Profit Sharing · DOL Form 5500 · 2024

Board of Trustees IBEW Local 56 Employees Deferred Savings Plan Profit Sharing Plan

Data updated 2026-07-24

$54M
Total assets: 306
Participants: 85th
Percentile by assets: $174,899
Avg per participant

Official DOL plan name: IBEW Local 56 Employees Deferred Savings Plan · Sponsored by Board of Trustees IBEW Local 56 Employees Deferred Savings Plan · Pennsylvania · Construction

$54M in assets, 306 participants

Board of Trustees IBEW Local 56 Employees Deferred Savings Plan's IBEW Local 56 Employees Deferred Savings Plan reported $54M in total assets and 306 participants in its 2024 DOL Form 5500 filing, ranking in the 85th percentile by assets among filed plans. Figures are as reported by the plan sponsor to the Department of Labor, not audited or endorsed by PlainRetire.

85th percentile by assets (of 116,472 plans)

Coverage in Pennsylvania

IBEW Local 56 Employees Deferred Savings Plan covers 306 participants in Pennsylvania, about 37% of the average Pennsylvania filer (state average ~824 per filing). Assets: $54M.

$54M
total plan assets (2024 EOY): 306
covered participants: 85th
percentile by assets (of 116,472 plans): $174,899
avg assets per participant

IBEW Local 56 Employees Deferred Savings Plan reported net income fell from $7M in the plan year 2023 filing to $4M in the plan year 2024 filing.
IBEW Local 56 Employees Deferred Savings Plan end-of-year assets rose from $49M in the plan year 2023 filing to $54M in the plan year 2024 filing.
IBEW Local 56 Employees Deferred Savings Plan reported participants rose from 298 in the plan year 2023 filing to 306 in the plan year 2024 filing.

See the national 2023→2024 release diff →

State

Pennsylvania

Industry

Construction

Participants vs Pennsylvania filers

In Pennsylvania, the average filing covers about 824 participants across 5,360 plans. IBEW Local 56 Employees Deferred Savings Plan reports 306 participants - about 37% of that state average ($54M EOY assets).

Pennsylvania filing particulars

Total Assets (Beginning of Year)	$49M
Net Assets (End of Year)	$53M
Net Income	$4M
Employer EIN	251409929
Plan Effective Date	1979-06-01
Filing Status	FILING RECEIVED

Sponsor Plan History (Board of Trustees IBEW Local 56 Employees Deferred Savings Plan)

Total plan assets by year, all Board of Trustees IBEW Local 56 Employees Deferred Savings Plan plans on file

Year	Plans	Participants	Total Assets
2022	1	260	$42M
2023	1	298	$49M
2024	1	306	$54M

Nearby Profit Sharing Plans in Pennsylvania

Peer Profit Sharing plans, same state, same plan type, ranked by total assets.

IBEW Local 56 Employees Deferred Savings Plan vs. nearby Profit Sharing plans in Pennsylvania, assets vs. participants

Eastern Atlantic States Carpenters Annuity Fund $2.2B · 14,807
University of Pennsylvania Basic Plan $2.0B · 21,954
International Brotherhood of Electrical Workers Local Union 98 - Profit Sharing Plan $1.3B · 3,927
Temple University Health System, Inc. Defined Contribution Retirement Plan $876M · 10,394
Steamfitters Local Union No. 420 Srp $728M · 6,716

Compare IBEW Local 56 Employees Deferred Savings… side-by-side with 3 peers →

Similar-Sized Profit Sharing Plans Nationally

Profit Sharing plans in other states closest to IBEW Local 56 Employees Deferred Savings Plan by total assets, not by location.

NECA-IBEW 1205 Pension Fund (FL) $54M · 757
Hp Inc. Puerto Rico Tax Savings Capital Accumulation Plan (TX) $53M · 25
Regional District Council Retirement Plan (OR) $54M · N/A
Annual Reviews 403(b) DC Plan (CA) $53M · 95

Frequently Asked Questions

How did IBEW Local 56 Employees Deferred Savings Plan assets move in 2024? ▼

IBEW Local 56 Employees Deferred Savings Plan grew at a solid clip - up 8.2% during 2024, from $49M to $54M. Reported net income was $4M.

How have Board of Trustees IBEW Local 56 Employees Deferred Savings Plan plan assets changed over time? ▼

Across 3 plan years on file (2022-2024), Board of Trustees IBEW Local 56 Employees Deferred Savings Plan's sponsor-wide assets grew 26.6%, from $42M to $54M.

Where does IBEW Local 56 Employees Deferred Savings Plan rank by assets among Form 5500 filers? ▼

IBEW Local 56 Employees Deferred Savings Plan ranks in the 85th percentile by end-of-year assets among 116,472 plans that reported assets for plan year 2024 (in the top quartile of all filed plans by assets).

Which Profit Sharing plans are similar in size to IBEW Local 56 Employees Deferred Savings Plan? ▼

Among Profit Sharing plans in other states, the closest by assets is NECA-IBEW 1205 Pension Fund in FL ($54M, 757 participants).

Next read for IBEW Local 56 Employees Deferred Savings…

Filing takeaways

Ways to act on IBEW Local 56 Employees Deferred Savings Plan's numbers.

By total assets, IBEW Local 56 Employees Deferred Savings Plan ranks in the top quartile of all filed plans by assets. See the largest plans
Compare it side-by-side against 3 similar Profit Sharing plans in Pennsylvania. Compare plans
Board of Trustees IBEW Local 56 Employees Deferred Savings Plan's sponsor-wide assets have grown 26.6% since 2022 across 3 plan years on file. More Construction plans

Source: U.S. Department of Labor, Employee Benefits Security Administration (EBSA), Form 5500 public disclosure dataset. Plan year 2024.

Source: DOL EFAST2 filing system (efast.dol.gov) - original filing retrieval by EIN 251409929.

Read our methodology - how this data is sourced, computed, and verified.

Data sourced from U.S. Department of Labor Form 5500 filings (EBSA). See our methodology for details.