New York › Construction › 250 to 499 participants
Form 5500 statement · plan year 1 Jun 2024 to 31 May 2025
I.B.E.W. Local 241 Pension Plan
Sponsored by Board of Trustees of I.B.E.W. Local 241 Pension Plan, Ithaca, NY
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.
In the plan year ending 31 May 2025, I.B.E.W. Local 241 Pension Plan covered 251 participants and held $27.3M in net assets. The plan is a defined benefit pension plan sponsored by Board of Trustees of I.B.E.W. Local 241 Pension Plan of Ithaca, New York. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $108,675 per participant, above the $87,254 median for defined benefit plans with 250 to 499 participants and above 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 $1.8M for the year ($14,157 per active participant) and benefits paid were $1.1M. 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 6 service provider organisations paid $5,000 or more, with reported compensation of $242K: $966 per participant, well above the same-size median of $413. Administrative expenses charged to the plan were $296K. 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 $5.6M in 2009 to $27.3M in 2024 (up 387%), and participants from 174 to 251 (up 44%).
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 | $108,675 | $87,254 | $100,593 | $86,221 |
| Employer contributions per active participant | $14,157 | $11,032 | $13,292 | $10,244 |
| Schedule C compensation per participant | $966 | $413 | $443 | $344 |
| Schedule C compensation, share of net assets | 0.89% | 0.51% | 0.46% | 0.42% |
| Administrative expenses per participant | $1,178 | $596 | $596 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 250 to 499 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 | 251 | $27.3M | $108,673 | $1.8M | — | $242K |
| 2023 | 243 | $25.2M | $103,807 | $1.7M | — | $257K |
| 2022 | 241 | $23.2M | $96,332 | $1.4M | — | $192K |
| 2020 | 224 | $24.3M | $108,455 | $1.4M | — | $169K |
| 2019 | 211 | $19.6M | $92,682 | $1.2M | — | $146K |
| 2018 | 195 | $18.2M | $93,390 | $1.4M | — | $179K |
| 2017 | 208 | $16.7M | $80,322 | $1.3M | — | $206K |
| 2016 | 198 | $15.2M | $76,894 | $1.5M | — | $152K |
| 2015 | 205 | $13.1M | $64,127 | $1.2M | — | $195K |
| 2014 | 208 | $12.5M | $60,135 | $1.2M | — | $192K |
| 2013 | 200 | $11.7M | $58,405 | $1.3M | — | $171K |
| 2012 | 179 | $9.8M | $54,899 | $1.3M | — | $156K |
| 2011 | 185 | $7.6M | $41,043 | $1.2M | — | $142K |
| 2010 | 200 | $7.0M | $35,160 | $1.0M | — | $128K |
| 2009 | 174 | $5.6M | $32,207 | $1.1M | — | $138K |
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$25,224,668
- Employer contributions$1,812,035
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$1,812,035
- Total income, including investment results$3,459,375
- Benefits paid$1,111,028
- Administrative expenses$295,600
- Total expenses$1,406,628
- Net income$2,052,747
- Net transfers$0
- Net assets, end of year$27,277,415
Participants
- Active participants128
- Retired or separated, receiving benefits56
- Retired or separated, entitled to future benefits58
- Total participants, end of year251
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Solxsys Administrative Solutions | Contract Administrator; Recordkeeping and information management | $74,340 | $0 |
| Bolton Partners Northeast, Inc. | Actuarial | $50,000 | $0 |
| Segal Advisors | Investment management | $41,083 | $0 |
| Mengel Metzger Barr & Co. | Accounting (including auditing) | $29,064 | $0 |
| Blitman & King | Legal | $26,973 | $0 |
| Chevy Chase Trust | Trustee (bank, trust company, or similar financial institution) | $21,021 | $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
- Trustee and custodial fees$74,340
- Investment advisory and management fees$65,999
- Actuarial fees$50,000
- Other administrative expenses$40,180
- IQPA audit fees$29,064
- Legal fees$26,973
- Other trustee fees and expenses$9,044
- Total administrative expenses$295,600
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)$17.7M · 64.8%
- Common/collective trusts$4.8M · 17.7%
- Real estate$3.3M · 12.1%
- Cash (interest and non-interest bearing)$1.2M · 4.5%
- Receivables$280K · 1.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmMengel Metzger Barr & Co. LLP
- 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
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 of I.B.E.W. Local 241 Pension Plan
| Plan | Participants | Net assets |
|---|---|---|
| IBEW Local #241 Annuity Plan | 218 | $36.1M |
Similar plans in New York
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Stone Setters Pension Fund Local 84 | Board of Trustees of Stone Setters | 253 | $40.3M | $159,478 |
| International Union of Bricklayers and Allied Craftsmen Local #8 Pension Plan | International Union of Bricklayers and Allied Craftsmen Local #8 Pensi | 251 | $20.7M | $82,458 |
| The Stebbins Engineering and Manufacturing Company Retirement Plan | The Stebbins Engineering and Manufacturing Company | 266 | $36.4M | $137,022 |
| IBEW Local 840 Pension Fund | IBEW Local 840 Pension Fund Board of Trustees | 249 | $31.0M | $124,650 |
| Derrickmens Pension Fund, Local 197 | BD of TR Derrickmens Pension Fund, Local 197 | 337 | $53.4M | $158,495 |
| Heat and Frost Insulators and Allied Workers Local No. 4 Pension Plan | Joint Board of Trustees Heat and Frost Insulators and Allied Worker | 235 | $19.0M | $81,059 |
Defined benefit plans in construction closest in size.
Questions and answers
How big is I.B.E.W. Local 241 Pension Plan?
251 participants at the end of the plan year ending 31 May 2025, of whom 128 were active employees, with net assets of $27,277,415. Among defined benefit plans that places it in the 250 to 499 participants band, which held 873 plans in plan year 2024.
What does Board of Trustees of I.B.E.W. Local 241 Pension Plan contribute per participant?
The filing reports $1,812,035 in employer contributions for the year, which is $14,157 per active participant; the median for plans of the same type and size was $11,032 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 $242,481 in compensation to service provider organisations, $966 per participant or 0.89% of net assets. The same-size median among plans reporting any Schedule C compensation was $413 per participant. Administrative expenses on Schedule H were $295,600. 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 of I.B.E.W. Local 241 Pension Plan. Recordkeeping or administration: Solxsys Administrative Solutions. Investment advisory or management: Segal Advisors. Trustee or custodian: Chevy Chase Trust. The financial statements were audited by Mengel Metzger Barr & Co. LLP. 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 Jun 2024 to 31 May 2025, received by the Department of Labor on 23 Dec 2025. 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 16-6118689, plan 001, received 23 Dec 2025; 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.