Plumbers & Pipefitters National Pension Fund vs Sheet Metal Workers National Pension Fund
Side-by-side pension health comparison from DOL and public plan data
Plumbers & Pipefitters National Pension Fund and Sheet Metal Workers National Pension Fund are meaningfully apart on the LakeQuality pension-health rubric: Plumbers & Pipefitters National Pension Fund grades C while Sheet Metal Workers National Pension Fund grades A. Funding ratios: 64% vs 83%.
Sheet Metal Workers National Pension Fund comes out ahead on the composite rubric. For a participant in either plan, the spread is informative but not directly actionable — pension participation is not portable, so the relevant question is what each plan's funded-status trajectory means for that participant's benefit security.
Verdict
Sheet Metal Workers National Pension Fund has a stronger Pension Health Score of 91/100 (A) compared to Plumbers & Pipefitters National Pension Fund at 56/100 (C). Funding ratios differ by 18.5 percentage points (82.6% vs 64.1%). Sheet Metal Workers National Pension Fund covers 148,965 participants.
| Metric | Plumbers & Pipefitters National Pension Fund | Sheet Metal Workers National Pension Fund |
|---|---|---|
| Health Score Composite of funding ratio, trend, and PBGC risk | 56/100 (C) | 91/100 (A)* |
| Funding Ratio Assets as % of liabilities (100%+ is fully funded) | 64.1% | 82.6%* |
| Total Assets | $21.0B | $7.5B |
| Total Liabilities | $32.8B | $9.1B* |
| Unfunded Liability | $11.8B | $1.6B* |
| Participants | 430,000 | 148,965 |
| 1-Year Investment Return | 5.5%* | 5.3% |
| Plan Type | multiemployer | multiemployer |
| PBGC Risk Level | high | low |
| Sponsor | United Association (UA) | Sheet Metal Workers International Association |
Sheet Metal Workers National Pension Fund has a stronger Pension Health Score of 91/100 (A) compared to Plumbers & Pipefitters National Pension Fund at 56/100 (C). Funding ratios differ by 18.5 percentage points (82.6% vs 64.1%). Sheet Metal Workers National Pension Fund covers 148,965 participants.
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