California › Construction › 100 to 249 participants
Form 5500 statement · plan year 1 Oct 2024 to 30 Sep 2025
IBEW Local 40 - Neca Variable Annuity Pension Plan
Sponsored by Board of Trustees, IBEW Local 40 - Neca Variable, San Diego, CA
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.
Board of Trustees, IBEW Local 40 - Neca Variable of San Diego, California sponsors IBEW Local 40 - Neca Variable Annuity Pension Plan, a defined benefit pension plan. Its Form 5500 for the plan year ending 30 Sep 2025 shows 189 participants (187 active) and $2.7M in net assets. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $14,490 per participant, well below the $80,635 median for defined benefit plans with 100 to 249 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 $1.5M for the year ($8,171 per active participant) and benefits paid were —. 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 5 service provider organisations paid $5,000 or more, with reported compensation of $121K: $639 per participant, well above the same-size median of $451. Administrative expenses charged to the plan were $137K. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
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 | $14,490 | $80,635 | $100,593 | $86,221 |
| Employer contributions per active participant | $8,171 | $9,975 | $13,292 | $10,244 |
| Schedule C compensation per participant | $639 | $451 | $443 | $344 |
| Schedule C compensation, share of net assets | 4.4% | 0.52% | 0.46% | 0.42% |
| Administrative expenses per participant | $726 | $582 | $596 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 100 to 249 participants (1,156 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 | 189 | $2.7M | $14,492 | $1.5M | — | $121K |
| 2023 | 187 | $1.2M | $6,267 | $1.3M | — | $89K |
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$1,171,550
- Employer contributions$1,527,912
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$1,527,912
- Total income, including investment results$1,704,254
- Benefits paid—
- Administrative expenses$137,166
- Total expenses$137,166
- Net income$1,567,088
- Net transfers$0
- Net assets, end of year$2,738,638
Participants
- Active participants187
- Retired or separated, receiving benefits1
- Retired or separated, entitled to future benefits0
- Total participants, end of year189
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Milliman | Actuarial | $49,200 | $0 |
| Coast Benefits | Contract Administrator; Recordkeeping and information management; Other services | $44,250 | $0 |
| Miller Kaplan Arase LLP | Accounting (including auditing) | $15,000 | $0 |
| Gilbert & Sackman | Legal | $6,712 | $0 |
| Focus Investment Group | Investment advisory (plan) | $5,539 | $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
- Actuarial fees$49,200
- Contract administrator fees$44,250
- Other administrative expenses$16,009
- IQPA audit fees$15,000
- Legal fees$6,712
- Investment advisory and management fees$5,539
- Trustee and custodial fees$456
- Total administrative expenses$137,166
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)$1.6M · 50.3%
- Corporate debt instruments$763K · 24.6%
- Receivables$451K · 14.5%
- Cash (interest and non-interest bearing)$327K · 10.5%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmMiller Kaplan Arase LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $500,000
- 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.
Similar plans in California
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Hawaii Glaziers Pension Trust Fund | Board of Trustees of Hawaii Glaziers Pension Trust Fund | 523 | $54.0M | $103,330 |
| Harold Jones Landscape, Inc. Cash Balance Plan | Harold Jones Landscape, Inc. | 162 | $1.5M | $9,476 |
| U. a. Local No. 343 Defined Benefit Plan | U.A. Local No. 343 Pension Trust | 583 | $160M | $273,829 |
| Silicon Valley Mechanical Cash Balance Plan | Silicon Valley Mechanical, Inc. | 146 | $6.9M | $46,927 |
| Southern California Gunite Workers Pension Fund | Board of Trustees, Southern California Gunite Workers | 627 | $81.3M | $129,614 |
| A-C Electric Company Retirement Plan | A-C Electric Company | 115 | $12.3M | $107,207 |
Defined benefit plans in construction closest in size.
Questions and answers
How big is IBEW Local 40 - Neca Variable Annuity Pension Plan?
189 participants at the end of the plan year ending 30 Sep 2025, of whom 187 were active employees, with net assets of $2,738,638. Among defined benefit plans that places it in the 100 to 249 participants band, which held 1,156 plans in plan year 2024.
What does Board of Trustees, IBEW Local 40 - Neca Variable contribute per participant?
The filing reports $1,527,912 in employer contributions for the year, which is $8,171 per active participant; the median for plans of the same type and size was $9,975 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 $120,701 in compensation to service provider organisations, $639 per participant or 4.4% of net assets. The same-size median among plans reporting any Schedule C compensation was $451 per participant. Administrative expenses on Schedule H were $137,166. 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 Board of Trustees, IBEW Local 40 - Neca Variable. Recordkeeping or administration: Coast Benefits. Investment advisory or management: Focus Investment Group. The financial statements were audited by Miller Kaplan Arase LLP. 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 Oct 2024 to 30 Sep 2025, received by the Department of Labor on 15 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 93-2972901, plan 001, received 15 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.