Maryland › Construction › 500 to 999 participants
Form 5500 statement · plan year 1 Jul 2024 to 30 Jun 2025
Pension Fund Local 96-IBEW
Sponsored by Board of Trustees-Pension Fund Local 96-IBEW, Sparks, MD
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.
Pension Fund Local 96-IBEW is a defined benefit pension plan sponsored by Board of Trustees-Pension Fund Local 96-IBEW of Sparks, Maryland. For the plan year ending 30 Jun 2025 it reported 823 participants, 305 of them active, and net assets of $68.7M. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $83,459 per participant, close to the $86,583 median for defined benefit plans with 500 to 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 $5.6M for the year ($18,518 per active participant) and benefits paid were $5.1M. 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 $365K: $443 per participant, above the same-size median of $377. Administrative expenses charged to the plan were $430K. 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 $28.3M in 2009 to $68.7M in 2024 (up 142%), and participants from 750 to 823 (up 10%).
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 | $83,459 | $86,583 | $100,593 | $86,221 |
| Employer contributions per active participant | $18,518 | $10,758 | $13,292 | $10,244 |
| Schedule C compensation per participant | $443 | $377 | $443 | $344 |
| Schedule C compensation, share of net assets | 0.53% | 0.48% | 0.46% | 0.42% |
| Administrative expenses per participant | $522 | $591 | $596 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 500 to 999 participants (873 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 | 823 | $68.7M | $83,458 | $5.6M | — | $365K |
| 2023 | 814 | $62.0M | $76,229 | $4.9M | — | $356K |
| 2022 | 790 | $58.7M | $74,356 | $4.2M | — | $333K |
| 2021 | 784 | $57.2M | $72,960 | $4.4M | — | $324K |
| 2020 | 804 | $61.5M | $76,449 | $4.8M | — | $343K |
| 2019 | 782 | $46.2M | $59,133 | $3.7M | — | $320K |
| 2018 | 772 | $46.7M | $60,470 | $3.6M | — | $298K |
| 2017 | 790 | $46.3M | $58,587 | $3.7M | — | $207K |
| 2016 | 775 | $44.3M | $57,188 | $3.6M | — | $239K |
| 2015 | 740 | $40.0M | $54,049 | $3.0M | — | $226K |
| 2014 | 747 | $42.1M | $56,328 | $3.1M | — | $244K |
| 2013 | 748 | $41.0M | $54,862 | $3.0M | — | $243K |
| 2012 | 755 | $36.0M | $47,626 | $2.7M | — | $251K |
| 2011 | 760 | $32.5M | $42,746 | $3.3M | — | $221K |
| 2010 | 773 | $32.4M | $41,951 | $2.7M | — | $291K |
| 2009 | 750 | $28.3M | $37,780 | $2.2M | — | $196K |
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$62,050,159
- Employer contributions$5,648,137
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$5,648,137
- Total income, including investment results$12,164,295
- Benefits paid$5,098,458
- Administrative expenses$429,639
- Total expenses$5,528,097
- Net income$6,636,198
- Net transfers$0
- Net assets, end of year$68,686,357
Participants
- Active participants305
- Retired or separated, receiving benefits242
- Retired or separated, entitled to future benefits212
- Total participants, end of year823
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Zenith American Solutions, Inc. | Recordkeeping and information management; Contract Administrator | $61,026 | $0 |
| Segal Roitman | Legal | $43,879 | $0 |
| Dana Investment Advisors, Inc. | Investment management | $41,124 | $0 |
| Intercontinental Real Estate Corp. | Investment management | $0 | $39,832 |
| Segal Marco Advisors | Investment advisory (plan) | $35,200 | $0 |
| New Tower Trust Company | Trustee (bank, trust company, or similar financial institution); Investment management | $0 | $31,757 |
| The Angell Pension Group, Inc. | Actuarial | $30,569 | $0 |
| Comerica Bank | Custodial (securities) | $22,647 | $0 |
| Ullico Investment Advisors | Investment management | $19,361 | $0 |
| Goldpoint Partners LLC | Investment management | $0 | $16,801 |
| Novak Francella LLC | Accounting (including auditing) | $16,592 | $0 |
| Santander Bank | Recordkeeping and information management | $6,077 | $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$187,868
- Contract administrator fees$70,014
- Other administrative expenses$58,070
- Legal fees$43,879
- Actuarial fees$30,569
- Trustee and custodial fees$22,647
- IQPA audit fees$12,200
- Recordkeeping fees$4,392
- Total administrative expenses$429,639
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.
- Registered investment companies (mutual funds)$27.7M · 40.2%
- Other investments$13.8M · 20.1%
- Common/collective trusts$11.7M · 17.1%
- Corporate stocks$5.1M · 7.4%
- Partnership/joint venture interests$4.0M · 5.8%
- 103-12 investment entities$2.7M · 3.9%
- Cash (interest and non-interest bearing)$2.2M · 3.2%
- Receivables$1.0M · 1.5%
- Insurance company general account$633K · 0.9%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmNovak Francella, LLC
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $3,000,000
- 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 238210: Electrical Contractors.
Other plans of Board of Trustees-Pension Fund Local 96-IBEW
| Plan | Participants | Net assets |
|---|---|---|
| Annuity Plan IBEW Local 96 | 930 | $109M |
Similar plans in Maryland
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Operative Plasterers & Cement Masons Officers & Employees Pension Fund | Operative Plasterers & Cement Masons Off & Emp Pension Fund Trste | 1,042 | $109M | $104,405 |
| Marble, Tile, and Terrazzo Workers Pension Fund | Board of Trustees of the Marble,tile and Terrazzo | 759 | $36.7M | $48,315 |
| Asbestos Workers L 24 Pen FD Def Benefit Plan | BD Ttees Asbestos WRKS L 24 Pen FD | 1,054 | $108M | $102,693 |
| Washington DC Cement Masons' Pension Fund | Board of Trustees, Washington DC Cement Masons' Pension Trust Fund | 737 | $26.5M | $35,916 |
| Carpenters Local No 491 Pension Plan | Trustees of Carpenters Local No 491 Plan | 1,065 | $72.5M | $68,030 |
| Bricklayers & Allied Craftsmen Local 1 of MD, Va & DC Baltimore Chapter Pension Fund | Bricklayers & Allied Craftsmen Local 1 of MD, Va & DC Balt Chapter Pen | 619 | $46.6M | $75,302 |
Defined benefit plans in construction closest in size.
Questions and answers
How big is Pension Fund Local 96-IBEW?
823 participants at the end of the plan year ending 30 Jun 2025, of whom 305 were active employees, with net assets of $68,686,357. Among defined benefit plans that places it in the 500 to 999 participants band, which held 873 plans in plan year 2024.
What does Board of Trustees-Pension Fund Local 96-IBEW contribute per participant?
The filing reports $5,648,137 in employer contributions for the year, which is $18,518 per active participant; the median for plans of the same type and size was $10,758 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 $364,865 in compensation to service provider organisations, $443 per participant or 0.53% of net assets. The same-size median among plans reporting any Schedule C compensation was $377 per participant. Administrative expenses on Schedule H were $429,639. 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-Pension Fund Local 96-IBEW. Recordkeeping or administration: Zenith American Solutions, Inc. and Santander Bank. Investment advisory or management: Dana Investment Advisors, Inc., Intercontinental Real Estate Corp. and Segal Marco Advisors. Trustee or custodian: New Tower Trust Company and Comerica Bank. The financial statements were audited by Novak Francella, LLC. 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 Jul 2024 to 30 Jun 2025, received by the Department of Labor on 15 Apr 2026. 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 04-6295080, plan 001, received 15 Apr 2026; 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.