Michigan › Construction › 1,000 to 4,999 participants
Form 5500 statement · plan year 1 Jun 2024 to 31 May 2025
IBEW Local 347 Retirement and 401(k) Plan
Sponsored by IBEW Local No. 347 & Iowa Chapter of Neca, Joint Board of Trustees, Troy, MI
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 Local No. 347 & Iowa Chapter of Neca, Joint Board of Trustees of Troy, Michigan sponsors IBEW Local 347 Retirement and 401(k) Plan, a 401(k) plan. Its Form 5500 for the plan year ending 31 May 2025 shows 3,517 participants (3,410 active) and $431M in net assets. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $122,538 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 $19.7M during the year, or $5,771 per active participant against a same-size median of $2,045; participants contributed $1.9M and $2.0M arrived as rollovers and other contributions. Benefits paid out totalled $19.9M.
Schedule C lists 6 service provider organisations paid $5,000 or more, with reported compensation of $667K: $190 per participant, well above the same-size median of $82.08. Administrative expenses charged to the plan were $723K. 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 $109M in 2011 to $431M in 2024 (up 297%), and participants from 1,387 to 3,517 (up 154%).
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 | $122,538 | $50,295 | $54,962 | $53,102 |
| Employer contributions per active participant | $5,771 | $2,045 | $2,728 | $2,175 |
| Schedule C compensation per participant | $190 | $82.08 | $162 | $123 |
| Schedule C compensation, share of net assets | 0.15% | 0.17% | 0.33% | 0.26% |
| Administrative expenses per participant | $205 | $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 | 3,517 | $431M | $122,538 | $19.7M | $1.9M | $667K |
| 2023 | 3,371 | $394M | $116,860 | $20.6M | $1.8M | $557K |
| 2022 | 2,959 | $330M | $111,406 | $19.8M | $1.6M | $497K |
| 2021 | 2,811 | $324M | $115,220 | $17.1M | $1.8M | $499K |
| 2020 | 2,564 | $342M | $133,206 | $16.1M | $1.4M | $320K |
| 2019 | 2,323 | $255M | $109,601 | $13.7M | $1.3M | $209K |
| 2018 | 2,161 | $238M | $109,994 | $12.7M | $1.3M | $180K |
| 2017 | 2,019 | $229M | $113,322 | $11.5M | $1.2M | $174K |
| 2016 | 1,888 | $201M | $106,219 | $10.8M | $1.4M | $168K |
| 2015 | 1,894 | $169M | $89,351 | $10.0M | $887K | $157K |
| 2014 | 1,635 | $163M | $99,955 | $7.8M | $685K | $155K |
| 2013 | 1,462 | $147M | $100,608 | $6.6M | $465K | $119K |
| 2012 | 1,402 | $130M | $92,723 | $6.0M | $386K | $104K |
| 2011 | 1,387 | $109M | $78,327 | $5.4M | $380K | $88K |
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$393,935,457
- Employer contributions$19,679,072
- Participant contributions$1,900,981
- Rollovers and other contributions$2,000,595
- Total contributions$23,580,648
- Total income, including investment results$57,628,730
- Benefits paid$19,875,406
- Administrative expenses$722,725
- Total expenses$20,598,131
- Net income$37,030,599
- Net transfers$0
- Net assets, end of year$430,966,056
Participants
- Active participants3,410
- Retired or separated, receiving benefits15
- Retired or separated, entitled to future benefits84
- Participants with account balances2,981
- Total participants, end of year3,517
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Principal Life Insurance Company | Contract Administrator | $361,230 | $0 |
| Blake & Uhlig | Legal | $105,149 | $0 |
| Solxsys Administrative Solutions | Contract Administrator | $88,000 | $0 |
| Fiducient Advisors | Investment advisory (plan) | $52,908 | $0 |
| Deboer & Associates, PC | Accounting (including auditing) | $52,433 | $0 |
| Compusys of Utah, Inc. | Contract Administrator | $7,309 | $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$374,713
- Legal fees$105,149
- Contract administrator fees$95,309
- Investment advisory and management fees$52,908
- Other administrative expenses$41,221
- IQPA audit fees$38,950
- Other trustee fees and expenses$12,556
- Trustee and custodial fees$1,919
- Total administrative expenses$722,725
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.
- Pooled separate accounts$324M · 75.0%
- Registered investment companies (mutual funds)$80.3M · 18.6%
- Common/collective trusts$24.5M · 5.7%
- Receivables$2.5M · 0.6%
- Cash (interest and non-interest bearing)$452K · 0.1%
- Buildings and other property used in plan operation$7,165 · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmDeboer and Associates, PC
- Participant contributions reported as transmitted lateYes, $2,229,275
- 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) feature2FERISA section 404(c) plan
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 238210: Electrical Contractors.
Similar plans in Michigan
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Millwrights' Local 1102 Supplemental Pension Fund | Millwrights' Local 1102 Supplemental Pension Fund | 5,173 | $0 | — |
| Pipefitters Local No 636 Defined Contribution Retirement Trust and Plan | Pipefitters Local 636 Defined Contribution Retirement Trust | 3,387 | $281M | $83,097 |
| Iron Workers Defined Contribution Pension Fund Plan | Board of Trustees, Iron Workers Local No. 25 | 5,583 | $231M | $41,407 |
| Neca-Ibew Memphis Retirement Plan | Board of Trustees of Neca-Ibew Memphis Retirement Plan | 3,268 | $229M | $70,089 |
| IBEW Local No. 58 Annuity Fund | Board of Trustees of the IBEW Local No. 58 Annuity Fund | 6,150 | $919M | $149,383 |
| Belfor Group 401(k) Plan | Belfor USA Group, Inc. | 2,802 | $173M | $61,813 |
Defined contribution plans in construction closest in size.
Questions and answers
How big is IBEW Local 347 Retirement and 401(k) Plan?
3,517 participants at the end of the plan year ending 31 May 2025, of whom 3,410 were active employees, with net assets of $430,966,056. 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 IBEW Local No. 347 & Iowa Chapter of Neca, Joint Board of Trustees contribute per participant?
The filing reports $19,679,072 in employer contributions for the year, which is $5,771 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 $667,029 in compensation to service provider organisations, $190 per participant or 0.15% 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 $722,725. 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. 347 & Iowa Chapter of Neca, Joint Board of Trustees. Recordkeeping or administration: Principal Life Insurance Company, Solxsys Administrative Solutions and Compusys of Utah, Inc.. Investment advisory or management: Fiducient Advisors. The financial statements were audited by Deboer and Associates, PC. 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 21 Jan 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 45-4356227, plan 001, received 21 Jan 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.