Washington › Construction › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Locals 302 & 612 of the IUOE - Employers Construction Industry Retirement Plan
Sponsored by Board of Trustees, Locals 302 & 612 of the IUOE -, Seattle, WA
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, Locals 302 & 612 of the IUOE - Employers Construction Industry Retirement Plan covered 19,582 participants and held $3.33B in net assets. The plan is a defined benefit pension plan sponsored by Board of Trustees, Locals 302 & 612 of the IUOE - of Seattle, Washington. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $169,831 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 $225M for the year ($28,256 per active participant) and benefits paid were $245M. 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 $10.2M: $520 per participant, well above the same-size median of $232. Administrative expenses charged to the plan were $12.0M. 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 $1.98B in 2009 to $3.33B in 2024 (up 68%), and participants from 17,608 to 19,582 (up 11%).
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 | $169,831 | $87,623 | $100,593 | $86,221 |
| Employer contributions per active participant | $28,256 | $9,468 | $13,292 | $10,244 |
| Schedule C compensation per participant | $520 | $232 | $443 | $344 |
| Schedule C compensation, share of net assets | 0.31% | 0.30% | 0.46% | 0.42% |
| Administrative expenses per participant | $612 | $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 | 19,582 | $3.33B | $169,831 | $225M | — | $10.2M |
| 2023 | 20,543 | $3.06B | $148,763 | $218M | — | $9.9M |
| 2022 | 20,117 | $2.80B | $139,373 | $197M | — | $10.0M |
| 2021 | 19,761 | $3.15B | $159,454 | $182M | — | $9.2M |
| 2020 | 19,451 | $2.80B | $143,992 | $153M | — | $8.7M |
| 2019 | 19,435 | $2.57B | $132,200 | $150M | — | $10.1M |
| 2018 | 19,091 | $2.28B | $119,405 | $135M | — | $9.8M |
| 2017 | 18,814 | $2.44B | $129,726 | $127M | — | $10.7M |
| 2016 | 18,440 | $2.25B | $122,177 | $111M | — | $10.3M |
| 2015 | 18,594 | $2.19B | $117,641 | $110M | — | $10.5M |
| 2014 | 18,398 | $2.26B | $122,978 | $98.9M | — | $11.6M |
| 2013 | 17,931 | $2.23B | $124,088 | $86.5M | — | $11.8M |
| 2012 | 17,512 | $2.06B | $117,709 | $75.5M | — | $12.7M |
| 2011 | 17,377 | $1.98B | $113,660 | $68.2M | — | $13.6M |
| 2010 | 16,396 | $2.09B | $127,772 | $67.9M | — | $15.3M |
| 2009 | 17,608 | $1.98B | $112,185 | $70.9M | — | $17.0M |
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$3,056,046,732
- Employer contributions$225,424,940
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$225,424,940
- Total income, including investment results$526,472,764
- Benefits paid$244,905,466
- Administrative expenses$11,980,809
- Total expenses$256,886,275
- Net income$269,586,489
- Net transfers$0
- Net assets, end of year$3,325,633,221
Participants
- Active participants7,978
- Retired or separated, receiving benefits6,730
- Retired or separated, entitled to future benefits3,316
- Participants with account balances0
- Total participants, end of year19,582
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Wa Capital Management, Inc. | Investment management | $2,845,773 | $0 |
| Welfare & Pension Admin Service Inc. | Accounting (including auditing); Contract Administrator | $1,994,813 | $0 |
| The Union Labor Life Insurance Co. | Investment management fees paid directly by plan; Other fees | $1,170,672 | $0 |
| LSV Asset Management | Investment management fees paid directly by plan | $552,973 | $0 |
| Boston Trust | Trustee (discretionary); Trustee (directed); Custodial (securities); Trustee (bank, trust company, or similar financial institution) | $433,751 | $0 |
| Segal Advisors, Inc. | Consulting (pension) | $415,486 | $0 |
| Pimco | Direct payment from the plan; Investment management fees paid directly by plan | $391,511 | $0 |
| Western Asset Management Co. | Investment management fees paid directly by plan; 'Soft dollars' commissions | $324,869 | $0 |
| Prudential Trust Company | Investment management | $287,858 | $0 |
| Loomis, Sayles & Company, LP | Investment management fees paid directly by plan | $281,641 | $0 |
| Chevy Chase Trust Investment Adviso | Trustee (bank, trust company, or similar financial institution); Investment management | $220,872 | $0 |
| Parametric Portfolio Associates LLC | Investment management fees paid directly by plan | $194,446 | $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$7,962,162
- Contract administrator fees$1,869,848
- Other administrative expenses$1,258,809
- Legal fees$244,107
- Recordkeeping fees$185,750
- Actuarial fees$183,363
- Trustee and custodial fees$178,323
- IQPA audit fees$84,500
- Other trustee fees and expenses$13,947
- Total administrative expenses$11,980,809
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$1.34B · 40.3%
- Partnership/joint venture interests$712M · 21.4%
- 103-12 investment entities$359M · 10.8%
- Registered investment companies (mutual funds)$259M · 7.8%
- Other investments$254M · 7.6%
- Cash (interest and non-interest bearing)$128M · 3.8%
- Corporate stocks$100M · 3.0%
- Pooled separate accounts$99.9M · 3.0%
- Corporate debt instruments$41.1M · 1.2%
- Receivables$33.4M · 1.0%
- U.S. Government securities$3,085 · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmMiller Kaplan Arase LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $500,000
- 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 238900: Other Specialty Trade Contractors (including site preparation).
Similar plans in Washington
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Western Washington Laborers-Employers Pension Plan | Bot, Western Wa Laborers-Employers Pension Trust | 19,989 | $1.47B | $73,477 |
| Wa State Plumbing and Pipefitting Industry Pension Plan | Bot, Wa State Plumbing and Pipefitting Industry Pension Plan | 10,360 | $1.26B | $121,394 |
| Puget Sound Electrical Workers Pension Plan | Board of Trustees, Puget Sound Electrical Workers Pension Trust | 8,704 | $1.31B | $150,154 |
| Northwest Ironworkers Retirement Plan | Northwest Ironworkers Retirement Plan Board of Trustees | 7,196 | $851M | $118,277 |
| Alaska Laborers-Employers Retirement Fund | Board of Trustees, Alaska Laborers- Employers Retirement Fund | 5,804 | $657M | $113,279 |
| Defined Benefit Pension Plan of Agc-Iuoe Local 701 Pension Trust Fund | Board of Trustees Agc-Iuoe Local of Agc-Iuoe Local 701 Pension Trust | 5,157 | $358M | $69,383 |
Defined benefit plans in construction closest in size.
Questions and answers
How big is Locals 302 & 612 of the IUOE - Employers Construction Industry Retirement Plan?
19,582 participants at the end of the plan year ending 31 Dec 2024, of whom 7,978 were active employees, with net assets of $3,325,633,221. 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 Board of Trustees, Locals 302 & 612 of the IUOE - contribute per participant?
The filing reports $225,424,940 in employer contributions for the year, which is $28,256 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 $10,182,345 in compensation to service provider organisations, $520 per participant or 0.31% of net assets. The same-size median among plans reporting any Schedule C compensation was $232 per participant. Administrative expenses on Schedule H were $11,980,809. 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 Board of Trustees, Locals 302 & 612 of the IUOE -. Recordkeeping or administration: Welfare & Pension Admin Service Inc.. Investment advisory or management: Wa Capital Management, Inc., Prudential Trust Company and Chevy Chase Trust Investment Adviso. Trustee or custodian: Boston Trust and Chevy Chase Trust Investment Adviso. The financial statements were audited by Miller Kaplan Arase 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 20 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 91-6028571, plan 001, received 20 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.