Minnesota › Construction › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 May 2024 to 30 Apr 2025
Pipe Trades Services MN Pension Fund
Sponsored by Trustees of the Pipe Trades Services MN Pension Trust, White Bear Lake, MN
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, Pipe Trades Services MN Pension Fund covered 9,553 participants and held $1.57B in net assets. The plan is a defined benefit pension plan sponsored by Trustees of the Pipe Trades Services MN Pension Trust of White Bear Lake, Minnesota. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $164,019 per participant, well above the $87,623 median for defined benefit plans with 5,000 to 24,999 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 $95.9M for the year ($20,157 per active participant) and benefits paid were $88.1M. 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 $4.1M: $432 per participant, well above the same-size median of $232. Administrative expenses charged to the plan were $4.4M. 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 $572M in 2009 to $1.57B in 2024 (up 174%), and participants from 7,130 to 9,553 (up 34%).
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 | $164,019 | $87,623 | $100,593 | $86,221 |
| Employer contributions per active participant | $20,157 | $9,468 | $13,292 | $10,244 |
| Schedule C compensation per participant | $432 | $232 | $443 | $344 |
| Schedule C compensation, share of net assets | 0.26% | 0.30% | 0.46% | 0.42% |
| Administrative expenses per participant | $461 | $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 | 9,553 | $1.57B | $164,019 | $95.9M | — | $4.1M |
| 2023 | 9,392 | $1.45B | $154,550 | $90.2M | — | $4.7M |
| 2022 | 9,171 | $1.34B | $146,388 | $87.2M | — | $4.3M |
| 2021 | 8,976 | $1.32B | $146,642 | $82.6M | — | $4.5M |
| 2020 | 8,837 | $1.33B | $151,009 | $66.9M | — | $4.6M |
| 2019 | 8,799 | $1.05B | $119,555 | $64.2M | — | $5.2M |
| 2018 | 8,626 | $1.07B | $124,473 | $62.1M | — | $4.4M |
| 2017 | 8,512 | $1.02B | $119,889 | $59.4M | — | $3.6M |
| 2016 | 8,090 | $941M | $116,311 | $51.0M | — | $2.9M |
| 2015 | 7,883 | $842M | $106,849 | $48.5M | — | $3.5M |
| 2014 | 7,641 | $841M | $110,102 | $43.0M | — | $3.2M |
| 2013 | 7,427 | $789M | $106,239 | $41.8M | — | $3.2M |
| 2012 | 7,302 | $716M | $98,036 | $36.9M | — | $3.0M |
| 2011 | 7,190 | $650M | $90,470 | $34.2M | — | $2.9M |
| 2010 | 7,150 | $653M | $91,387 | $31.5M | — | $2.7M |
| 2009 | 7,130 | $572M | $80,227 | $27.4M | — | $2.4M |
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$1,451,531,926
- Employer contributions$95,905,536
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$95,905,536
- Total income, including investment results$207,847,122
- Benefits paid$88,102,846
- Administrative expenses$4,399,614
- Total expenses$92,502,460
- Net income$115,344,662
- Net transfers$0
- Net assets, end of year$1,566,876,588
Participants
- Active participants4,758
- Retired or separated, receiving benefits2,859
- Retired or separated, entitled to future benefits1,423
- Total participants, end of year9,553
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Stairway Partners, LLC | Consulting (pension); Investment advisory (plan); Investment management | $1,363,167 | $0 |
| Pipe Trades Services MN, Inc. | Plan Administrator | $879,162 | $0 |
| Ullico Investement Advisors Inc. | Investment management | $344,683 | $0 |
| Intercontinental Real Estate Corp. | Investment management | $299,660 | $0 |
| Milliman, Inc. | Actuarial; Recordkeeping and information management | $242,635 | $0 |
| Plante & Moran, PLLC | Accounting (including auditing) | $219,685 | $0 |
| Westfield Capital Management Co., LP | Investment management | $156,554 | $0 |
| Taft Stettinius & Hollister LLP | Legal | $153,546 | $0 |
| Hardman Johnston Global Advisors | Investment management | $153,447 | $0 |
| Midwest Institutional Trust Company | Trustee (bank, trust company, or similar financial institution) | $125,711 | $0 |
| American Realty Advisors, LLC | Investment management | $93,522 | $0 |
| Hamilton Lane Advisor, LLC | Investment management | $0 | $28,980 |
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$2,265,220
- Contract administrator fees$879,162
- Other administrative expenses$636,366
- Actuarial fees$242,635
- IQPA audit fees$219,685
- Legal fees$153,546
- Other trustee fees and expenses$3,000
- Total administrative expenses$4,399,614
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.
- Registered investment companies (mutual funds)$1.20B · 76.2%
- Partnership/joint venture interests$163M · 10.3%
- Common/collective trusts$99.6M · 6.3%
- 103-12 investment entities$39.1M · 2.5%
- U.S. Government securities$32.6M · 2.1%
- Cash (interest and non-interest bearing)$29.3M · 1.9%
- Receivables$10.1M · 0.6%
- Other investments$1.0M · 0.1%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmPlante & Moran, PLLC
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $5,000,000
- Blackout period during the year—
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 Minnesota
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Twin City Carpenters and Joiners Pension Fund | Board of Trustees of the Twin City Carpenters and Joiners Pension Fund | 18,016 | $2.01B | $111,431 |
| Sheet Metal Workers' Local 10 Pension Fund | Trustees of Sheet Metal Workers' Local 10 Pension Fund | 5,408 | $406M | $75,086 |
| Minnesota Laborers Pension Fund | Board of Trustees of Minnesota Laborers Pension Fund | 21,655 | $3.19B | $147,506 |
| Electrical Workers Local No. 292 Pension Plan | Trustees Electrical Workers Local NO.292 Pension Plan | 5,243 | $447M | $85,336 |
| National Roofing Industry Pension Fund | National Roofing Industry Pension Fund Wilson-McShane Corporation | 33,418 | $2.39B | $71,477 |
| Minnesota & North Dakota Bricklayers and Allied Craftworkers Pension Fund | Trustees of Minnesota & North Dakota Bricklayers & Allied Craftworkers | 3,492 | $481M | $137,687 |
Defined benefit plans in construction closest in size.
Questions and answers
How big is Pipe Trades Services MN Pension Fund?
9,553 participants at the end of the plan year ending 30 Apr 2025, of whom 4,758 were active employees, with net assets of $1,566,876,588. 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 Trustees of the Pipe Trades Services MN Pension Trust contribute per participant?
The filing reports $95,905,536 in employer contributions for the year, which is $20,157 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 $4,126,316 in compensation to service provider organisations, $432 per participant or 0.26% of net assets. The same-size median among plans reporting any Schedule C compensation was $232 per participant. Administrative expenses on Schedule H were $4,399,614. 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 the Pipe Trades Services MN Pension Trust. Recordkeeping or administration: Pipe Trades Services MN, Inc. and Milliman, Inc.. Investment advisory or management: Stairway Partners, LLC, Ullico Investement Advisors Inc. and Intercontinental Real Estate Corp.. Trustee or custodian: Midwest Institutional Trust Company. The financial statements were audited by Plante & Moran, PLLC. 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 18 Dec 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 41-6131800, plan 001, received 18 Dec 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.