California › Construction › 1,000 to 4,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Airconditioning and Refrigeration Industry Retirement Trust Fund
Sponsored by Board of Trustees, Airconditioning and Refrigeration, Orange, CA
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.
Airconditioning and Refrigeration Industry Retirement Trust Fund is a defined benefit pension plan sponsored by Board of Trustees, Airconditioning and Refrigeration of Orange, California. For the plan year ending 31 Dec 2024 it reported 3,639 participants, 1,842 of them active, and net assets of $338M. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $92,929 per participant, above the $87,935 median for defined benefit plans with 1,000 to 4,999 participants and below 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 $18.2M for the year ($9,888 per active participant) and benefits paid were $24.9M. 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 $1.2M: $323 per participant, close to the same-size median of $325. Administrative expenses charged to the plan were $2.2M. 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 $215M in 2009 to $338M in 2024 (up 58%), and participants from 2,688 to 3,639 (up 35%).
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 | $92,929 | $87,935 | $100,593 | $86,221 |
| Employer contributions per active participant | $9,888 | $10,593 | $13,292 | $10,244 |
| Schedule C compensation per participant | $323 | $325 | $443 | $344 |
| Schedule C compensation, share of net assets | 0.35% | 0.41% | 0.46% | 0.42% |
| Administrative expenses per participant | $611 | $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 | 3,639 | $338M | $92,929 | $18.2M | — | $1.2M |
| 2023 | 3,542 | $335M | $94,500 | $17.8M | — | $1.2M |
| 2022 | 3,427 | $306M | $89,294 | $16.4M | — | $1.4M |
| 2021 | 3,305 | $355M | $107,359 | $15.1M | — | $1.4M |
| 2020 | 3,404 | $330M | $96,851 | $14.1M | — | $1.5M |
| 2019 | 3,260 | $295M | $90,498 | $13.8M | — | $1.5M |
| 2018 | 3,206 | $262M | $81,623 | $12.5M | — | $1.4M |
| 2017 | 3,144 | $287M | $91,177 | $12.3M | — | $1.4M |
| 2016 | 3,030 | $257M | $84,893 | $11.9M | — | $1.3M |
| 2015 | 2,944 | $248M | $84,242 | $11.6M | — | $1.2M |
| 2014 | 2,833 | $263M | $92,752 | $11.7M | — | $1.3M |
| 2013 | 2,777 | $258M | $92,829 | $11.4M | — | $1.2M |
| 2012 | 2,689 | $242M | $89,878 | $10.7M | — | $1.2M |
| 2011 | 2,697 | $226M | $83,727 | $10.8M | — | $1.2M |
| 2010 | 2,670 | $235M | $87,921 | $11.2M | — | $1.3M |
| 2009 | 2,688 | $215M | $79,871 | $10.4M | — | $1.1M |
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$334,718,595
- Employer contributions$18,212,912
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$18,212,912
- Total income, including investment results$30,568,599
- Benefits paid$24,893,792
- Administrative expenses$2,223,594
- Total expenses$27,117,386
- Net income$3,451,213
- Net transfers$0
- Net assets, end of year$338,169,808
Participants
- Active participants1,842
- Retired or separated, receiving benefits807
- Retired or separated, entitled to future benefits721
- Participants with account balances0
- Total participants, end of year3,639
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Meketa Fiduciary Management | Investment advisory (plan) | $230,000 | $0 |
| Miller Kaplan Arase LLP | Accounting (including auditing) | $207,219 | $0 |
| Walter Scott & Partners Ltd. | Custodial (securities); Investment management | $165,635 | $0 |
| Horizon Actuarial Services, LLC | Actuarial | $123,220 | $0 |
| Ullico | Investment management fees paid directly by plan | $116,151 | $0 |
| Nepc LLC | Investment advisory (plan) | $89,609 | $0 |
| Seyfarth Shaw, LLP | Legal | $54,982 | $0 |
| Comerica Bank | Custodial (other than securities); Custodial (securities); Other services | $52,154 | $0 |
| Meriplex | Consulting (general) | $39,968 | $0 |
| State Street Global Advisors | Custodial (other than securities); Custodial (securities) | $38,484 | $0 |
| Aberdeen Asset Management | Investment management fees paid directly by plan | $17,013 | $0 |
| Alliance Bernstein, LP | Investment management fees paid indirectly by plan | $12,481 | $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$799,761
- Other administrative expenses$584,697
- Salaries and allowances$360,450
- Actuarial fees$123,220
- IQPA audit fees$119,795
- Recordkeeping fees$87,424
- Legal fees$79,051
- Trustee and custodial fees$52,154
- Other trustee fees and expenses$17,042
- Total administrative expenses$2,223,594
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$118M · 34.6%
- Partnership/joint venture interests$101M · 29.8%
- Registered investment companies (mutual funds)$54.1M · 15.9%
- 103-12 investment entities$51.1M · 15.0%
- Cash (interest and non-interest bearing)$9.1M · 2.7%
- Other investments$4.2M · 1.2%
- Receivables$1.5M · 0.4%
- Buildings and other property used in plan operation$1.4M · 0.4%
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, $10,000,000
- 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 California
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Resilient Floor Covering Pension Fund | Bot of Resilient Floor Covering Pension Fund | 3,809 | $417M | $109,565 |
| IBEW Local 595 Pension Plan | Board of Trustees, IBEW Local 595 Pension Plan | 3,345 | $545M | $163,075 |
| U.A. Local No. 393 Defined Benefit Pension Plan | Board of Trustees of the U.A. Local No. 393 Defined Benefit Pension | 3,823 | $1.02B | $268,076 |
| Northern California Electrical Workers Pension Plan | Board of Trustees, Northern California Electrical | 3,322 | $696M | $209,472 |
| Northern California Pipe Trades Pension Plan | Board of Trustees Northern Cali. Pipe Trades Pension Trust | 4,420 | $1.12B | $254,505 |
| Southern California Local 831 - Employer Pension Fund | Board of Trustees, Southern California Local 831 - | 3,107 | $485M | $156,243 |
Defined benefit plans in construction closest in size.
Questions and answers
How big is Airconditioning and Refrigeration Industry Retirement Trust Fund?
3,639 participants at the end of the plan year ending 31 Dec 2024, of whom 1,842 were active employees, with net assets of $338,169,808. 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 Board of Trustees, Airconditioning and Refrigeration contribute per participant?
The filing reports $18,212,912 in employer contributions for the year, which is $9,888 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 $1,175,284 in compensation to service provider organisations, $323 per participant or 0.35% of net assets. The same-size median among plans reporting any Schedule C compensation was $325 per participant. Administrative expenses on Schedule H were $2,223,594. 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, Airconditioning and Refrigeration. Investment advisory or management: Meketa Fiduciary Management, Walter Scott & Partners Ltd. and Nepc LLC. Trustee or custodian: Walter Scott & Partners Ltd., Comerica Bank and State Street Global Advisors. 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 15 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 95-6035386, plan 001, received 15 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.