Oregon › Construction › 1,000 to 4,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Pension Plan of the Oregon Sheet Metal Workers Master Retirement Trust
Sponsored by Bot - Oregon Sheet Metal Workers Master Retirement Trust, Portland, OR
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, Pension Plan of the Oregon Sheet Metal Workers Master Retirement Trust covered 3,426 participants and held $527M in net assets. The plan is a defined benefit pension plan sponsored by Bot - Oregon Sheet Metal Workers Master Retirement Trust of Portland, Oregon. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $153,745 per participant, well above the $87,935 median for defined benefit plans with 1,000 to 4,999 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 $29.9M for the year ($18,958 per active participant) and benefits paid were $32.8M. 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 12 service provider organisations paid $5,000 or more, with reported compensation of $1.1M: $324 per participant, close to 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 $275M in 2009 to $527M in 2024 (up 92%), and participants from 2,656 to 3,426 (up 29%).
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 | $153,745 | $87,935 | $100,593 | $86,221 |
| Employer contributions per active participant | $18,958 | $10,593 | $13,292 | $10,244 |
| Schedule C compensation per participant | $324 | $325 | $443 | $344 |
| Schedule C compensation, share of net assets | 0.21% | 0.41% | 0.46% | 0.42% |
| Administrative expenses per participant | $384 | $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 | 3,426 | $527M | $153,745 | $29.9M | — | $1.1M |
| 2023 | 3,411 | $483M | $141,658 | $28.9M | — | $1.1M |
| 2022 | 3,383 | $427M | $126,186 | $28.0M | — | $1.0M |
| 2021 | 3,326 | $491M | $147,614 | $23.7M | — | $1.0M |
| 2020 | 3,294 | $437M | $132,797 | $21.4M | — | $934K |
| 2019 | 3,247 | $401M | $123,554 | $19.1M | — | $998K |
| 2018 | 3,167 | $346M | $109,367 | $16.1M | — | $878K |
| 2017 | 3,077 | $373M | $121,098 | $14.0M | — | $964K |
| 2016 | 2,881 | $334M | $115,984 | $11.1M | — | $1.0M |
| 2015 | 2,778 | $330M | $118,612 | $9.1M | — | $1.0M |
| 2014 | 2,857 | $343M | $120,051 | $10.9M | — | $922K |
| 2013 | 2,688 | $335M | $124,610 | $9.3M | — | $917K |
| 2012 | 2,656 | $302M | $113,709 | $9.4M | — | $986K |
| 2011 | 2,677 | $281M | $104,976 | $8.4M | — | $1.1M |
| 2010 | 2,624 | $298M | $113,406 | $7.9M | — | $838K |
| 2009 | 2,656 | $275M | $103,483 | $8.4M | — | $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$483,193,659
- Employer contributions$29,914,937
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$29,914,937
- Total income, including investment results$77,653,387
- Benefits paid$32,799,812
- Administrative expenses$1,315,996
- Total expenses$34,115,808
- Net income$43,537,579
- Net transfers$0
- Net assets, end of year$526,731,238
Participants
- Active participants1,578
- Retired or separated, receiving benefits1,033
- Retired or separated, entitled to future benefits571
- Total participants, end of year3,426
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Wedge Capital Management | Investment management fees paid directly by plan | $212,034 | $0 |
| Loomis Sayles Trust Company, LLC | Investment management fees paid directly by plan | $209,326 | $0 |
| Verus Advisory, Inc. | Consulting (general) | $168,000 | $0 |
| The William C. Earhart Company, Inc. | Contract Administrator | $137,924 | $0 |
| Comerica Bank | Custodial (securities); Custodial (other than securities); Investment management | $105,605 | $0 |
| Milliman | Consulting (general) | $80,736 | $0 |
| Withum Smith+brown, PC | Accounting (including auditing) | $65,775 | $0 |
| Chevy Chase Trust Company | Investment management | $43,727 | $0 |
| CliftonLarsonAllen LLP | Accounting (including auditing) | $36,219 | $0 |
| Hamilton Lane Advisors, L.L.C. | Investment management fees paid indirectly by plan | $0 | $24,150 |
| Ogletree, Deakins, Nash, Et Al. | Legal | $20,751 | $0 |
| US Bank of Oregon | Custodial (other than securities) | $5,423 | $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$669,191
- Other administrative expenses$192,425
- Contract administrator fees$131,649
- Actuarial fees$80,736
- Trustee and custodial fees$76,904
- Recordkeeping fees$65,775
- Legal fees$52,416
- IQPA audit fees$36,219
- Other trustee fees and expenses$10,681
- Total administrative expenses$1,315,996
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$169M · 31.9%
- Registered investment companies (mutual funds)$155M · 29.4%
- Other investments$101M · 19.1%
- Corporate stocks$71.1M · 13.4%
- Cash (interest and non-interest bearing)$25.0M · 4.7%
- Receivables$3.7M · 0.7%
- Corporate debt instruments$2.0M · 0.4%
- Partnership/joint venture interests$1.2M · 0.2%
- Other loans$608K · 0.1%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmCliftonLarsonAllen 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 238100: Foundation, Structure, & Building Exterior Contractors (including framing carpentry, masonry, glass, roofing, & siding).
Other plans of Bot - Oregon Sheet Metal Workers Master Retirement Trust
| Plan | Participants | Net assets |
|---|---|---|
| Ind Acct Plan for the Oregon Sheet Metal Workers | 1,393 | $62.7M |
Similar plans in Oregon
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| UA Local 290 Plumber, Steamfitter & Shipfitter Pension Plan | Board of Trustees, United Association Union Local No. | 6,486 | $1.26B | $195,027 |
| Sheet Metal Workers' Local 100 Washington, D.C. Area Pension Fund | BD Ttees Sheet Metal Workers' Local 100 Washington | 2,840 | $391M | $137,820 |
| Oregon Laborers-Employers Pension Plan | Trustees Oregon Laborers - Employer Pension Plan | 6,774 | $448M | $66,190 |
| Idaho Plumbers and Pipefitters Pension Plan | Board of Trustees, Idaho Plumbers and Pipefitters Pension Plan | 2,731 | $189M | $69,116 |
| Edison Pension Plan | Board of Trustees, Edison Pension Trust | 8,208 | $1000M | $121,775 |
| Oregon & Southwest Washington Painters Pension Plan | Oregon & Southwest Washington Painters Pension Plan, Trustees | 2,674 | $193M | $72,258 |
Defined benefit plans in construction closest in size.
Questions and answers
How big is Pension Plan of the Oregon Sheet Metal Workers Master Retirement Trust?
3,426 participants at the end of the plan year ending 31 Dec 2024, of whom 1,578 were active employees, with net assets of $526,731,238. 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 Bot - Oregon Sheet Metal Workers Master Retirement Trust contribute per participant?
The filing reports $29,914,937 in employer contributions for the year, which is $18,958 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 $1,109,670 in compensation to service provider organisations, $324 per participant or 0.21% of net assets. The same-size median among plans reporting any Schedule C compensation was $325 per participant. Administrative expenses on Schedule H were $1,315,996. 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 Bot - Oregon Sheet Metal Workers Master Retirement Trust. Recordkeeping or administration: The William C. Earhart Company, Inc.. Investment advisory or management: Comerica Bank and Chevy Chase Trust Company. Trustee or custodian: Comerica Bank and US Bank of Oregon. The financial statements were audited by CliftonLarsonAllen 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 30 Sep 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 93-6018501, plan 001, received 30 Sep 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.