Sheet Metal Workers National Pension Fund
multiemployer plan · Sheet Metal Workers International Association · Alexandria, VA
On funding, Sheet Metal Workers National Pension Fund sits in the moderate band: 83% of liabilities covered, $1.6B unfunded. This is the modal funding-ratio bucket for U.S. pension plans — neither flush nor distressed.
Sheet Metal Workers National Pension Fund is a multi-employer pension plan sponsored by Sheet Metal Workers International Association — a collectively-bargained plan covering workers across multiple employers in the same industry or union. Multi-employer plans are PBGC-insured but under a different (and historically less-funded) program than single-employer plans. The plan remains active — accruing new benefits for current employees and accepting new participants. Among private-sector single-employer plans, the active status is increasingly rare as employers freeze accruals while continuing to fund existing obligations; public-sector plans are more often still actively accruing.
Sheet Metal Workers National Pension Fund is among the larger U.S. pension plans by asset base ($7.5B). The participant pool of 148,965 divides into 66,166 actives and 76,009 retirees, a mix that shapes both cash-flow profile and investment-horizon choices. The participant mix runs roughly even between 66,166 active workers and 76,009 retirees — a balanced demographic profile that gives the plan time to compound investment returns before payouts dominate cash flow. Annual cash flows: $650M in sponsor contributions versus $850M in benefit payments. Investment performance over the most recent year ran 5.3%, against the plan's assumed long-term return of 7.0%.
On PBGC risk classification: low — the plan's funded status and solvency trajectory are favorable enough that PBGC intervention is not on the near-term horizon. Multi-employer plans like Sheet Metal Workers National Pension Fund have PBGC backing under a separate (and historically lower-funded) guarantee program. The 2021 American Rescue Plan provided substantial federal support to the multi-employer system, but long-term solvency varies plan-by-plan.
Source: DOL EFAST2 Form 5500 filings and Boston College CRR Public Plans Database.
Funding History
What This Means for You
Sheet Metal Workers National Pension Fund is in excellent financial health at 83% funded. This means for every dollar the plan owes in future benefits, it has 83 cents in assets to cover it. This plan is also covered by the PBGC, providing an additional safety net. Participants in this plan have relatively low risk of benefit reductions.
Year-by-Year Funding
| Year | Assets | Liabilities | Funding Ratio | Contributions |
|---|---|---|---|---|
| 2023 | $7.5B | $9.1B | 82.6% | $650.0M |
| 2022 | $7.3B | $12.8B | 57.0% | $630.5M |
| 2021 | $7.1B | $12.0B | 59.0% | $611.0M |
| 2020 | $6.8B | $12.9B | 53.0% | $591.5M |
| 2019 | $6.6B | $12.0B | 55.0% | $572.0M |
Frequently Asked Questions
Sheet Metal Workers National Pension Fund is 83% funded, meaning it has 83 cents in assets for every dollar in future benefit obligations. This is considered healthy by actuarial standards.
Sheet Metal Workers National Pension Fund has 148,965 total participants, including 66,166 active employees and 76,009 retirees currently receiving benefits.
Yes, Sheet Metal Workers National Pension Fund is covered by the Pension Benefit Guaranty Corporation (PBGC), which provides a backstop if the plan cannot pay benefits. The PBGC risk level is currently "low."
The Pension Health Score (0-100, A-F) measures a pension plan's financial strength based on funding ratio (50%), funding trend over 3 years (30%), and PBGC risk level (20%). Higher scores indicate more secure retirement benefits.
Pension Health Score is calculated from funding ratio, 3-year funding trend, and PBGC risk classification.