Virginia › Construction › 250 to 499 participants
Form 5500 statement · plan year 1 Jun 2024 to 31 May 2025
IBEW Local No. 229 Annuity Fund
Sponsored by IBEW Local No. 229 Annuity Fund, Salem, VA
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, IBEW Local No. 229 Annuity Fund covered 369 participants and held $55.8M in net assets. The plan is a profit-sharing plan sponsored by IBEW Local No. 229 Annuity Fund of Salem, Virginia. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $151,150 per participant, well above the $48,746 median for defined contribution plans with 250 to 499 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 $2.8M during the year, or $12,092 per active participant against a same-size median of $2,017; participants contributed —. Benefits paid out totalled $3.0M.
Schedule C lists 6 service provider organisations paid $5,000 or more, with reported compensation of $216K: $585 per participant, well above the same-size median of $141. Administrative expenses charged to the plan were $236K. 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 $13.2M in 2009 to $55.8M in 2024 (up 321%), and participants from 400 to 369 (down 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 | $151,150 | $48,746 | $54,962 | $53,102 |
| Employer contributions per active participant | $12,092 | $2,017 | $2,728 | $2,175 |
| Schedule C compensation per participant | $585 | $141 | $162 | $123 |
| Schedule C compensation, share of net assets | 0.39% | 0.30% | 0.33% | 0.26% |
| Administrative expenses per participant | $638 | $133 | $166 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 250 to 499 participants (17,456 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 | 369 | $55.8M | $151,152 | $2.8M | — | $216K |
| 2023 | 363 | $50.7M | $139,642 | $2.7M | — | $208K |
| 2022 | 378 | $42.6M | $112,688 | $2.4M | — | $176K |
| 2021 | 378 | $41.1M | $108,817 | $2.6M | — | $182K |
| 2020 | 399 | $43.6M | $109,313 | $2.1M | — | $184K |
| 2019 | 363 | $33.8M | $93,193 | $2.0M | — | $216K |
| 2018 | 401 | $32.3M | $80,591 | $3.4M | — | $238K |
| 2017 | 406 | $30.3M | $74,648 | $2.9M | — | $203K |
| 2016 | 402 | $26.4M | $65,652 | $2.2M | — | $177K |
| 2015 | 364 | $22.1M | $60,643 | $1.9M | — | $105K |
| 2014 | 367 | $22.4M | $60,970 | $1.7M | — | $83K |
| 2013 | 318 | $20.1M | $63,327 | $1.2M | — | $33K |
| 2012 | 375 | $18.3M | $48,744 | $1.1M | — | $36K |
| 2011 | 397 | $15.9M | $39,965 | $1.3M | — | $29K |
| 2010 | 406 | $16.5M | $40,567 | $1.5M | — | $29K |
| 2009 | 400 | $13.2M | $33,088 | $1.4M | — | $28K |
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$50,689,523
- Employer contributions$2,756,995
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$2,756,995
- Total income, including investment results$8,276,673
- Benefits paid$2,956,117
- Administrative expenses$235,550
- Total expenses$3,191,667
- Net income$5,085,006
- Net transfers$0
- Net assets, end of year$55,774,529
Participants
- Active participants228
- Retired or separated, receiving benefits6
- Retired or separated, entitled to future benefits135
- Participants with account balances369
- Total participants, end of year369
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| John Hancock Retirement | Custodial (securities); Recordkeeping and information management | $87,173 | $0 |
| Cap Trust Financial Advisors | Investment advisory (plan) | $40,000 | $0 |
| Odononoghue & Odonoghue LLP | Legal | $34,187 | $0 |
| Lawrence C. Musgrove Associates | Contract Administrator | $30,660 | $0 |
| Baratz & Associates | Accounting (including auditing) | $15,714 | $0 |
| Fischer Dorwart PC | Accounting (including auditing) | $8,000 | $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$88,965
- Investment advisory and management fees$40,000
- Legal fees$38,672
- Contract administrator fees$30,660
- Other administrative expenses$28,610
- IQPA audit fees$8,000
- Other trustee fees and expenses$643
- Total administrative expenses$235,550
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)$54.3M · 97.2%
- Common/collective trusts$933K · 1.7%
- Receivables$346K · 0.6%
- Cash (interest and non-interest bearing)$267K · 0.5%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmFischer Dorwart, P.C.
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $1,000,000
- 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) 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 Virginia
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Cranemasters Inc. 401(k) Profit Sharing Plan | Cranemasters Inc. | 374 | $22.5M | $60,076 |
| Slurry Pavers, Inc. Profit Sharing Plan and Trust | Slurry Pavers, Inc. | 365 | $22.6M | $61,966 |
| Meb General Contractors, Inc. 401(k) Profit Sharing Plan | Meb General Contractors, Inc. | 405 | $37.5M | $92,526 |
| Uniwest Employee 401(k) & Profit Sharing Plan | Uniwest Construction, Inc. | 344 | $16.3M | $47,408 |
| W.M. Jordan Company, Inc. Profit SHARING/401(K) Plan | W. M. Jordan Company, Inc. | 409 | $71.5M | $174,875 |
| CPG Beyond, Inc. 401(k) Plan | CPG Beyond, Inc. | 315 | $14.1M | $44,861 |
Defined contribution plans in construction closest in size.
Questions and answers
How big is IBEW Local No. 229 Annuity Fund?
369 participants at the end of the plan year ending 31 May 2025, of whom 228 were active employees, with net assets of $55,774,529. Among defined contribution plans that places it in the 250 to 499 participants band, which held 17,456 plans in plan year 2024.
What does IBEW Local No. 229 Annuity Fund contribute per participant?
The filing reports $2,756,995 in employer contributions for the year, which is $12,092 per active participant; the median for plans of the same type and size was $2,017 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 $215,734 in compensation to service provider organisations, $585 per participant or 0.39% of net assets. The same-size median among plans reporting any Schedule C compensation was $141 per participant. Administrative expenses on Schedule H were $235,550. 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 No. 229 Annuity Fund. Recordkeeping or administration: John Hancock Retirement and Lawrence C. Musgrove Associates. Investment advisory or management: Cap Trust Financial Advisors. Trustee or custodian: John Hancock Retirement. The financial statements were audited by Fischer Dorwart, P.C.. 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 10 Mar 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 25-1624277, plan 003, received 10 Mar 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.