I.B.E.W. Local 332 Benefits

I.B.E.W. Local 332 Benefits

The IBEW Local 332 Pension Plan — Part A was established in 1972 as a defined-benefit plan for members of the International Brotherhood of Electrical Workers in California's Santa Clara Valley. Jointly administered by union trustees and the National Electrical Contractors Association (NECA) Santa Clara Valley Chapter, the plan is funded through collective bargaining contributions from electrical contractors operating in one of the nation's most expensive construction markets. The fund's investment strategy extends beyond the fixed-income-heavy allocations typical of multiemployer plans. It maintains direct exposure to real assets, including a stake in the American Realty Advisors Core Real Estate Portfolio and the union's own headquarters property on Canoas Garden Avenue. The portfolio incorporates co-investment and secondaries strategies alongside traditional mandates. Major contributing employers include publicly traded infrastructure contractors — MYR Group contributed roughly $9.9M in 2024 and Quanta Services added approximately $8.4M, reflecting the plan's dependence on large-scale electrical project hours. A dedicated real estate holding entity, Electro Skill Corporation, manages the union's physical assets. The plan operates alongside a separate Health & Welfare Trust Fund serving the same member base. The plan's administrator, United Administrative Services, oversees day-to-day operations from San Jose. In 2024, Quanta Services completed its acquisition of Cupertino Electric, a major historical contributor to the fund, consolidating the plan's employer base further among a small set of publicly traded electrical contractors. The plan's structural differentiator lies in its hybrid real asset footprint. Rather than limiting alternative exposure to funds-of-funds, the trust exercises control through a dedicated property corporation and participates in direct real estate vehicles. This regional Taft-Hartley architecture gives the board a tangible hedge against Bay Area inflation, making the plan a distinct counterparty for infrastructure and property managers targeting union-affiliated capital.