant | $30,136 | $64,499 | $54,962 | $53,102 |
| Employer contributions per active participant | $2,216 | $2,424 | $2,728 | $2,175 |
| Schedule C compensation per participant | $130 | $53.38 | $162 | $123 |
| Schedule C compensation, share of net assets | 0.43% | 0.09% | 0.33% | 0.26% |
| Administrative expenses per participant | $155 | $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 | 17,503 | $527M | $30,136 | $38.8M | — | $2.3M |
| 2023 | 17,855 | $499M | $27,941 | $37.4M | — | $1.9M |
| 2022 | 17,454 | $437M | $25,034 | $33.9M | — | $2.2M |
| 2021 | 19,164 | $430M | $22,422 | $29.1M | — | $2.2M |
| 2020 | 19,983 | $438M | $21,901 | $24.6M | — | $36.0M |
| 2019 | 19,715 | $335M | $16,973 | $25.0M | — | $1.9M |
| 2018 | 19,316 | $342M | $17,681 | $22.0M | — | $1.8M |
| 2017 | 18,880 | $319M | $16,912 | $20.3M | — | $1.8M |
| 2016 | 17,977 | $293M | $16,298 | $16.6M | — | $2.0M |
| 2015 | 17,653 | $261M | $14,765 | $14.7M | — | $1.7M |
| 2014 | 16,468 | $263M | $15,997 | $11.3M | — | $2.0M |
| 2013 | 16,071 | $253M | $15,753 | $8.5M | — | $1.9M |
| 2012 | 15,842 | $239M | $15,075 | $9.8M | — | $2.3M |
| 2011 | 15,935 | $237M | $14,858 | $11.2M | — | $1.8M |
| 2010 | 15,880 | $250M | $15,723 | $10.1M | — | $1.9M |
| 2009 | 16,132 | $251M | $15,575 | $10.1M | — | $2.3M |
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$498,881,187
- Employer contributions$38,786,923
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$38,786,923
- Total income, including investment results$65,699,328
- Benefits paid$34,398,887
- Administrative expenses$2,711,391
- Total expenses$37,110,278
- Net income$28,589,050
- Net transfers$0
- Net assets, end of year$527,470,237
Participants
- Active participants17,503
- Retired or separated, receiving benefits0
- Retired or separated, entitled to future benefits0
- Participants with account balances17,503
- Total participants, end of year17,503
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Aristotle Capital Management | Custodial (securities); Investment advisory (plan); Investment management; Named fiduciary; Securities brokerage | $542,205 | $0 |
| Morgan Stanley Global Banking | Recordkeeping and information management; Custodial (other than securities); Custodial (securities); Trustee (bank, trust company, or similar financial institution); Investment advisory (plan); Investment management; Named fiduciary; Securities brokerage | $442,530 | $0 |
| Benesys, Inc. | Accounting (including auditing); Claims processing; Contract Administrator; Plan Administrator; Recordkeeping and information management; Consulting (general); Copying and duplicating | $380,359 | $0 |
| Boyd Watterson Asset Management | Investment management | $316,113 | $0 |
| Novara Law Group PLLC | Legal | $175,246 | $0 |
| Carpenters Fringe Benefit Funds JDC | Other services | $115,112 | $0 |
| Madison Investment Advisors | Consulting (general); Investment advisory (plan); Investment management | $106,095 | $0 |
| Capital Research and Management | Investment advisory (plan); Investment management | $59,365 | $0 |
| Segal Select Insurance Services | Insurance services | $54,161 | $0 |
| American Graphics Printing Co. | Copying and duplicating | $49,596 | $0 |
| Bultynck & Co., PLLC | Accounting (including auditing) | $32,035 | $0 |
| Tic International Corporation | Recordkeeping and information management | $6,501 | $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$1,853,158
- Contract administrator fees$372,490
- Other administrative expenses$253,042
- Legal fees$194,167
- IQPA audit fees$38,458
- Trustee and custodial fees$76
- Total administrative expenses$2,711,391
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$223M · 41.9%
- Registered investment companies (mutual funds)$145M · 27.4%
- Real estate$42.4M · 8.0%
- Cash (interest and non-interest bearing)$35.0M · 6.6%
- U.S. Government securities$34.8M · 6.6%
- Corporate debt instruments$28.5M · 5.4%
- Partnership/joint venture interests$18.2M · 3.4%
- Receivables$3.7M · 0.7%
- Other investments$123K · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmBultynck & Co., P.L.L.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
2CMoney purchase (other than target benefit) plan
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 236200: Nonresidential Building Construction.
Similar plans in Michigan
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Michigan Laborers' Annuity Fund | Board of Trustees, Michigan Laborers' Annuity Fund | 18,951 | $129M | $6,786 |
| Holcim (US) Inc. Retirement Savings Plan | Amrize North America Inc. | 11,601 | $1.27B | $109,525 |
| Operating Engineers' Local 324, Defined Contribution Pension Plan | Joint Board of Trustees, Operating Engineers Local 324, DC | 20,636 | $248M | $12,001 |
| Construction Industry Retirement Fund of Rockford | Joint Board of Trustees of Construction Industry of Rockford, Illinois | 11,408 | $619M | $54,301 |
| Central Midwest Regional Council of Carpenters Defined Contribution Pension Plan | Trustees of Central Midwest Regional Council of Carpenters DC Pension | 55,172 | $1.59B | $28,794 |
| IBEW Local No. 58 Annuity Fund | Board of Trustees of the IBEW Local No. 58 Annuity Fund | 6,150 | $919M | $149,383 |
Defined contribution plans in construction closest in size.
Questions and answers
How big is Michigan Regional Council of Carpenters' Annuity Fund?
17,503 participants at the end of the plan year ending 30 Apr 2025, of whom 17,503 were active employees, with net assets of $527,470,237. 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 Joint Board of Trustees of Mi Reg Council of Carpenters Annuity Fund contribute per participant?
The filing reports $38,786,923 in employer contributions for the year, which is $2,216 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 $2,279,318 in compensation to service provider organisations, $130 per participant or 0.43% 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 $2,711,391. 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 of Mi Reg Council of Carpenters Annuity Fund. Recordkeeping or administration: Morgan Stanley Global Banking, Benesys, Inc. and Tic International Corporation. Investment advisory or management: Aristotle Capital Management, Morgan Stanley Global Banking and Boyd Watterson Asset Management. Trustee or custodian: Aristotle Capital Management and Morgan Stanley Global Banking. The financial statements were audited by Bultynck & Co., P.L.L.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 May 2024 to 30 Apr 2025, received by the Department of Labor on 9 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 38-3240423, plan 001, received 9 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.