New York › Construction › 1,000 to 4,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
The Local 7 Tile Industry Annuity Fund
Sponsored by TMT Bac Local Union #7, New York, NY
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 31 Dec 2024, The Local 7 Tile Industry Annuity Fund covered 3,116 participants and held $213M in net assets. The plan is a profit-sharing plan sponsored by TMT Bac Local Union #7 of New York, New York. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $68,505 per participant, well above the $50,295 median for defined contribution plans with 1,000 to 4,999 participants and 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 $10.2M during the year, or $8,577 per active participant against a same-size median of $2,045; participants contributed —. Benefits paid out totalled $13.3M.
Schedule C lists 13 service provider organisations paid $5,000 or more, with reported compensation of $2.3M: $747 per participant, well above the same-size median of $82.08. 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 $95.2M in 2009 to $213M in 2024 (up 124%), and participants from 3,136 to 3,116 (down 1%).
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 | $68,505 | $50,295 | $54,962 | $53,102 |
| Employer contributions per active participant | $8,577 | $2,045 | $2,728 | $2,175 |
| Schedule C compensation per participant | $747 | $82.08 | $162 | $123 |
| Schedule C compensation, share of net assets | 1.1% | 0.17% | 0.33% | 0.26% |
| Administrative expenses per participant | $1,126 | $82.20 | $166 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 1,000 to 4,999 participants (10,207 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 | 3,116 | $213M | $68,505 | $10.2M | — | $2.3M |
| 2023 | 3,163 | $196M | $61,923 | $9.2M | — | $2.2M |
| 2022 | 3,545 | $185M | $52,269 | $11.3M | — | $1.8M |
| 2021 | 3,504 | $208M | $59,273 | $10.5M | — | $1.7M |
| 2020 | 3,450 | $186M | $54,006 | $10.2M | — | $827K |
| 2019 | 3,556 | $188M | $52,871 | $16.6M | — | $1.1M |
| 2018 | 3,576 | $160M | $44,609 | $14.6M | — | $1.0M |
| 2017 | 3,373 | $157M | $46,616 | $12.7M | — | $908K |
| 2016 | 3,227 | $138M | $42,790 | $12.3M | — | $919K |
| 2015 | 3,018 | $123M | $40,689 | $11.2M | — | $822K |
| 2014 | 2,770 | $115M | $41,558 | $8.7M | — | $892K |
| 2013 | 1,294 | $104M | $80,331 | $9.5M | — | $190K |
| 2012 | 1,436 | $92.6M | $64,478 | $8.3M | — | $752K |
| 2011 | 1,529 | $85.6M | $55,956 | $8.1M | — | $707K |
| 2010 | 1,618 | $91.1M | $56,325 | $7.9M | — | $608K |
| 2009 | 3,136 | $95.2M | $30,370 | $9.7M | — | $557K |
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$195,863,227
- Employer contributions$10,215,617
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$10,215,617
- Total income, including investment results$34,919,251
- Benefits paid$13,270,383
- Administrative expenses$3,508,816
- Total expenses$17,321,000
- Net income$17,598,251
- Net transfers$0
- Net assets, end of year$213,461,478
Participants
- Active participants1,191
- Retired or separated, receiving benefits20
- Retired or separated, entitled to future benefits1,842
- Participants with account balances3,116
- Total participants, end of year3,116
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Crescent Capital | Custodial (securities) | $1,058,671 | $0 |
| Ullico Fund LP | Custodial (securities) | $304,799 | $0 |
| Daniel H. Cook & Associates | Plan Administrator | $258,811 | $0 |
| Boyd Watterson Gsa Fund, LP | Trustee (bank, trust company, or similar financial institution) | $206,490 | $0 |
| US Real Estate Investment Fund LLC | Investment management fees paid directly by plan | $131,954 | $0 |
| PKF O'Connor Davies LLP | Accounting (including auditing) | $117,325 | $0 |
| Loomis Sayles Trust Company | Investment management fees paid directly by plan | $64,626 | $0 |
| Colleran, O'Hara & Mills | Legal | $53,576 | $0 |
| Reyonlds Securities | Investment advisory (plan) | $45,570 | $0 |
| Prudential Retirement Inusrance | Investment management fees paid directly by plan | $26,577 | $0 |
| Littler Mendelson PC | Legal | $24,750 | $0 |
| Amalgamated Bank of New York | Custodial (securities) | $23,047 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. 1 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$1,861,714
- Other administrative expenses$1,142,023
- Contract administrator fees$258,811
- Legal fees$128,943
- IQPA audit fees$117,325
- Total administrative expenses$3,508,816
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.
- Common/collective trusts$100M · 46.9%
- Other investments$59.1M · 27.7%
- Corporate debt instruments$27.0M · 12.6%
- Insurance company general account$16.3M · 7.6%
- Registered investment companies (mutual funds)$8.6M · 4.0%
- Participant loans$1.3M · 0.6%
- Cash (interest and non-interest bearing)$803K · 0.4%
- Receivables$534K · 0.2%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmPKF O'Connor Davies LLP
- 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
2EProfit-sharing plan
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 238900: Other Specialty Trade Contractors (including site preparation).
Similar plans in New York
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Dragados USA, Inc. 401(k) Plan | Dragados USA, Inc. | 3,454 | $212M | $61,455 |
| Local 580 Annuity Fund | Board of Trustees Local 580 Annuity Fund | 3,081 | $663M | $215,068 |
| Bac Local 3 NY Individual Account Retirement Fund | Board of Trustees Bac Local 3 NY Individual Account Retirement Fund | 3,512 | $98.4M | $28,009 |
| Laborers Local 1298 of Nassau & Suffolk Counties Annuity Fund | Board of Trustees Local 1298 Annuity Fund | 2,968 | $281M | $94,696 |
| IBEW Local 1049 Craft Annuity Fund | Board of Trustees IBEW Local 1049 | 3,681 | $349M | $94,779 |
| Pointers, Cleaners & Caulkers Annuity Fund | Board of Trustees of Pointers, | 2,949 | $150M | $50,712 |
Defined contribution plans in construction closest in size.
Questions and answers
How big is The Local 7 Tile Industry Annuity Fund?
3,116 participants at the end of the plan year ending 31 Dec 2024, of whom 1,191 were active employees, with net assets of $213,461,478. Among defined contribution plans that places it in the 1,000 to 4,999 participants band, which held 10,207 plans in plan year 2024.
What does TMT Bac Local Union #7 contribute per participant?
The filing reports $10,215,617 in employer contributions for the year, which is $8,577 per active participant; the median for plans of the same type and size was $2,045 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 $2,326,096 in compensation to service provider organisations, $747 per participant or 1.1% of net assets. The same-size median among plans reporting any Schedule C compensation was $82.08 per participant. Administrative expenses on Schedule H were $3,508,816. 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 TMT Bac Local Union #7. Recordkeeping or administration: Daniel H. Cook & Associates. Investment advisory or management: Reyonlds Securities. Trustee or custodian: Crescent Capital, Ullico Fund LP and Boyd Watterson Gsa Fund, LP. The financial statements were audited by PKF O'Connor Davies LLP. 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 38-6829765, plan 001, 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.