West Virginia › Construction › 500 to 999 participants
Form 5500 statement · plan year 1 Mar 2024 to 28 Feb 2025
IBEW 648 Pension Plan
Sponsored by IBEW 648 Pension Plan, Ona, WV
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 648 Pension Plan is a defined benefit pension plan sponsored by IBEW 648 Pension Plan of Ona, West Virginia. For the plan year ending 28 Feb 2025 it reported 935 participants, 456 of them active, and net assets of $90.0M. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $96,240 per participant, above the $86,583 median for defined benefit plans with 500 to 999 participants and close to 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 $8.7M for the year ($19,125 per active participant) and benefits paid were $5.9M. 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 15 service provider organisations paid $5,000 or more, with reported compensation of $475K: $508 per participant, well above the same-size median of $377. Administrative expenses charged to the plan were $558K. 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 $41.6M in 2009 to $90.0M in 2024 (up 116%), and participants from 647 to 935 (up 45%).
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 | $96,240 | $86,583 | $100,593 | $86,221 |
| Employer contributions per active participant | $19,125 | $10,758 | $13,292 | $10,244 |
| Schedule C compensation per participant | $508 | $377 | $443 | $344 |
| Schedule C compensation, share of net assets | 0.53% | 0.48% | 0.46% | 0.42% |
| Administrative expenses per participant | $596 | $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 | 935 | $90.0M | $96,241 | $8.7M | — | $475K |
| 2023 | 855 | $79.9M | $93,409 | $7.2M | — | $453K |
| 2022 | 782 | $70.3M | $89,875 | $7.4M | — | $332K |
| 2021 | 745 | $74.0M | $99,332 | $6.1M | — | $327K |
| 2020 | 751 | $68.0M | $90,523 | $4.2M | — | $401K |
| 2019 | 744 | $59.2M | $79,602 | $4.1M | — | $375K |
| 2018 | 741 | $57.8M | $78,065 | $4.9M | — | $309K |
| 2017 | 761 | $57.3M | $75,353 | $5.2M | — | $306K |
| 2016 | 698 | $52.1M | $74,663 | $4.2M | — | $429K |
| 2015 | 671 | $47.8M | $71,291 | $3.9M | — | $336K |
| 2014 | 682 | $50.6M | $74,238 | $3.3M | — | $335K |
| 2013 | 652 | $49.8M | $76,379 | $3.7M | — | $366K |
| 2012 | 647 | $44.2M | $68,260 | $2.6M | — | $438K |
| 2011 | 645 | $44.1M | $68,422 | $3.8M | — | $375K |
| 2010 | 647 | $44.8M | $69,298 | $2.5M | — | $411K |
| 2009 | 647 | $41.6M | $64,243 | $2.2M | — | $373K |
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$79,865,425
- Employer contributions$8,721,214
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$8,721,214
- Total income, including investment results$16,586,896
- Benefits paid$5,909,915
- Administrative expenses$557,541
- Total expenses$6,467,456
- Net income$10,119,440
- Net transfers$0
- Net assets, end of year$89,984,865
Participants
- Active participants456
- Retired or separated, receiving benefits238
- Retired or separated, entitled to future benefits172
- Total participants, end of year935
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Adams Street Investment | Investment advisory (plan); Investment management | $53,020 | $0 |
| Newtower Trust Company | Trustee (bank, trust company, or similar financial institution) | $41,108 | $0 |
| Clark, Schaefer, Hackett & Co. | Accounting (including auditing) | $38,895 | $0 |
| Asb Capital Management | Investment management | $38,663 | $0 |
| Empower Trust Company LLC | Trustee (bank, trust company, or similar financial institution) | $37,852 | $0 |
| American Benefit Corporation | Contract Administrator | $37,049 | $0 |
| Ledbetter, Parisi, LLC | Legal | $36,707 | $0 |
| Brandywine Global Investment MGMT | Investment management | $33,163 | $0 |
| Nuveen, LLC | Investment management | $28,408 | $0 |
| Standard Valuations, Inc. | Investment advisory (plan) | $24,750 | $0 |
| Segall Bryant & Hamill LLC | Investment management | $23,540 | $0 |
| Segal Select Insurance Services Inc. | Insurance services | $23,051 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. 3 smaller rows are not shown. 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$322,673
- Other administrative expenses$64,747
- Contract administrator fees$39,893
- Actuarial fees$38,075
- Legal fees$36,273
- IQPA audit fees$34,200
- Trustee and custodial fees$21,680
- Total administrative expenses$557,541
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$53.0M · 58.9%
- Partnership/joint venture interests$13.6M · 15.1%
- Registered investment companies (mutual funds)$13.3M · 14.8%
- Corporate stocks$6.0M · 6.7%
- Receivables$1.4M · 1.5%
- Cash (interest and non-interest bearing)$1.1M · 1.2%
- U.S. Government securities$937K · 1.0%
- Corporate debt instruments$770K · 0.9%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmClark, Schaefer, Hackett & Co.
- 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.
Similar plans in West Virginia
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Ironworkers Local 549-550 Pension Plan | Ironworkers Local 549-550 Pension Plan | 1,675 | $215M | $128,547 |
| Plumbers & Pipefitters Local 152 Pension TR Fund | Plumbers & Pipefitters Local 152 Pension Trust Fund | 525 | $81.9M | $156,016 |
| Maryland Electrical Industry Pension Plan | Maryland Electrical Ind Pension | 3,817 | $288M | $75,487 |
| I.U.O.E. Local 132 Pension Fund | I.U.O.E. Local 132 Pension Fund | 4,062 | $559M | $137,553 |
| West Virginia Laborers Pension Trust Fund | West Virginia Laborers Pension Trust Fund | 7,245 | $567M | $78,241 |
Defined benefit plans in construction closest in size.
Questions and answers
How big is IBEW 648 Pension Plan?
935 participants at the end of the plan year ending 28 Feb 2025, of whom 456 were active employees, with net assets of $89,984,865. Among defined benefit plans that places it in the 500 to 999 participants band, which held 873 plans in plan year 2024.
What does IBEW 648 Pension Plan contribute per participant?
The filing reports $8,721,214 in employer contributions for the year, which is $19,125 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 $475,089 in compensation to service provider organisations, $508 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 $557,541. 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 648 Pension Plan. Recordkeeping or administration: American Benefit Corporation. Investment advisory or management: Adams Street Investment, Asb Capital Management and Brandywine Global Investment MGMT. Trustee or custodian: Newtower Trust Company and Empower Trust Company LLC. The financial statements were audited by Clark, Schaefer, Hackett & Co.. 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 Mar 2024 to 28 Feb 2025, received by the Department of Labor on 21 Nov 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 31-6134845, plan 001, received 21 Nov 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.