Michigan › Construction › 500 to 999 participants
Form 5500 statement · plan year 1 May 2024 to 30 Apr 2025
Sheet Metal 7 Zone 3 Pension Fund
Sponsored by Sheet Metal 7 Zone 3 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 7 Zone 3 Pension Fund of Troy, Michigan sponsors Sheet Metal 7 Zone 3 Pension Fund, a defined benefit pension plan. Its Form 5500 for the plan year ending 30 Apr 2025 shows 571 participants (227 active) and $65.4M in net assets. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $114,539 per participant, well above the $86,583 median for defined benefit plans with 500 to 999 participants and 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 $4.8M for the year ($21,150 per active participant) and benefits paid were $5.6M. 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 10 service provider organisations paid $5,000 or more, with reported compensation of $304K: $533 per participant, well above the same-size median of $377. Administrative expenses charged to the plan were $438K. 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 $43.2M in 2009 to $65.4M in 2024 (up 51%), and participants from 590 to 571 (down 3%).
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 | $114,539 | $86,583 | $100,593 | $86,221 |
| Employer contributions per active participant | $21,150 | $10,758 | $13,292 | $10,244 |
| Schedule C compensation per participant | $533 | $377 | $443 | $344 |
| Schedule C compensation, share of net assets | 0.47% | 0.48% | 0.46% | 0.42% |
| Administrative expenses per participant | $767 | $591 | $596 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 500 to 999 participants (873 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 | 571 | $65.4M | $114,539 | $4.8M | — | $304K |
| 2023 | 607 | $62.2M | $102,414 | $4.3M | — | $271K |
| 2022 | 611 | $60.0M | $98,203 | $3.5M | — | $279K |
| 2021 | 610 | $63.1M | $103,369 | $3.2M | — | $332K |
| 2020 | 594 | $68.2M | $114,737 | $3.5M | — | $381K |
| 2019 | 598 | $54.4M | $90,955 | $3.3M | — | $392K |
| 2018 | 645 | $57.6M | $89,304 | $3.2M | — | $388K |
| 2017 | 618 | $56.3M | $91,165 | $2.6M | — | $387K |
| 2016 | 600 | $54.5M | $90,910 | $2.4M | — | $334K |
| 2015 | 611 | $51.9M | $84,939 | $2.4M | — | $379K |
| 2014 | 608 | $54.4M | $89,429 | $2.2M | — | $435K |
| 2013 | 606 | $52.9M | $87,330 | $1.9M | — | $416K |
| 2012 | 540 | $49.7M | $92,033 | $1.6M | — | $409K |
| 2011 | 608 | $47.4M | $77,895 | $1.9M | — | $398K |
| 2010 | 656 | $47.7M | $72,655 | $1.9M | — | $386K |
| 2009 | 590 | $43.2M | $73,208 | $1.6M | — | $399K |
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$62,165,301
- Employer contributions$4,801,155
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$4,801,155
- Total income, including investment results$9,247,445
- Benefits paid$5,573,229
- Administrative expenses$437,926
- Total expenses$6,011,155
- Net income$3,236,290
- Net transfers$0
- Net assets, end of year$65,401,591
Participants
- Active participants227
- Retired or separated, receiving benefits244
- Retired or separated, entitled to future benefits100
- Total participants, end of year571
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Morgan Stanley Smith Barney LLC | Custodial (securities); Investment advisory (plan); Securities brokerage; Other services | $116,130 | $0 |
| Benesys Inc. | Claims processing; Contract Administrator; Recordkeeping and information management; Copying and duplicating; Participant communication; Other services | $59,761 | $0 |
| Ancora | Investment management | $28,396 | $0 |
| Segal SBH | Investment management | $24,088 | $0 |
| Ledbetter Parisi LLC | Insurance agents and brokers | $21,396 | $0 |
| TCW | Investment management | $14,379 | $0 |
| Aristotle | Investment management | $14,005 | $0 |
| Boston | Investment management | $14,005 | $0 |
| Sage | Investment management | $6,305 | $0 |
| Seix | Investment management | $5,616 | $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$284,841
- Contract administrator fees$54,150
- Other administrative expenses$48,926
- Legal fees$21,396
- IQPA audit fees$15,330
- Actuarial fees$13,283
- Total administrative expenses$437,926
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$20.5M · 31.3%
- Registered investment companies (mutual funds)$15.3M · 23.3%
- U.S. Government securities$8.8M · 13.4%
- Corporate debt instruments$7.6M · 11.6%
- Partnership/joint venture interests$6.0M · 9.2%
- Common/collective trusts$4.0M · 6.1%
- Cash (interest and non-interest bearing)$2.6M · 3.9%
- Receivables$791K · 1.2%
- Buildings and other property used in plan operation$9,590 · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmWesley Haddad & Co. LLC
- 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)2NCode section 408 accounts and annuities
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 |
|---|---|---|---|---|
| Flint Area Sheet Metal Workers Local 7-4 Pension Fund | Board of Trustees, Flint Area Sheet Metal Workers Local 7 Zone 4 | 584 | $61.5M | $105,393 |
| Heat and Frost Insulators and Allied Workers Local 47 Retirment Trust Fund | Heat and Frost Insulators and Allied Workers Local 47 Retirement | 519 | $54.3M | $104,685 |
| Michigan Upper Peninsula Intrl Brotherhood of Elec Workers Pension Plan | Michigan Upper Peninsula IBEW | 671 | $103M | $152,800 |
| Pension Plan of the International Brotherhood of Electrical Workers Local No. 445 Pension Fund | Board of Trustees, IBEW Local 445 Pension Fund | 515 | $33.5M | $65,086 |
| IBEW Local 129 Pension Fund Pension Plan | IBEW Union Local 129 | 742 | $122M | $164,960 |
| IBEW Local No. 32 - Neca Pension Plan | Board of Trustees of the IBEW Local No. 32 - Neca Pension Plan | 513 | $40.8M | $79,510 |
Defined benefit plans in construction closest in size.
Questions and answers
How big is Sheet Metal 7 Zone 3 Pension Fund?
571 participants at the end of the plan year ending 30 Apr 2025, of whom 227 were active employees, with net assets of $65,401,591. Among defined benefit plans that places it in the 500 to 999 participants band, which held 873 plans in plan year 2024.
What does Sheet Metal 7 Zone 3 Pension Fund contribute per participant?
The filing reports $4,801,155 in employer contributions for the year, which is $21,150 per active participant; the median for plans of the same type and size was $10,758 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 $304,081 in compensation to service provider organisations, $533 per participant or 0.47% of net assets. The same-size median among plans reporting any Schedule C compensation was $377 per participant. Administrative expenses on Schedule H were $437,926. 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 Sheet Metal 7 Zone 3 Pension Fund. Recordkeeping or administration: Benesys Inc.. Investment advisory or management: Morgan Stanley Smith Barney LLC, Ancora and Segal SBH. Trustee or custodian: Morgan Stanley Smith Barney LLC. The financial statements were audited by Wesley Haddad & Co. LLC. 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 10 Feb 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 38-6237161, plan 001, received 10 Feb 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.