Arizona › Construction › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Operating Engineers Local 428 Annuity Trust Fund
Sponsored by Operating Engineers Local 428 Annuity Trust Fund, Phoenix, AZ
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, Operating Engineers Local 428 Annuity Trust Fund covered 8,185 participants and held $313M in net assets. The plan is a defined contribution plan sponsored by Operating Engineers Local 428 Annuity Trust Fund of Phoenix, Arizona. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $38,281 per participant, well below the $64,499 median for defined contribution plans with 5,000 to 24,999 participants and well below 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 $16.8M during the year, or $2,051 per active participant against a same-size median of $2,424; participants contributed —. Benefits paid out totalled $16.5M.
Schedule C lists 12 service provider organisations paid $5,000 or more, with reported compensation of $735K: $89.78 per participant, well above the same-size median of $53.38. Administrative expenses charged to the plan were $766K. 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 $165M in 2009 to $313M in 2024 (up 90%), and participants from 7,489 to 8,185 (up 9%).
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 DC plans |
|---|---|---|---|---|
| Net assets per participant | $38,281 | $64,499 | $54,962 | $53,102 |
| Employer contributions per active participant | $2,051 | $2,424 | $2,728 | $2,175 |
| Schedule C compensation per participant | $89.78 | $53.38 | $162 | $123 |
| Schedule C compensation, share of net assets | 0.23% | 0.09% | 0.33% | 0.26% |
| Administrative expenses per participant | $93.61 | $54.85 | $166 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 5,000 to 24,999 participants (2,605 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 | 8,185 | $313M | $38,281 | $16.8M | — | $735K |
| 2023 | 7,789 | $291M | $37,352 | $17.0M | — | $877K |
| 2022 | 7,670 | $256M | $33,375 | $13.5M | — | $998K |
| 2021 | 7,538 | $305M | $40,460 | $11.1M | — | $956K |
| 2020 | 7,114 | $283M | $39,786 | $13.0M | — | $894K |
| 2019 | 6,877 | $258M | $37,463 | $10.4M | — | $910K |
| 2018 | 6,625 | $219M | $33,016 | $8.9M | — | $866K |
| 2017 | 6,421 | $241M | $37,468 | $6.3M | — | $980K |
| 2015 | 6,562 | $201M | $30,646 | $5.3M | — | $847K |
| 2014 | 6,603 | $209M | $31,711 | $5.3M | — | $720K |
| 2013 | 6,877 | $207M | $30,028 | $5.7M | — | $643K |
| 2012 | 7,045 | $193M | $27,379 | $5.8M | — | $613K |
| 2011 | 7,012 | $176M | $25,110 | $5.4M | — | $736K |
| 2010 | 7,285 | $178M | $24,494 | $5.6M | — | $880K |
| 2009 | 7,489 | $165M | $22,054 | $6.7M | — | $1.4M |
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$290,933,782
- Employer contributions$16,790,494
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$16,790,494
- Total income, including investment results$39,690,382
- Benefits paid$16,525,819
- Administrative expenses$766,206
- Total expenses$17,292,025
- Net income$22,398,357
- Net transfers$0
- Net assets, end of year$313,332,139
Participants
- Active participants8,185
- Retired or separated, receiving benefits—
- Retired or separated, entitled to future benefits—
- Participants with account balances8,185
- Total participants, end of year8,185
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| JP Morgan Asset Management | Investment management | $124,886 | $0 |
| LSV Asset Management | Investment management fees paid directly by plan | $110,403 | $0 |
| Verus Advisors, Inc. | Consulting (pension) | $110,376 | $0 |
| Western Asset Management Company | Investment management | $104,898 | $0 |
| Southwest Service Administrators | Participant communication; Copying and duplicating; Recordkeeping and information management; Plan Administrator | $61,301 | $0 |
| Segal Select Insurance Brokerage | Insurance brokerage commissions and fees | $59,500 | $0 |
| Panagora Asset Management, Inc. | Investment management fees paid directly by plan | $46,463 | $0 |
| Spencer Fane LLP | Legal | $32,358 | $0 |
| PNC Bank | Custodial (securities) | $30,583 | $0 |
| Letterstream | Copying and duplicating | $22,131 | $0 |
| Baldwin Moffitt Behm LLP | Accounting (including auditing) | $21,982 | $0 |
| The Segal Company | Actuarial | $10,000 | $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$497,026
- Other administrative expenses$101,213
- Contract administrator fees$59,442
- Legal fees$45,960
- Trustee and custodial fees$30,583
- IQPA audit fees$21,982
- Actuarial fees$10,000
- Total administrative expenses$766,206
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)$228M · 72.7%
- Common/collective trusts$47.0M · 15.0%
- Corporate stocks$19.6M · 6.2%
- 103-12 investment entities$13.3M · 4.2%
- Cash (interest and non-interest bearing)$4.6M · 1.5%
- Receivables$922K · 0.3%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmBaldwin Moffitt Behm 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
2AAge/service weighted or new comparability or similar 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).
Other plans of Operating Engineers Local 428 Annuity Trust Fund
| Plan | Participants | Net assets |
|---|---|---|
| Arizona Operating Engineers Pension Plan | 1,395 | $15.0M |
Similar plans in Arizona
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Arizona Pipe Trades Defined Contribution Pension Plan | Board of Trustees Arizona Pipe Trades DC Pension Plan | 9,484 | $461M | $48,574 |
| IBEW Local No 640 & Az Chapter Neca Defined Contribution Plan | B of T IBEW Local No 640 & Az Chapter Neca Defined Contribution Plan | 6,401 | $137M | $21,354 |
| Bechtel Trust & Thrift Plan | Bechtel Global Corporation | 16,956 | $6.71B | $395,743 |
| Taylor Morrison 401(k) Savings Plan | Taylor Morrison, Inc. | 4,483 | $370M | $82,640 |
| Synergos Companies 401(k) Plan | Synergos Companies LLC | 2,894 | $36.3M | $12,543 |
| Meritage Homes Corporation 401(k) Savings Plan | Meritage Homes Corporation | 2,641 | $210M | $79,445 |
Defined contribution plans in construction closest in size.
Questions and answers
How big is Operating Engineers Local 428 Annuity Trust Fund?
8,185 participants at the end of the plan year ending 31 Dec 2024, of whom 8,185 were active employees, with net assets of $313,332,139. Among defined contribution plans that places it in the 5,000 to 24,999 participants band, which held 2,605 plans in plan year 2024.
What does Operating Engineers Local 428 Annuity Trust Fund contribute per participant?
The filing reports $16,790,494 in employer contributions for the year, which is $2,051 per active participant; the median for plans of the same type and size was $2,424 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 $734,881 in compensation to service provider organisations, $89.78 per participant or 0.23% of net assets. The same-size median among plans reporting any Schedule C compensation was $53.38 per participant. Administrative expenses on Schedule H were $766,206. 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 Operating Engineers Local 428 Annuity Trust Fund. Recordkeeping or administration: Southwest Service Administrators. Investment advisory or management: JP Morgan Asset Management and Western Asset Management Company. Trustee or custodian: PNC Bank. The financial statements were audited by Baldwin Moffitt Behm 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 86-6025732, plan 002, 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.