Electrical Workers (IBEW) Local #117

Electrical Workers (IBEW) Local #117

IBEW Local 117 represents electrical workers in northeastern Illinois and maintains its headquarters in Crystal Lake. The local's benefit funds are classic Taft-Hartley multi-employer plans, jointly governed by union trustees and representatives from the National Electrical Contractors Association (NECA). Jesse Lenart oversees plan operations as Business Manager and Financial Secretary, coordinating between the membership and the local's contracted investment consultants and actuaries. The pension fund deploys capital primarily through fixed-income instruments such as corporate bonds and buyout fund commitments, a conservative allocation reflective of its mandate to secure lifetime benefits for retired electricians. The combined asset base across the pension, health and welfare, and general funds totals roughly $233 million. As a Taft-Hartley plan, the local does not operate as a proprietary trading desk; manager selection and asset allocation follow board-approved investment policy statements designed to minimize drawdown risk. Geographic exposure centers on the United States, particularly the Midwest. IBEW Local 117 operates its own Union Hall and Training Center at 765 Munshaw Lane in Crystal Lake, a direct real asset that supports its apprenticeship pipeline. The local co-sponsors the Joint Apprenticeship and Training Committee (JATC) with the NECA Northeastern Illinois Chapter, ensuring a continuous flow of skilled labor. Civic engagement runs through the Fox Valley United Way, a philanthropic partner, while institutional affiliations include the Construction Industry Services Corporation (CISCO) and the AFL-CIO, aligning the local with broader labor movement priorities. The structural differentiator lies in the plan's joint trusteeship model: no single entity controls investment decisions. Union trustees and employer trustees must vote to approve allocations, creating an inherent check on risk-taking. This governance structure, combined with a relatively modest asset base, places the local in a cohort of small-to-midsize Taft-Hartley plans that rely heavily on external consultants and fund-of-funds access to private markets, rather than building internal investment teams.