Summary Annual Report

Summary Annual Report for Sheet Metal Workers' International Association Local 73 Annuity Plan

March 28, 2022

This is a summary of the annual report for Sheet Metal Workers’ International Association Local No. 73 Annuity Plan, EIN 20- 5002115, for the year ended May 31, 2021. The annual report has been filed with the Employee Benefit Security Administration as required under the Employee Retirement Income Security Act of 1974 (ERISA).

Basic Financial Statement

Benefits under the plan are provided by Trust.

Plan expenses were $42,701,650. These expenses included $555,149 in administrative expenses and $42,146,501 in benefits paid to participants and beneficiaries. A total of 2,919 persons were participants in or beneficiaries of the plan at the end of the plan year, although not all of these persons had yet earned the right to receive benefits.

The value of plan assets, after subtracting liabilities of the plan was $579,614,170 as of May 31, 2021, compared to $466,385,162 as of June 1, 2020. During the plan year, the plan experienced an increase in its net assets of $113,229,008. This increase included unrealized appreciation or depreciation in the value of plan assets; that is, the difference between the value of the plan's assets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. The plan had total income of $155,930,658, including, but not limited to, employer contributions of $33,825,646 and earnings from investments of $121,741,848.

Your Rights to Additional Information

You have the right to receive a copy of the full annual report, or any part thereof, upon request. The items listed below are included in that report:

  • an accountant’s report;
  • financial information and information and payments to service providers;
  • assets held for investments; and
  • information regarding any common or collective trusts, pooled separate accounts, master trusts or 103-12 investment entities in which the plan participates

To obtain a copy of the full annual report or any part thereof, write or call the office of Mr. Patrick Ludvigsen who is Plan Administrator of Sheet Metal Workers' Local No. 73 Annuity Plan at 4530 Roosevelt Road, Hillside, IL 60162; (708) 449-7373. The charge to cover copying costs will be $9.50 for the full annual report or $.25 per page for any part thereof. You also have the right to receive from the plan administrator, on request and at no charge, a statement of the assets and liabilities of the plan and accompanying notes or a statement of income and expenses of the plan and accompanying notes, or both. If you request a copy of the full annual report from the plan administrator, these two statements and accompanying notes will be included as part of that report. The charge to cover copying costs given above does not include a charge for the copying of these portions of the report because these portions are furnished without charge.

You also have the legally protected right to examine the annual report at the main office of the plan at 4530 Roosevelt Road, Hillside, IL 60162 and the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon payment of copying costs. Requests to the Department of Labor should be addressed to: Public Disclosure Room, N1513, Employee Benefit Security Administration, U.S. Department of Labor, 200 Constitution Avenue, NW, Washington, D.C. 20210.