Ohio › Construction › 500 to 999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
I B E W Local 673 Pension Plan
Sponsored by Trustees of Plan I B E W Local 673 Pension Plan, Mentor, OH
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.
Trustees of Plan I B E W Local 673 Pension Plan of Mentor, Ohio sponsors I B E W Local 673 Pension Plan, a defined benefit pension plan. Its Form 5500 for the plan year ending 31 Dec 2024 shows 559 participants (157 active) and $84.8M in net assets. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $151,683 per participant, well above the $86,583 median for defined benefit plans with 500 to 999 participants and well 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 $2.8M for the year ($17,600 per active participant) and benefits paid were $8.2M. 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 $723K: $1,293 per participant, well above the same-size median of $377. Administrative expenses charged to the plan were $737K. 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 $64.5M in 2009 to $84.8M in 2024 (up 31%), and participants from 578 to 559 (down 3%).
The independent accountant's opinion on the financial statements was disclaimer, 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 DB plans |
|---|---|---|---|---|
| Net assets per participant | $151,683 | $86,583 | $100,593 | $86,221 |
| Employer contributions per active participant | $17,600 | $10,758 | $13,292 | $10,244 |
| Schedule C compensation per participant | $1,293 | $377 | $443 | $344 |
| Schedule C compensation, share of net assets | 0.85% | 0.48% | 0.46% | 0.42% |
| Administrative expenses per participant | $1,319 | $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 | 559 | $84.8M | $151,683 | $2.8M | — | $723K |
| 2023 | 556 | $83.9M | $150,844 | $2.6M | — | $708K |
| 2022 | 552 | $82.0M | $148,562 | $2.4M | — | $670K |
| 2021 | 551 | $94.4M | $171,363 | $2.1M | — | $683K |
| 2020 | 555 | $88.1M | $158,778 | $1.6M | — | $587K |
| 2019 | 553 | $83.2M | $150,447 | $2.3M | — | $602K |
| 2018 | 554 | $76.3M | $137,740 | $2.1M | — | $588K |
| 2017 | 547 | $83.0M | $151,687 | $1.8M | — | $578K |
| 2016 | 549 | $77.6M | $141,413 | $1.5M | — | $555K |
| 2015 | 571 | $76.4M | $133,771 | $1.7M | — | $630K |
| 2014 | 570 | $82.5M | $144,809 | $1.6M | — | $661K |
| 2013 | 573 | $82.1M | $143,230 | $1.7M | — | $590K |
| 2012 | 572 | $72.6M | $126,944 | $1.6M | — | $509K |
| 2011 | 573 | $67.0M | $116,906 | $1.5M | — | $536K |
| 2010 | 576 | $70.4M | $122,227 | $1.3M | — | $512K |
| 2009 | 578 | $64.5M | $111,614 | $1.4M | — | $440K |
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$83,868,848
- Employer contributions$2,763,244
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$2,763,244
- Total income, including investment results$9,831,719
- Benefits paid$8,172,786
- Administrative expenses$737,125
- Total expenses$8,909,911
- Net income$921,808
- Net transfers$0
- Net assets, end of year$84,790,656
Participants
- Active participants157
- Retired or separated, receiving benefits235
- Retired or separated, entitled to future benefits110
- Total participants, end of year559
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Solxsys Administrative Solutionsllc | Contract Administrator | $137,480 | $0 |
| Manning and Napier Advisors | Investment management | $136,583 | $0 |
| Newport Investments | Investment management | $113,110 | $0 |
| Ancora Advisors | Investment management | $90,243 | $0 |
| United Actuarial Services Inc. | Actuarial | $52,200 | $0 |
| UBS Financial Services | Investment advisory (plan) | $50,000 | $0 |
| Gallovic, Granito, & Co. Ltd. | Accounting (including auditing) | $35,090 | $0 |
| Fifth Third Bank | Trustee (bank, trust company, or similar financial institution) | $28,286 | $0 |
| Macala & Piatta, L.L.C. | Legal | $21,303 | $0 |
| Pension Benefit Guaranty Corp. | Insurance services | $21,090 | $0 |
| Todd Associates Inc. | Insurance services | $10,426 | $0 |
| National Real Estate Advisors | Investment management | $10,051 | $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$407,462
- Contract administrator fees$147,052
- Actuarial fees$52,200
- Other administrative expenses$45,732
- IQPA audit fees$35,090
- Trustee and custodial fees$28,286
- Legal fees$21,303
- Total administrative expenses$737,125
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.
- Corporate stocks$36.0M · 42.4%
- Registered investment companies (mutual funds)$33.5M · 39.5%
- U.S. Government securities$3.8M · 4.4%
- Cash (interest and non-interest bearing)$3.5M · 4.1%
- Other investments$3.1M · 3.6%
- Common/collective trusts$2.9M · 3.4%
- Corporate debt instruments$1.5M · 1.7%
- Receivables$672K · 0.8%
Audit and compliance answers, as filed
- Accountant's opinionDisclaimer
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmGallovic, Granito & Co., Ltd.
- 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
1ABenefits are primarily pay related3BPlan covering self-employed individuals
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 238210: Electrical Contractors.
Other plans of Trustees of Plan I B E W Local 673 Pension Plan
| Plan | Participants | Net assets |
|---|---|---|
| I.B.E.W. Local 673 Profit Sharing Annuity Plan | 651 | $53.8M |
Similar plans in Ohio
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Toledo Painters and Allied Trades Pension Plan | Board of Trustees Toledo Painters and Allied Trades Pension Plan | 560 | $33.0M | $58,840 |
| Pension Plan for Plumbers and Pipefitters Local Union No. 776 (Lima, Ohio) | Board of Trustees Pension Plan for Plumbers and Pipefitters Local 776 | 552 | $62.6M | $113,471 |
| Ohio Local No 1 Operative Plasterers and Cement Masons Pension Fund | BD of Trustees Ohio Local No 1 | 571 | $30.8M | $53,930 |
| Toledo Roofers Local No 134 Pension Plan | Board of Trustees Toledo Roofers Local No 134 Pension | 510 | $34.1M | $66,821 |
| IBEW Local Union 64 Pension Plan | IBEW Local Union 64 Pension Plan Joint Board of Trades | 624 | $43.1M | $69,100 |
| Principal 2025 Life Plan | Southeastern Equipment Co. Inc. | 504 | $0 | — |
Defined benefit plans in construction closest in size.
Questions and answers
How big is I B E W Local 673 Pension Plan?
559 participants at the end of the plan year ending 31 Dec 2024, of whom 157 were active employees, with net assets of $84,790,656. Among defined benefit plans that places it in the 500 to 999 participants band, which held 873 plans in plan year 2024.
What does Trustees of Plan I B E W Local 673 Pension Plan contribute per participant?
The filing reports $2,763,244 in employer contributions for the year, which is $17,600 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 $722,920 in compensation to service provider organisations, $1,293 per participant or 0.85% of net assets. The same-size median among plans reporting any Schedule C compensation was $377 per participant. Administrative expenses on Schedule H were $737,125. 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 Trustees of Plan I B E W Local 673 Pension Plan. Recordkeeping or administration: Solxsys Administrative Solutionsllc. Investment advisory or management: Manning and Napier Advisors, Newport Investments and Ancora Advisors. Trustee or custodian: Fifth Third Bank. The financial statements were audited by Gallovic, Granito & Co., Ltd.. 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 disclaimer opinion from a limited-scope audit, in which the accountant did not audit investment information certified by a bank or insurance company. A disclaimer of opinion was the usual result of a limited-scope audit under the rules in force before 2021 and is not by itself a finding about the plan.
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 34-6661994, plan 001, 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.