Maryland › Construction › 25,000 or more participants
Form 5500 statement · plan year 1 Jan 2025 to 31 Dec 2025
National Electrical Benefit Fund
Sponsored by Trustees of the National Electrical Benefit Fund, Rockville, MD
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 the National Electrical Benefit Fund of Rockville, Maryland sponsors National Electrical Benefit Fund, a defined benefit pension plan. Its Form 5500 for the plan year ending 31 Dec 2025 shows 736,031 participants (379,532 active) and $20.8B in net assets. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $27,771 per participant in plan year 2024, well below the $88,040 median for defined benefit plans with 25,000 or more participants and well below 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 $1.08B for the year ($2,845 per active participant) and benefits paid were $1.44B. 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 $55.7M: $75.74 per participant, well below the same-size median of $143. Administrative expenses charged to the plan were $117M. 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 $9.71B in 2009 to $20.8B in 2025 (up 115%), and participants from 499,734 to 736,031 (up 47%).
The independent accountant's opinion on the financial statements was unmodified (unqualified).
Compared with similar plans
| Measure, plan year 2024 | This plan | Same size | Same industry | All US DB plans |
|---|---|---|---|---|
| Net assets per participant | $27,771 | $88,040 | $100,593 | $86,221 |
| Employer contributions per active participant | $2,745 | $6,524 | $13,292 | $10,244 |
| Schedule C compensation per participant | $84.95 | $143 | $443 | $344 |
| Schedule C compensation, share of net assets | 0.31% | 0.26% | 0.46% | 0.42% |
| Administrative expenses per participant | $172 | $306 | $596 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 25,000 or more participants (215 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 |
|---|---|---|---|---|---|---|
| 2025 | 736,031 | $20.8B | $28,304 | $1.08B | — | $55.7M |
| 2024 | 693,723 | $19.3B | $27,771 | $944M | — | $58.9M |
| 2023 | 671,575 | $17.7B | $26,312 | $863M | $0 | $62.8M |
| 2021 | 648,074 | $19.0B | $29,334 | $761M | — | $64.5M |
| 2020 | 630,397 | $16.8B | $26,606 | $683M | — | $55.3M |
| 2019 | 615,019 | $15.6B | $25,402 | $703M | — | $50.5M |
| 2018 | 593,620 | $13.6B | $22,849 | $637M | — | $34.7M |
| 2017 | 577,831 | $14.4B | $24,871 | $587M | — | $51.6M |
| 2016 | 564,830 | $13.2B | $23,423 | $551M | — | $49.6M |
| 2015 | 553,819 | $12.6B | $22,804 | $514M | — | $55.0M |
| 2014 | 542,809 | $13.0B | $23,895 | $481M | — | $47.5M |
| 2013 | 530,771 | $12.4B | $23,422 | $452M | — | $26.5M |
| 2012 | 514,160 | $10.8B | $21,069 | $435M | — | $38.9M |
| 2011 | 502,506 | $10.0B | $19,992 | $406M | $0 | $41.0M |
| 2010 | 497,189 | $10.3B | $20,809 | $369M | $0 | $38.0M |
| 2009 | 499,734 | $9.71B | $19,423 | $398M | $0 | $28.4M |
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$19,265,376,779
- Employer contributions$1,079,771,115
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$1,079,771,115
- Total income, including investment results$3,123,024,888
- Benefits paid$1,439,158,696
- Administrative expenses$116,886,602
- Total expenses$1,556,045,298
- Net income$1,566,979,590
- Net transfers$0
- Net assets, end of year$20,832,356,369
Participants
- Active participants379,532
- Retired or separated, receiving benefits144,603
- Retired or separated, entitled to future benefits178,858
- Total participants, end of year736,031
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| National Real Estate Advisors | Investment management | $20,571,326 | $0 |
| RCP Advisors 2, LLC | Investment management | $3,174,748 | $0 |
| Loomis Sayles & Company LP | Investment management | $2,888,306 | $9,985 |
| Payden & Rygel | Investment management | $2,859,204 | $0 |
| Ullico Investment Advisors Inc. | Investment management | $2,583,760 | $0 |
| Xperis IT Company | Consulting (general); Other services | $2,474,783 | $0 |
| Mellon Investments Corporation | Investment management | $2,463,542 | $0 |
| RBC Global Asset Management | Investment management | $2,338,608 | $0 |
| Crescent Capital Group | Investment management | $1,862,281 | $0 |
| Asb Capital Management | Investment management | $1,730,241 | $0 |
| Times Square Capital Management | Investment management | $1,537,861 | $0 |
| The Union Labor Life Insurance Comp | Investment management | $1,460,219 | $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$50,220,739
- Other administrative expenses$50,101,231
- Salaries and allowances$12,401,022
- Trustee and custodial fees$1,839,147
- Legal fees$1,652,422
- Recordkeeping fees$301,589
- Actuarial fees$168,273
- IQPA audit fees$160,000
- Valuation and appraisal fees$39,086
- Other trustee fees and expenses$3,093
- Total administrative expenses$116,886,602
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$7.75B · 34.4%
- Partnership/joint venture interests$3.35B · 14.9%
- Corporate stocks$3.23B · 14.4%
- Corporate debt instruments$2.61B · 11.6%
- U.S. Government securities$1.57B · 7.0%
- Other investments$1.29B · 5.7%
- Real estate$763M · 3.4%
- Receivables$653M · 2.9%
- Registered investment companies (mutual funds)$507M · 2.3%
- Pooled separate accounts$346M · 1.5%
- 103-12 investment entities$238M · 1.1%
- Other loans$85.5M · 0.4%
- Cash (interest and non-interest bearing)$80.0M · 0.4%
- Buildings and other property used in plan operation$43.1M · 0.2%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmWithumsmith+brown PC
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $5,000,000
- Blackout period during the year—
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.
Other plans of Trustees of the National Electrical Benefit Fund
| Plan | Participants | Net assets |
|---|---|---|
| National Electrical Benefit Fund Defined Contribution Plan | 228 | $53.2M |
Similar plans in Maryland
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| International Painters and Allied Trades Industry Pension Plan | Intl Painters & Allied Trades Ind. Pension Fund- Board of Trustees | 95,494 | $4.44B | $46,461 |
| National Automatic Sprinkler Industry Pension Fund | National Automatic Sprinkler Industry Pension Fund JT Board of Trustee | 34,009 | $4.75B | $139,691 |
| Electrical Workers Local No. 26 Pension Trust Fund | Electrical Workers Local No 26 Pension Trust Fund | 13,539 | $1.03B | $76,112 |
| Mid-Atlantic Regional Council of Carpenters' Pension Plan | Board of Trustees - Marc Pension Plan | 9,688 | $572M | $59,064 |
| Heating, Piping and Refrigeration Pension FD Pension Fund | BD of Tees Heating, Piping & Refrigeration Pension Fund | 8,132 | $1.36B | $167,365 |
| Plumbers and Steamfitters Local 486 Pension Fund | Plumbers and Steamfitters 486 Pension Fund Board of Trustees | 3,602 | $382M | $106,027 |
Defined benefit plans in construction closest in size.
Questions and answers
How big is National Electrical Benefit Fund?
736,031 participants at the end of the plan year ending 31 Dec 2025, of whom 379,532 were active employees, with net assets of $20,832,356,369. Among defined benefit plans that places it in the 25,000 or more participants band, which held 215 plans in plan year 2024.
What does Trustees of the National Electrical Benefit Fund contribute per participant?
The filing reports $1,079,771,115 in employer contributions for the year, which is $2,845 per active participant; the median for plans of the same type and size was $6,524 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 $55,746,012 in compensation to service provider organisations, $75.74 per participant or 0.27% of net assets. The same-size median among plans reporting any Schedule C compensation was $143 per participant. Administrative expenses on Schedule H were $116,886,602. 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 the National Electrical Benefit Fund. Investment advisory or management: National Real Estate Advisors, RCP Advisors 2, LLC and Loomis Sayles & Company LP. The financial statements were audited by Withumsmith+brown 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 Jan 2025 to 31 Dec 2025, received by the Department of Labor on 30 Jul 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 53-0181657, plan 001, received 30 Jul 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.