Michigan › Construction › 1,000 to 4,999 participants
Form 5500 statement · plan year 1 Jun 2024 to 31 May 2025
Sheet Metal Workers Local Union No. 80 Pension Fund
Sponsored by Trustees of Sheet Metal Workers Local Union No. 80 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.
Trustees of Sheet Metal Workers Local Union No. 80 Pension Fund of Troy, Michigan sponsors Sheet Metal Workers Local Union No. 80 Pension Fund, a defined benefit pension plan. Its Form 5500 for the plan year ending 31 May 2025 shows 3,275 participants (1,348 active) and $418M in net assets. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $127,728 per participant, well above the $87,935 median for defined benefit plans with 1,000 to 4,999 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 $26.3M for the year ($19,541 per active participant) and benefits paid were $33.5M. 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 $2.0M: $600 per participant, well above the same-size median of $325. Administrative expenses charged to the plan were $2.5M. 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 $217M in 2009 to $418M in 2024 (up 93%), and participants from 3,537 to 3,275 (down 7%).
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 | $127,728 | $87,935 | $100,593 | $86,221 |
| Employer contributions per active participant | $19,541 | $10,593 | $13,292 | $10,244 |
| Schedule C compensation per participant | $600 | $325 | $443 | $344 |
| Schedule C compensation, share of net assets | 0.47% | 0.41% | 0.46% | 0.42% |
| Administrative expenses per participant | $773 | $513 | $596 | $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), 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 | 3,275 | $418M | $127,729 | $26.3M | — | $2.0M |
| 2023 | 3,091 | $392M | $126,979 | $28.3M | — | $1.9M |
| 2022 | 3,283 | $345M | $105,174 | $23.3M | — | $1.7M |
| 2021 | 3,122 | $352M | $112,630 | $22.8M | — | $2.1M |
| 2020 | 3,392 | $394M | $116,032 | $25.1M | — | $1.9M |
| 2019 | 3,358 | $303M | $90,332 | $23.0M | — | $1.7M |
| 2018 | 3,339 | $291M | $87,177 | $22.0M | — | $2.0M |
| 2017 | 3,348 | $297M | $88,581 | $22.7M | — | $2.2M |
| 2016 | 3,243 | $280M | $86,216 | $22.3M | — | $2.3M |
| 2015 | 3,314 | $259M | $78,015 | $19.4M | — | $2.1M |
| 2014 | 3,340 | $273M | $81,804 | $18.6M | — | $2.2M |
| 2013 | 3,355 | $266M | $79,302 | $14.4M | — | $2.2M |
| 2012 | 3,406 | $246M | $72,101 | $19.0M | — | $1.7M |
| 2011 | 3,453 | $221M | $64,044 | $14.5M | — | $1.7M |
| 2010 | 3,413 | $241M | $70,714 | $12.5M | — | $1.6M |
| 2009 | 3,537 | $217M | $61,368 | $10.8M | — | $1.4M |
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$392,492,536
- Employer contributions$26,341,933
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$26,341,933
- Total income, including investment results$61,811,791
- Benefits paid$33,462,154
- Administrative expenses$2,531,601
- Total expenses$35,993,755
- Net income$25,818,036
- Net transfers$0
- Net assets, end of year$418,310,572
Participants
- Active participants1,348
- Retired or separated, receiving benefits1,142
- Retired or separated, entitled to future benefits348
- Total participants, end of year3,275
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Morgan Stanley Smith Barney, LLC | Investment advisory (plan); Securities brokerage | $598,503 | $0 |
| WCM Investment Management | Investment management | $382,149 | $0 |
| Eagle Capital Management, LLC | Investment management | $341,527 | $0 |
| Benesys, Inc. | Contract Administrator; Plan Administrator; Recordkeeping and information management; Copying and duplicating; Participant communication; Accounting (including auditing) | $246,524 | $0 |
| Metropolitan West Asset MGMT | Investment management | $134,320 | $0 |
| Centersquare Investment Mgmt., Inc. | Investment management | $63,825 | $0 |
| United Actuarial Services | Actuarial | $63,825 | $0 |
| Boyd Watterson Assetmanagmeent LLC | Investment management | $30,742 | $0 |
| Watkins Pawlick Calati & Prifti, PC | Legal | $29,966 | $0 |
| Benda, Grace, Stulz & Company, P.C. | Accounting (including auditing) | $25,700 | $0 |
| The PNC Financial Services Group | Custodial (other than securities) | $21,659 | $0 |
| American Graphics Printing Company | Copying and duplicating; Participant communication | $8,884 | $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$1,626,099
- Trustee and custodial fees$302,997
- Other administrative expenses$238,872
- Contract administrator fees$170,436
- Legal fees$64,522
- Actuarial fees$63,825
- Recordkeeping fees$33,476
- IQPA audit fees$25,700
- Other trustee fees and expenses$5,674
- Total administrative expenses$2,531,601
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$270M · 64.0%
- U.S. Government securities$43.6M · 10.3%
- Registered investment companies (mutual funds)$36.1M · 8.6%
- Corporate debt instruments$35.7M · 8.5%
- Cash (interest and non-interest bearing)$12.7M · 3.0%
- Partnership/joint venture interests$12.6M · 3.0%
- Other investments$8.2M · 1.9%
- Receivables$2.7M · 0.6%
- Buildings and other property used in plan operation$7,535 · 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 238220: Plumbing, Heating, & Air-Conditioning Contractors.
Similar plans in Michigan
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Painters Union Pension Plan | Painters Union Pension Fund Trustees | 3,294 | $166M | $50,474 |
| Pipefitters Local 636 Defined Benefit Pension Fund | Pipefitters Local No 636 Defined Benefit Pension Fund | 3,207 | $488M | $152,297 |
| Plumbers & Pipefitters Local Unions 502 & 633 Pens | Joint Board of Trustees Plumbers & Pipefitters Local Unions | 4,427 | $610M | $137,879 |
| Michigan Bac Pension Fund | Michigan Bac Pension Fund | 3,161 | $194M | $61,420 |
| SW Oh Regional Council of Carpenters Pension Plan | SW Oh Regional Council of Carpenters | 5,233 | $414M | $79,051 |
| UA Local 190 Pension Plan | Joint Board of Trustees of the UA Local 190 Pension Plan | 2,629 | $286M | $108,687 |
Defined benefit plans in construction closest in size.
Questions and answers
How big is Sheet Metal Workers Local Union No. 80 Pension Fund?
3,275 participants at the end of the plan year ending 31 May 2025, of whom 1,348 were active employees, with net assets of $418,310,572. 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 Trustees of Sheet Metal Workers Local Union No. 80 Pension Fund contribute per participant?
The filing reports $26,341,933 in employer contributions for the year, which is $19,541 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 $1,963,530 in compensation to service provider organisations, $600 per participant or 0.47% of net assets. The same-size median among plans reporting any Schedule C compensation was $325 per participant. Administrative expenses on Schedule H were $2,531,601. 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 Trustees of Sheet Metal Workers Local Union No. 80 Pension Fund. Recordkeeping or administration: Benesys, Inc.. Investment advisory or management: Morgan Stanley Smith Barney, LLC, WCM Investment Management and Eagle Capital Management, LLC. Trustee or custodian: The PNC Financial Services Group. 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 Jun 2024 to 31 May 2025, received by the Department of Labor on 16 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 38-6105633, plan 001, received 16 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.