Ohio › Construction › 500 to 999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
I.B.E.W. Local 673 Profit Sharing Annuity Plan
Sponsored by I.B.E.W. Local 673 Profit Sharing Annuity Plan - Board of Trustees, 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.
I.B.E.W. Local 673 Profit Sharing Annuity Plan is a 401(k) plan sponsored by I.B.E.W. Local 673 Profit Sharing Annuity Plan - Board of Trustees of Mentor, Ohio. For the plan year ending 31 Dec 2024 it reported 651 participants, 181 of them active, and net assets of $53.8M. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $82,630 per participant, well above the $46,267 median for defined contribution plans with 500 to 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 $1.5M during the year, or $8,481 per active participant against a same-size median of $1,934; participants contributed $69K and $242K arrived as rollovers and other contributions. Benefits paid out totalled $3.1M.
Schedule C lists 7 service provider organisations paid $5,000 or more, with reported compensation of $158K: $242 per participant, well above the same-size median of $113. Administrative expenses charged to the plan were $164K. 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 $27.2M in 2009 to $53.8M in 2024 (up 98%), and participants from 575 to 651 (up 13%).
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 | $82,630 | $46,267 | $54,962 | $53,102 |
| Employer contributions per active participant | $8,481 | $1,934 | $2,728 | $2,175 |
| Schedule C compensation per participant | $242 | $113 | $162 | $123 |
| Schedule C compensation, share of net assets | 0.29% | 0.25% | 0.33% | 0.26% |
| Administrative expenses per participant | $252 | $109 | $166 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 500 to 999 participants (10,588 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 | 651 | $53.8M | $82,630 | $1.5M | $69K | $158K |
| 2023 | 548 | $49.0M | $89,341 | $1.6M | $89K | $144K |
| 2022 | 544 | $44.5M | $81,776 | $1.4M | $107K | $139K |
| 2021 | 421 | $52.4M | $124,492 | $1.3M | $118K | $128K |
| 2020 | 408 | $46.3M | $113,495 | $965K | $83K | $108K |
| 2019 | 416 | $43.3M | $104,077 | $625K | $387K | $113K |
| 2018 | 421 | $37.2M | $88,321 | $608K | $83K | $115K |
| 2017 | 575 | $40.2M | $69,843 | $666K | $56K | $124K |
| 2016 | 559 | $36.8M | $65,803 | $592K | $32K | $115K |
| 2015 | 565 | $35.6M | $63,078 | $608K | $49K | $289K |
| 2014 | 499 | $37.5M | $75,172 | $644K | $52K | $185K |
| 2013 | 631 | $35.9M | $56,905 | $670K | $78K | $180K |
| 2012 | 622 | $31.1M | $50,040 | $610K | $66K | $232K |
| 2011 | 630 | $29.0M | $46,060 | $677K | $60K | $235K |
| 2010 | 631 | $29.4M | $46,645 | $514K | $47K | $204K |
| 2009 | 575 | $27.2M | $47,292 | $1.1M | $73K | $91K |
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$48,959,487
- Employer contributions$1,535,139
- Participant contributions$68,807
- Rollovers and other contributions$241,874
- Total contributions$1,845,820
- Total income, including investment results$8,095,828
- Benefits paid$3,099,409
- Administrative expenses$164,052
- Total expenses$3,263,461
- Net income$4,832,367
- Net transfers$0
- Net assets, end of year$53,791,854
Participants
- Active participants181
- Retired or separated, receiving benefits75
- Retired or separated, entitled to future benefits388
- Participants with account balances651
- Total participants, end of year651
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| UBS Financial Services Inc. | Investment advisory (plan) | $61,687 | $0 |
| Solxsys Administrative Solutions | Contract Administrator | $36,540 | $0 |
| Gallovic, Granito, & Co. Ltd. | Accounting (including auditing) | $31,246 | $0 |
| Macala & Piatt, L.L.C. | Legal | $13,530 | $0 |
| IBEW 673 Fringe Benefit Funds Inc. | Contract Administrator | $6,264 | $0 |
| Todd Associates, Inc. | Insurance services | $5,929 | $0 |
| John Hancock Retirement Plan SVCS | Recordkeeping and information management; Custodial (securities); Participant loan processing | $2,455 | $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
- Investment advisory and management fees$61,687
- Contract administrator fees$42,804
- IQPA audit fees$31,246
- Other administrative expenses$14,785
- Legal fees$13,530
- Total administrative expenses$164,052
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)$39.0M · 72.4%
- Common/collective trusts$14.1M · 26.2%
- Participant loans$403K · 0.7%
- Receivables$267K · 0.5%
- Cash (interest and non-interest bearing)$86K · 0.2%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- 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
2EProfit-sharing plan2GTotal participant-directed account plan2JCode section 401(k) feature3BPlan 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 I.B.E.W. Local 673 Profit Sharing Annuity Plan - Board of Trustees
| Plan | Participants | Net assets |
|---|---|---|
| I B E W Local 673 Pension Plan | 559 | $84.8M |
Similar plans in Ohio
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Digeronimo Companies Retirement Savings Trust and Plan | Digeronimo | 684 | $75.9M | $110,922 |
| Plumbers and Pipefitters Local Union No. 396 Security Plan | Plumbers & Pipefitters Local 396 Security Plan Board of Trustees | 648 | $30.9M | $47,618 |
| Donley's 401(k) Retirement Plan | Donley Companies, Inc. | 720 | $24.2M | $33,575 |
| The Cafaro Company Retirement Savings Trust and Plan | The Cafaro Company | 606 | $17.8M | $29,376 |
| Lang Masonry Contractors, Inc. 401(k) Plan | Lang Masonry Contractors, Inc. | 742 | $25.2M | $33,904 |
| Adena Corporation 401(k) Plan | Adena Corporation | 606 | $29.7M | $48,973 |
Defined contribution plans in construction closest in size.
Questions and answers
How big is I.B.E.W. Local 673 Profit Sharing Annuity Plan?
651 participants at the end of the plan year ending 31 Dec 2024, of whom 181 were active employees, with net assets of $53,791,854. Among defined contribution plans that places it in the 500 to 999 participants band, which held 10,588 plans in plan year 2024.
What does I.B.E.W. Local 673 Profit Sharing Annuity Plan - Board of Trustees contribute per participant?
The filing reports $1,535,139 in employer contributions for the year, which is $8,481 per active participant; the median for plans of the same type and size was $1,934 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 $157,651 in compensation to service provider organisations, $242 per participant or 0.29% of net assets. The same-size median among plans reporting any Schedule C compensation was $113 per participant. Administrative expenses on Schedule H were $164,052. 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 I.B.E.W. Local 673 Profit Sharing Annuity Plan - Board of Trustees. Recordkeeping or administration: Solxsys Administrative Solutions, IBEW 673 Fringe Benefit Funds Inc. and John Hancock Retirement Plan SVCS. Investment advisory or management: UBS Financial Services Inc.. Trustee or custodian: John Hancock Retirement Plan SVCS. 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 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 13 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 002, received 13 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.