IBEW Local 505 NECA Pension Plan

Other · DOL Form 5500 · 2023

What the Filing Says About IBEW Local 505 NECA Pension Plan

IBEW Local 505 NECA Pension Plan is an Other retirement plan sponsored by IBEW Local 505 NECA Pension Plan, headquartered in Alabama. According to the U.S. Department of Labor's 2023 Form 5500 filing, the plan reports $64M in total end-of-year assets and covers 389 participants across the Construction industry. The sponsor's EIN on file with the U.S. Department of Labor is 510176914, and the plan has been effective since 1973-09-01. Its filing status is currently FILING RECEIVED.

Year over year, total assets grew at a solid clip from $58M at the beginning of 2023 to $64M at year-end - up 11.4%. Net assets (after liabilities) closed the year at $64M, with reported net income of $7M driven by investment returns, contributions received, and benefit payments during the period. These figures reflect what the plan administrator certified on Schedule H or Schedule I of the Form 5500 annual return and can be compared against 1 prior plan-year filing from the same sponsor shown below.

Across the 2 plan years IBEW Local 505 NECA Pension Plan has on file with PlainRetire (2022-2023), sponsor-wide plan assets have moved from $58M to $64M, a gain of 11.4%, while reported participants moved from 364 to 389 (+6.9%). Year-by-year, sponsor-wide filings show: 2022 - $58M in assets across 1 plan covering 364 participants; 2023 - $64M in assets across 1 plan covering 389 participants.

By assets, IBEW Local 505 NECA Pension Plan outranks 88% of the 126,618 plans that filed a Form 5500 for the 2023 plan year, and holds roughly 0.6x the national average plan size of $100M and 730 average participants.

Asset totals and participant counts reflect a single plan year snapshot and can change materially with market conditions, plan mergers, or workforce changes. Fields such as "net income" include both realized investment performance and contribution/distribution flows, a single-year figure does not by itself indicate plan health or participant outcomes. This page summarizes public DOL disclosures for research and educational purposes only and is not retirement, tax, legal, or financial advice. Before making decisions about your own retirement benefits or evaluating an employer's plan, verify the underlying filing directly via the DOL EFAST2 system and consult a qualified professional.

How the percentile is calculated: we count every plan that filed a 2023 Form 5500 with a reported end-of-year asset figure (126,618 plans), rank IBEW Local 505 NECA Pension Plan against all of them by total assets, and report the share of those plans it outranks. A plan reporting no asset figure for the year is excluded from the ranking rather than assumed to be zero.