Maryland › Construction › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Sep 2024 to 31 Aug 2025
Heating, Piping and Refrigeration Pension FD Pension Fund
Sponsored by BD of Tees Heating, Piping & Refrigeration Pension Fund, Capitol Heights, MD
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.
BD of Tees Heating, Piping & Refrigeration Pension Fund of Capitol Heights, Maryland sponsors Heating, Piping and Refrigeration Pension FD Pension Fund, a defined benefit pension plan. Its Form 5500 for the plan year ending 31 Aug 2025 shows 8,132 participants (5,962 active) and $1.36B in net assets. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $167,365 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 $69.5M for the year ($11,655 per active participant) and benefits paid were $57.1M. 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 $6.9M: $848 per participant, well above the same-size median of $232. Administrative expenses charged to the plan were $7.3M. 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 $340M in 2009 to $1.36B in 2024 (up 300%), and participants from 4,457 to 8,132 (up 82%).
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 | $167,365 | $87,623 | $100,593 | $86,221 |
| Employer contributions per active participant | $11,655 | $9,468 | $13,292 | $10,244 |
| Schedule C compensation per participant | $848 | $232 | $443 | $344 |
| Schedule C compensation, share of net assets | 0.51% | 0.30% | 0.46% | 0.42% |
| Administrative expenses per participant | $895 | $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 | 8,132 | $1.36B | $167,365 | $69.5M | — | $6.9M |
| 2023 | 7,015 | $1.23B | $174,718 | $61.9M | — | $7.0M |
| 2022 | 6,525 | $1.08B | $164,755 | $58.2M | — | $7.4M |
| 2021 | 6,291 | $997M | $158,506 | $56.7M | — | $7.2M |
| 2020 | 5,994 | $1.09B | $181,026 | $53.5M | — | $7.1M |
| 2019 | 5,791 | $898M | $155,142 | $50.9M | — | $4.6M |
| 2018 | 5,746 | $800M | $139,274 | $50.4M | — | $4.4M |
| 2017 | 5,450 | $767M | $140,692 | $48.4M | — | $3.8M |
| 2016 | 5,304 | $690M | $130,150 | $46.9M | — | $3.4M |
| 2015 | 5,045 | $618M | $122,439 | $42.3M | — | $3.1M |
| 2014 | 4,878 | $576M | $118,164 | $39.6M | — | $2.7M |
| 2013 | 4,802 | $561M | $116,806 | $37.6M | — | $2.5M |
| 2012 | 4,652 | $488M | $104,949 | $38.0M | — | $2.3M |
| 2011 | 4,573 | $437M | $95,576 | $38.2M | — | $2.1M |
| 2010 | 4,485 | $390M | $86,965 | $35.4M | — | $1.9M |
| 2009 | 4,457 | $340M | $76,289 | $33.3M | — | $1.6M |
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$1,225,647,532
- Employer contributions$69,485,973
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$69,485,973
- Total income, including investment results$199,783,743
- Benefits paid$57,139,436
- Administrative expenses$7,281,825
- Total expenses$64,421,261
- Net income$135,362,482
- Net transfers$0
- Net assets, end of year$1,361,010,014
Participants
- Active participants5,962
- Retired or separated, receiving benefits1,353
- Retired or separated, entitled to future benefits767
- Total participants, end of year8,132
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Loomis Sayles and Company | Investment management fees paid directly by plan; 'Soft dollars' commissions | $665,527 | $0 |
| Wpas, Inc. | Contract Administrator | $627,037 | $0 |
| WCM Investment Management, LLC | Investment management fees paid directly by plan; 'Soft dollars' commissions | $617,638 | $0 |
| Wedge Capital Management | Investment management fees paid directly by plan; 'Soft dollars' commissions | $533,138 | $0 |
| National Investment Services | Investment management fees paid directly by plan | $532,316 | $0 |
| New Tower Trust Company | Investment management fees paid directly by plan | $373,756 | $0 |
| Chevy Chase Trust | Investment management fees paid directly by plan | $311,412 | $0 |
| Shenkman Capital Management | Investment management fees paid directly by plan | $309,583 | $0 |
| Crescent Credit Solutions VIIIA-2 | Investment management | $277,092 | $0 |
| NB Alternatives Advisors LLC | Investment management fees paid indirectly by plan; Other fees | $253,419 | $0 |
| Systematic Financial Management | Investment management fees paid directly by plan; 'Soft dollars' commissions | $213,624 | $0 |
| JP Morgan Chase Bank, NTL Assoc | Investment management; Investment advisory (plan); Trustee (discretionary) | $211,293 | $0 |
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$5,544,948
- Contract administrator fees$635,225
- Other administrative expenses$586,308
- Actuarial fees$194,824
- Legal fees$138,474
- Trustee and custodial fees$100,140
- IQPA audit fees$81,906
- Total administrative expenses$7,281,825
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$459M · 33.6%
- Corporate stocks$278M · 20.4%
- Partnership/joint venture interests$230M · 16.8%
- U.S. Government securities$133M · 9.7%
- Registered investment companies (mutual funds)$106M · 7.7%
- Corporate debt instruments$84.3M · 6.2%
- Receivables$38.9M · 2.9%
- Cash (interest and non-interest bearing)$24.8M · 1.8%
- Other investments$8.6M · 0.6%
- Real estate$2.6M · 0.2%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmSarfino and Rhoades, LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $3,000,000
- 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 Maryland
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Mid-Atlantic Regional Council of Carpenters' Pension Plan | Board of Trustees - Marc Pension Plan | 9,688 | $572M | $59,064 |
| Plumbers and Steamfitters Local 486 Pension Fund | Plumbers and Steamfitters 486 Pension Fund Board of Trustees | 3,602 | $382M | $106,027 |
| Electrical Workers Local No. 26 Pension Trust Fund | Electrical Workers Local No 26 Pension Trust Fund | 13,539 | $1.03B | $76,112 |
| Operating Engineers Local No 37 Pension Fund | BRD of Trustees Oe 37 Pension Fund | 2,243 | $154M | $68,722 |
| National Automatic Sprinkler Industry Pension Fund | National Automatic Sprinkler Industry Pension Fund JT Board of Trustee | 34,009 | $4.75B | $139,691 |
| Laborers' District Council Pension Fund for Baltim | Trustees of LDC Pension Fund for Baltimore and Vicinity | 1,755 | $85.6M | $48,756 |
Defined benefit plans in construction closest in size.
Questions and answers
How big is Heating, Piping and Refrigeration Pension FD Pension Fund?
8,132 participants at the end of the plan year ending 31 Aug 2025, of whom 5,962 were active employees, with net assets of $1,361,010,014. 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 BD of Tees Heating, Piping & Refrigeration Pension Fund contribute per participant?
The filing reports $69,485,973 in employer contributions for the year, which is $11,655 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 $6,895,848 in compensation to service provider organisations, $848 per participant or 0.51% of net assets. The same-size median among plans reporting any Schedule C compensation was $232 per participant. Administrative expenses on Schedule H were $7,281,825. 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 BD of Tees Heating, Piping & Refrigeration Pension Fund. Recordkeeping or administration: Wpas, Inc.. Investment advisory or management: Crescent Credit Solutions VIIIA-2 and JP Morgan Chase Bank, NTL Assoc. Trustee or custodian: JP Morgan Chase Bank, NTL Assoc. The financial statements were audited by Sarfino and Rhoades, 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 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 52-1058013, 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.