Indiana › Construction › 1,000 to 4,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Sheet Metal Workers Local No. 20, Indianapolis Are
Sponsored by Sheet Metal Workers Local No. 20, Indianapolis Area, Pension Fund, Indianapolis, IN
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 Workers Local No. 20, Indianapolis Are is a defined benefit pension plan sponsored by Sheet Metal Workers Local No. 20, Indianapolis Area, Pension Fund of Indianapolis, Indiana. For the plan year ending 31 Dec 2024 it reported 2,126 participants, 987 of them active, and net assets of $212M. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $99,526 per participant, above the $87,935 median for defined benefit plans with 1,000 to 4,999 participants and close to 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 $12.1M for the year ($12,220 per active participant) and benefits paid were $13.2M. 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 9 service provider organisations paid $5,000 or more, with reported compensation of $839K: $395 per participant, above the same-size median of $325. Administrative expenses charged to the plan were $1.3M. 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 $104M in 2010 to $212M in 2024 (up 104%), and participants from 1,739 to 2,126 (up 22%).
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 | $99,526 | $87,935 | $100,593 | $86,221 |
| Employer contributions per active participant | $12,220 | $10,593 | $13,292 | $10,244 |
| Schedule C compensation per participant | $395 | $325 | $443 | $344 |
| Schedule C compensation, share of net assets | 0.40% | 0.41% | 0.46% | 0.42% |
| Administrative expenses per participant | $612 | $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 | 2,126 | $212M | $99,526 | $12.1M | — | $839K |
| 2023 | 2,036 | $194M | $95,329 | $10.6M | — | $949K |
| 2022 | 1,979 | $174M | $87,941 | $9.2M | — | $993K |
| 2021 | 1,967 | $205M | $104,008 | $9.0M | — | $1.1M |
| 2020 | 1,917 | $179M | $93,458 | $8.8M | — | $927K |
| 2019 | 1,872 | $158M | $84,217 | $8.0M | — | $822K |
| 2018 | 1,831 | $135M | $73,566 | $7.1M | — | $809K |
| 2017 | 1,828 | $143M | $78,392 | $7.1M | — | $709K |
| 2016 | 1,800 | $127M | $70,818 | $6.7M | — | $564K |
| 2015 | 1,788 | $123M | $68,959 | $6.1M | — | $625K |
| 2014 | 1,786 | $128M | $71,632 | $5.9M | — | $709K |
| 2013 | 1,784 | $124M | $69,479 | $6.3M | — | $638K |
| 2012 | 1,771 | $108M | $60,793 | $6.4M | — | $653K |
| 2011 | 1,751 | $99.2M | $56,656 | $5.9M | — | $644K |
| 2010 | 1,739 | $104M | $59,727 | $5.7M | $0 | $565K |
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$194,090,206
- Employer contributions$12,061,271
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$12,061,271
- Total income, including investment results$32,030,515
- Benefits paid$13,227,386
- Administrative expenses$1,300,576
- Total expenses$14,527,962
- Net income$17,502,553
- Net transfers$0
- Net assets, end of year$211,592,759
Participants
- Active participants987
- Retired or separated, receiving benefits608
- Retired or separated, entitled to future benefits386
- Total participants, end of year2,126
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Morgan Stanley Smith Barney LLC | Investment advisory (plan); Named fiduciary; Securities brokerage | $553,704 | $0 |
| The Segal Company (Midwest), Inc. | Actuarial; Consulting (general); Consulting (pension) | $89,916 | $0 |
| First State Trust Company | Custodial (securities) | $87,222 | $0 |
| CliftonLarsonAllen LLP | Accounting (including auditing) | $29,636 | $0 |
| Ledbetter Partners, LLC | Legal | $27,704 | $0 |
| Victory Capital Management | Investment management | $25,501 | $0 |
| Legal & General Investment MGMT | Investment management | $11,946 | $0 |
| KMR Systems Corporation | Other services | $7,365 | $0 |
| Segal Select Insurance Services Inc. | Insurance brokerage commissions and fees | $0 | $5,744 |
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$833,255
- Other administrative expenses$126,725
- Salaries and allowances$99,523
- Actuarial fees$89,916
- Trustee and custodial fees$88,342
- IQPA audit fees$29,636
- Legal fees$27,704
- Recordkeeping fees$4,290
- Other trustee fees and expenses$1,185
- Total administrative expenses$1,300,576
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$68.2M · 32.2%
- Corporate stocks$35.9M · 16.9%
- U.S. Government securities$28.2M · 13.3%
- Registered investment companies (mutual funds)$23.2M · 11.0%
- Partnership/joint venture interests$20.1M · 9.5%
- Corporate debt instruments$19.1M · 9.0%
- Real estate$9.1M · 4.3%
- Cash (interest and non-interest bearing)$4.8M · 2.3%
- Receivables$2.2M · 1.0%
- Other investments$956K · 0.5%
- Buildings and other property used in plan operation$3,830 · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmLegacy Professionals LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $2,000,000
- 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 Indiana
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Indiana Electrical Workers Pension Plan | Indiana Electrical Workers Pension Trust Fund IBEW | 4,587 | $520M | $113,387 |
| Local 697 I.B.E.W. and Electrical Industry Pension Plan | Trustees of Local 697 I.B.E.W. & Elect Industry Pension Fund | 1,796 | $245M | $136,361 |
| Construction Workers Pension Trust Fund - Lake County and Vicinity Pension Plan | Trustees of Construction Workers - Lake County Pension | 6,258 | $590M | $94,211 |
| Plumbers & Steamfitters Local 166 AFL-CIO Pension Plan | Plumbers and Steamfitters Local 166 | 1,324 | $95.0M | $71,740 |
| Indiana Laborers Pension Fund | Board of Trustees - Indiana Laborers Pension Fund | 28,807 | $1.81B | $62,998 |
| U.A. Plumbers 63 & Steamfitters 353 Joint Pension | Trustees U.A. Plumbers 63 & Steamfitters 353 Pen Trustfund | 1,279 | $152M | $119,026 |
Defined benefit plans in construction closest in size.
Questions and answers
How big is Sheet Metal Workers Local No. 20, Indianapolis Are?
2,126 participants at the end of the plan year ending 31 Dec 2024, of whom 987 were active employees, with net assets of $211,592,759. 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 Sheet Metal Workers Local No. 20, Indianapolis Area, Pension Fund contribute per participant?
The filing reports $12,061,271 in employer contributions for the year, which is $12,220 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 $838,738 in compensation to service provider organisations, $395 per participant or 0.40% of net assets. The same-size median among plans reporting any Schedule C compensation was $325 per participant. Administrative expenses on Schedule H were $1,300,576. 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 Workers Local No. 20, Indianapolis Area, Pension Fund. Investment advisory or management: Morgan Stanley Smith Barney LLC, Victory Capital Management and Legal & General Investment MGMT. Trustee or custodian: First State Trust Company. The financial statements were audited by Legacy Professionals 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. 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 14 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 51-0168516, plan 001, received 14 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.