Pennsylvania › Construction › 1,000 to 4,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
International Brotherhood of Electrical Workers Local Union 98 - Profit Sharing Plan
Sponsored by Local Union 98 I.B.E.W. - Trustees Profit Sharing Plan, Philadelphia, PA
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.
International Brotherhood of Electrical Workers Local Union 98 - Profit Sharing Plan is a profit-sharing plan sponsored by Local Union 98 I.B.E.W. - Trustees Profit Sharing Plan of Philadelphia, Pennsylvania. For the plan year ending 31 Dec 2024 it reported 4,631 participants, 3,867 of them active, and net assets of $1.26B. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $271,774 per participant, well above the $50,295 median for defined contribution plans with 1,000 to 4,999 participants and well above the $54,962 median for defined contribution 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.
The employer contributed $68.5M during the year, or $17,712 per active participant against a same-size median of $2,045; participants contributed — and $18K arrived as rollovers and other contributions. Benefits paid out totalled $81.4M.
Schedule C lists 6 service provider organisations paid $5,000 or more, with reported compensation of $488K: $105 per participant, well above the same-size median of $82.08. Administrative expenses charged to the plan were $734K. 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 $345M in 2009 to $1.26B in 2024 (up 265%), and participants from 4,301 to 4,631 (up 8%).
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 DC plans |
|---|---|---|---|---|
| Net assets per participant | $271,774 | $50,295 | $54,962 | $53,102 |
| Employer contributions per active participant | $17,712 | $2,045 | $2,728 | $2,175 |
| Schedule C compensation per participant | $105 | $82.08 | $162 | $123 |
| Schedule C compensation, share of net assets | 0.04% | 0.17% | 0.33% | 0.26% |
| Administrative expenses per participant | $159 | $82.20 | $166 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 1,000 to 4,999 participants (10,207 plans), construction (4,204) and all US plans (63,460). 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 | 4,631 | $1.26B | $271,774 | $68.5M | — | $488K |
| 2023 | 4,681 | $1.13B | $240,598 | $65.8M | — | $523K |
| 2022 | 4,669 | $958M | $205,221 | $58.8M | — | $551K |
| 2021 | 4,661 | $1.14B | $244,590 | $55.3M | — | $521K |
| 2020 | 4,609 | $1.01B | $218,900 | $50.4M | — | $537K |
| 2019 | 4,640 | $908M | $195,784 | $53.0M | — | $583K |
| 2018 | 5,476 | $742M | $135,437 | $48.7M | — | $650K |
| 2017 | 5,323 | $763M | $143,356 | $46.4M | — | $509K |
| 2016 | 5,264 | $643M | $122,231 | $42.7M | — | $304K |
| 2015 | 5,123 | $589M | $115,065 | $36.8M | — | $247K |
| 2014 | 4,340 | $506M | $116,650 | $34.3M | — | $272K |
| 2013 | 4,269 | $471M | $110,402 | $31.1M | — | $326K |
| 2012 | 4,011 | $399M | $99,508 | $28.7M | — | $332K |
| 2011 | 4,123 | $364M | $88,225 | $28.1M | — | $321K |
| 2010 | 4,280 | $383M | $89,521 | $27.8M | — | $296K |
| 2009 | 4,301 | $345M | $80,150 | $29.4M | — | $294K |
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$1,126,237,606
- Employer contributions$68,492,007
- Participant contributions—
- Rollovers and other contributions$18,214
- Total contributions$68,510,221
- Total income, including investment results$214,727,085
- Benefits paid$81,443,864
- Administrative expenses$734,159
- Total expenses$82,379,460
- Net income$132,347,625
- Net transfers$0
- Net assets, end of year$1,258,585,231
Participants
- Active participants3,867
- Retired or separated, receiving benefits218
- Retired or separated, entitled to future benefits546
- Participants with account balances4,631
- Total participants, end of year4,631
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Empower Annuity Insurance Co. | Investment management; Contract Administrator | $168,781 | $0 |
| Frank M. Vaccaro & Associates | Contract Administrator | $115,163 | $0 |
| Cleary, Josem & Trigiani LLP | Legal | $73,614 | $0 |
| Novak Francella LLC | Accounting (including auditing) | $62,702 | $0 |
| Segal Marco Advisors | Investment advisory (plan) | $50,000 | $0 |
| IBEW Local 98 | Legal | $17,293 | $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
- Recordkeeping fees$241,326
- Other administrative expenses$209,180
- Contract administrator fees$101,710
- Legal fees$73,614
- Investment advisory and management fees$51,468
- IQPA audit fees$47,000
- Other trustee fees and expenses$9,861
- Total administrative expenses$734,159
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.
- Common/collective trusts$723M · 57.4%
- Registered investment companies (mutual funds)$245M · 19.4%
- Insurance company general account$150M · 11.9%
- Pooled separate accounts$128M · 10.2%
- Receivables$6.7M · 0.5%
- Cash (interest and non-interest bearing)$5.4M · 0.4%
- Participant loans$680K · 0.1%
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, $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 plan2TTotal 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 238210: Electrical Contractors.
Similar plans in Pennsylvania
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Steamfitters Local 449 Retirement Security Fund | Board of Trustees, Steamfitters Local #449 Retirement Security Fund | 4,857 | $402M | $82,844 |
| PHRG Management LLC 401(k) Savings Plan | PHRG Management LLC | 4,192 | $158M | $37,643 |
| International Union of Painters and Allied Trades District Council No. 21 Annuity Fund | International Union of Painters & Allied Trades DC No. 21 Annuity Fund | 5,178 | $219M | $42,341 |
| The Kinsley 401(k) Plan | Kinsley Enterprises, Inc. | 4,085 | $251M | $61,375 |
| Inland Empire Ibew-Neca Defined Contribution Plan | Board of Trustees, Inland Empire Ibew-Neca Defined | 6,637 | $254M | $38,241 |
| Penn Line Enterprises, Inc. Employee Stock Ownership and Savings Plan | Penn Line Enterprises, Inc. | 3,607 | $190M | $52,705 |
Defined contribution plans in construction closest in size.
Questions and answers
How big is International Brotherhood of Electrical Workers Local Union 98 - Profit Sharing Plan?
4,631 participants at the end of the plan year ending 31 Dec 2024, of whom 3,867 were active employees, with net assets of $1,258,585,231. Among defined contribution plans that places it in the 1,000 to 4,999 participants band, which held 10,207 plans in plan year 2024.
What does Local Union 98 I.B.E.W. - Trustees Profit Sharing Plan contribute per participant?
The filing reports $68,492,007 in employer contributions for the year, which is $17,712 per active participant; the median for plans of the same type and size was $2,045 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 $487,553 in compensation to service provider organisations, $105 per participant or 0.04% of net assets. The same-size median among plans reporting any Schedule C compensation was $82.08 per participant. Administrative expenses on Schedule H were $734,159. 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 Local Union 98 I.B.E.W. - Trustees Profit Sharing Plan. Recordkeeping or administration: Empower Annuity Insurance Co. and Frank M. Vaccaro & Associates. Investment advisory or management: Empower Annuity Insurance Co. and Segal Marco Advisors. 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 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 15 Oct 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 23-2289872, plan 002, received 15 Oct 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.