Michigan › Construction › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Sep 2024 to 31 Aug 2025
Michigan Carpenters' Pension Fund
Sponsored by Board of Trustees, Michigan Carpenters' Pension Fund, 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.
Michigan Carpenters' Pension Fund is a defined benefit pension plan sponsored by Board of Trustees, Michigan Carpenters' Pension Fund of Lansing, Michigan. For the plan year ending 31 Aug 2025 it reported 10,312 participants, 4,163 of them active, and net assets of $771M. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $74,739 per participant, below the $87,623 median for defined benefit plans with 5,000 to 24,999 participants and well below 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 $67.2M for the year ($16,152 per active participant) and benefits paid were $78.0M. 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 14 service provider organisations paid $5,000 or more, with reported compensation of $1.6M: $151 per participant, well below the same-size median of $232. Administrative expenses charged to the plan were $3.5M. 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 $396M in 2009 to $771M in 2024 (up 95%), and participants from 8,803 to 10,312 (up 17%).
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 | $74,739 | $87,623 | $100,593 | $86,221 |
| Employer contributions per active participant | $16,152 | $9,468 | $13,292 | $10,244 |
| Schedule C compensation per participant | $151 | $232 | $443 | $344 |
| Schedule C compensation, share of net assets | 0.20% | 0.30% | 0.46% | 0.42% |
| Administrative expenses per participant | $340 | $396 | $596 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 5,000 to 24,999 participants (651 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 | 10,312 | $771M | $74,739 | $67.2M | — | $1.6M |
| 2023 | 10,125 | $722M | $71,355 | $66.9M | — | $1.4M |
| 2022 | 9,716 | $657M | $67,618 | $55.6M | — | $1.5M |
| 2021 | 9,586 | $645M | $67,278 | $54.5M | — | $1.6M |
| 2020 | 9,678 | $716M | $73,986 | $52.7M | — | $1.7M |
| 2019 | 9,535 | $605M | $63,419 | $52.2M | — | $1.8M |
| 2018 | 9,517 | $560M | $58,890 | $57.5M | — | $2.2M |
| 2017 | 9,414 | $561M | $59,542 | $55.9M | — | $2.3M |
| 2016 | 9,447 | $519M | $54,961 | $50.4M | — | $2.3M |
| 2015 | 9,236 | $473M | $51,197 | $48.4M | — | $2.4M |
| 2014 | 9,157 | $458M | $49,993 | $42.3M | — | $2.6M |
| 2013 | 9,468 | $482M | $50,880 | $38.5M | — | $2.7M |
| 2012 | 8,722 | $432M | $49,584 | $31.2M | — | $2.9M |
| 2011 | 8,776 | $416M | $47,414 | $31.9M | — | $3.0M |
| 2010 | 9,093 | $416M | $45,712 | $28.0M | — | $3.5M |
| 2009 | 8,803 | $396M | $44,982 | $21.4M | — | $3.6M |
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$722,470,641
- Employer contributions$67,240,691
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$67,240,691
- Total income, including investment results$129,794,544
- Benefits paid$78,046,948
- Administrative expenses$3,507,876
- Total expenses$81,554,824
- Net income$48,239,720
- Net transfers$0
- Net assets, end of year$770,710,361
Participants
- Active participants4,163
- Retired or separated, receiving benefits3,024
- Retired or separated, entitled to future benefits2,247
- Total participants, end of year10,312
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Tic Midwest, LLC | Accounting (including auditing); Contract Administrator; Recordkeeping and information management; Participant communication | $546,859 | $0 |
| Nepc, LLC | Investment advisory (plan) | $228,671 | $0 |
| Reinhart Partners, Inc. | Investment management | $216,037 | $0 |
| Clarkston Capital | Investment management | $176,800 | $0 |
| United Actuarial Services | Actuarial | $89,500 | $0 |
| Trade Solutions | Copying and duplicating | $84,985 | $0 |
| Watkins Pawlick, Calati & Prifti PC | Legal | $54,948 | $0 |
| Graphic Sciences | Copying and duplicating | $48,914 | $0 |
| Benda, Grace, Stulz & Company, P.C. | Accounting (including auditing) | $32,100 | $0 |
| Comerica Bank | Custodial (securities) | $23,967 | $0 |
| Allied Mailing & Printing, Inc. | Copying and duplicating | $14,792 | $0 |
| Segal Select Insurance Services Inc. | Insurance agents and brokers | $0 | $12,390 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. 2 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$2,005,075
- Other administrative expenses$714,332
- Contract administrator fees$391,721
- Salaries and allowances$110,326
- Actuarial fees$89,500
- Recordkeeping fees$76,124
- Legal fees$57,751
- IQPA audit fees$31,300
- Trustee and custodial fees$23,967
- Other trustee fees and expenses$7,780
- Total administrative expenses$3,507,876
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.
- Partnership/joint venture interests$384M · 49.6%
- Registered investment companies (mutual funds)$201M · 26.0%
- Other investments$92.0M · 11.9%
- Corporate stocks$50.8M · 6.6%
- Common/collective trusts$27.6M · 3.6%
- Cash (interest and non-interest bearing)$8.5M · 1.1%
- Receivables$6.6M · 0.9%
- Pooled separate accounts$3.7M · 0.5%
- Buildings and other property used in plan operation$25K · 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 238100: Foundation, Structure, & Building Exterior Contractors (including framing carpentry, masonry, glass, roofing, & siding).
Similar plans in Michigan
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Laborers Pension Trust Fund - Detroit and Vicinity | Board of Trustees,laborers Pension Trust Fund-Detroit and Vicinity | 11,153 | $884M | $79,267 |
| Electrical Workers Pension Trust Fund of Local Union No. 58 - IBEW | The Board of Trustees of the Electrical Workers Pension Trust | 8,404 | $920M | $109,470 |
| Indiana/kentucky/ohio Regional Council of Carpenters Pension Fund | Board of Trustees Indiana/kentucky/ohio Regional Council Carpenters Pe | 13,860 | $1.78B | $128,465 |
| Michigan Electrical Employees' Pension Plan | Trustees of Michigan Electrical Employees' Pension Fund | 5,375 | $543M | $101,099 |
| Indiana State Council of Carpenters Pension Fund | Board of Trustees Indiana State Council of Carpenters Pension Fund | 17,170 | $1.35B | $78,607 |
| Iron Workers' Local No. 25 Pension Fund | Board of Trustees, Iron Workers Local No. 25 | 5,300 | $563M | $106,230 |
Defined benefit plans in construction closest in size.
Questions and answers
How big is Michigan Carpenters' Pension Fund?
10,312 participants at the end of the plan year ending 31 Aug 2025, of whom 4,163 were active employees, with net assets of $770,710,361. Among defined benefit plans that places it in the 5,000 to 24,999 participants band, which held 651 plans in plan year 2024.
What does Board of Trustees, Michigan Carpenters' Pension Fund contribute per participant?
The filing reports $67,240,691 in employer contributions for the year, which is $16,152 per active participant; the median for plans of the same type and size was $9,468 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 $1,553,923 in compensation to service provider organisations, $151 per participant or 0.20% of net assets. The same-size median among plans reporting any Schedule C compensation was $232 per participant. Administrative expenses on Schedule H were $3,507,876. 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, Michigan Carpenters' Pension Fund. Recordkeeping or administration: Tic Midwest, LLC. Investment advisory or management: Nepc, LLC, Reinhart Partners, Inc. and Clarkston Capital. 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 Sep 2024 to 31 Aug 2025, received by the Department of Labor on 15 Jun 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 38-6233978, plan 001, received 15 Jun 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.