Rhode Island › Finance and insurance › 1,000 to 4,999 participants
Form 5500 statement · plan year 1 Dec 2024 to 30 Nov 2025
International Brotherhood of Electrical Workers Local Union No. 99 Annuity Plan
Sponsored by IBEW Local Union No. 99, Cranston, RI
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.
IBEW Local Union No. 99 of Cranston, Rhode Island sponsors International Brotherhood of Electrical Workers Local Union No. 99 Annuity Plan, a profit-sharing plan. Its Form 5500 for the plan year ending 30 Nov 2025 shows 1,400 participants (1,289 active) and $191M in net assets. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $136,650 per participant, well above the $50,261 median for defined contribution plans with 1,000 to 4,999 participants and well above the $92,323 median for defined contribution plans in finance and insurance. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
The employer contributed $7.0M during the year, or $5,442 per active participant against a same-size median of $2,042; participants contributed $1.3M. Benefits paid out totalled $13.3M.
Schedule C lists 7 service provider organisations paid $5,000 or more, with reported compensation of $417K: $298 per participant, well above the same-size median of $82.05. Administrative expenses charged to the plan were $505K. 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 $125M in 2017 to $191M in 2024 (up 54%), and participants from 1,016 to 1,400 (up 38%).
The independent accountant's opinion on the financial statements was unmodified (unqualified), from an audit whose scope was limited under ERISA section 103(a)(3)(C) to exclude investment information certified by a bank or insurer.
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $136,650 | $50,261 | $92,323 | $53,089 |
| Employer contributions per active participant | $5,442 | $2,042 | $3,565 | $2,174 |
| Schedule C compensation per participant | $298 | $82.05 | $137 | $123 |
| Schedule C compensation, share of net assets | 0.22% | 0.17% | 0.17% | 0.26% |
| Administrative expenses per participant | $361 | $82.08 | $130 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 1,000 to 4,999 participants (10,229 plans), finance and insurance (4,398) and all US plans (63,607). 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 | 1,400 | $191M | $136,649 | $7.0M | $1.4M | $417K |
| 2023 | 1,334 | $178M | $133,766 | $6.7M | $1.5M | $356K |
| 2022 | 879 | $153M | $174,124 | $5.7M | $590K | $422K |
| 2021 | 1,099 | $148M | $134,438 | $5.0M | — | $1.0M |
| 2018 | 1,033 | $134M | $129,893 | $4.5M | $0 | $964K |
| 2017 | 1,016 | $125M | $122,641 | $4.1M | $0 | $246K |
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$178,444,221
- Employer contributions$7,014,182
- Participant contributions$1,349,863
- Rollovers and other contributions$0
- Total contributions$8,364,045
- Total income, including investment results$26,663,326
- Benefits paid$13,293,063
- Administrative expenses$505,091
- Total expenses$13,798,154
- Net income$12,865,172
- Net transfers$0
- Net assets, end of year$191,309,393
Participants
- Active participants1,289
- Retired or separated, receiving benefits45
- Retired or separated, entitled to future benefits52
- Participants with account balances1,284
- Total participants, end of year1,400
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Ward Fisher & Company | Accounting (including auditing) | $114,125 | $0 |
| IBEW Local Union 99 | Recordkeeping and information management | $84,305 | $0 |
| The Segal Company | Actuarial | $62,000 | $0 |
| Empower Annuity Insurance Company | Recordkeeping fees | $51,826 | $0 |
| Radio & Ursillo Ltd. | Legal | $50,798 | $0 |
| Dana Investment Advisors | Investment management | $47,348 | $0 |
| Alliance Bernstein | Investment management | $6,688 | $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
- Other administrative expenses$291,491
- Investment advisory and management fees$162,652
- Legal fees$50,798
- Recordkeeping fees$150
- Total administrative expenses$505,091
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)$160M · 83.3%
- Common/collective trusts$18.2M · 9.5%
- Insurance company general account$11.4M · 6.0%
- Cash (interest and non-interest bearing)$1.5M · 0.8%
- Receivables$795K · 0.4%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmWard Fisher & Company
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $500,000
- Blackout period during the yearNo
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
2EProfit-sharing plan2FERISA section 404(c) plan2GTotal participant-directed account plan2KCode section 401(m) arrangement2TTotal or partial participant-directed account plan with a default investment account
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 525100: Insurance & Employee Benefit Funds.
Similar plans in Rhode Island
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Blue Cross & Blue Shield of Rhode Island Employee Savings Plan | Blue Cross & Blue Shield of Rhode Island | 1,522 | $270M | $177,464 |
| Plumbers & Pipefitters Local Union #51 Annuity Plan | Local 51 | 1,045 | $95.6M | $91,464 |
| Amica 401(k) Retirement Savings Plan | Amica Mutual Insurance Company | 5,470 | $989M | $180,754 |
| Neighborhood Health Plan of Rhode Island 401(k) Plan | Neighborhood Health Plan of Rhode Island | 865 | $63.8M | $73,729 |
| Factory Mutual Insurance Company 401(k) Savings Plan | Factory Mutual Insurance Company | 5,707 | $1.92B | $335,770 |
| The Washington Trust Company 401(k) Plan | The Washington Trust Company, of Westerly | 804 | $143M | $177,803 |
Defined contribution plans in finance and insurance closest in size.
Questions and answers
How big is International Brotherhood of Electrical Workers Local Union No. 99 Annuity Plan?
1,400 participants at the end of the plan year ending 30 Nov 2025, of whom 1,289 were active employees, with net assets of $191,309,393. Among defined contribution plans that places it in the 1,000 to 4,999 participants band, which held 10,229 plans in plan year 2024.
What does IBEW Local Union No. 99 contribute per participant?
The filing reports $7,014,182 in employer contributions for the year, which is $5,442 per active participant; the median for plans of the same type and size was $2,042 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 $417,090 in compensation to service provider organisations, $298 per participant or 0.22% of net assets. The same-size median among plans reporting any Schedule C compensation was $82.05 per participant. Administrative expenses on Schedule H were $505,091. 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 IBEW Local Union No. 99. Recordkeeping or administration: IBEW Local Union 99 and Empower Annuity Insurance Company. Investment advisory or management: Dana Investment Advisors and Alliance Bernstein. The financial statements were audited by Ward Fisher & Company. 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 from a limited-scope audit, in which the accountant did not audit investment information certified by a bank or insurance company. 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 Dec 2024 to 30 Nov 2025, received by the Department of Labor on 2 Sep 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 Sep 2026. This page shows the latest filing on record for EIN 05-6049537, plan 002, received 2 Sep 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.