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I.B.E.W. Local 490 Pension Fund
I.B.E.W. Local 490 established its pension fund in 1964 as a non-contributory defined-benefit plan serving union electricians across New Hampshire.
I.B.E.W. Local 490 Pension Fund
I.B.E.W. Local 490 established its pension fund in 1964 as a non-contributory defined-benefit plan serving union electricians across New Hampshire. The plan operates jointly with the National Electrical Contractors Association (NECA), which sits alongside union trustees on the board — a classic Taft-Hartley structure where employer and member representatives share fiduciary responsibility. The fund pursues a multi-asset mandate anchored by a natural resources strategy, alongside dedicated hedge fund and commercial real estate sleeves. The real estate footprint includes the union's own hall and training center at 48 Airport Road in Concord, functioning as an operational asset and potential balance-sheet anchor. The hedge fund portfolio is documented as a discrete allocation, providing diversification away from the plan's core liability-matching posture. Deployment reflects the plan's modest scale and statutory constraints under ERISA, focused on capital preservation and steady benefit delivery. Field trustees govern strategy with a lean administrative apparatus. Eric Batchelor, Joshua Warmoth, and Jim Lukeman hold overlapping roles across union leadership and fund management — a governance model where the Business Manager doubles as Financial Secretary and Trustee. The staff size and aggregate deployment numbers remain undisclosed, consistent with private plans of this size. The fund sponsors the IBEW Local 490 PAC Fund as its affiliated political vehicle. Recent operational signals remain below public reporting thresholds. The plan's structural differentiator lies in its joint administration model, where NECA contractor trustees and IBEW member trustees share decision-making authority on a non-contributory pool — an architecture designed to neutralize employer-member conflicts in retirement provisioning. This Taft-Hartley design places the fund outside typical single-sponsor corporate pension dynamics and anchors its fiduciary culture in the multi-employer bargaining tradition.
General information
Firm type
Pension Fund
Year founded
1964
Location
Region
North America
Country
United States
City
Concord
Corporate office
Concord, New Hampshire, United States
Principals
Eric Batchelor
Business Manager/Financial Secretary and Pension Trustee (Member Representative)
Joshua Warmoth
President and Pension Trustee (Member Representative)
Jim Lukeman
Fund Administrator and Treasurer
Zack Woolford
Pension Trustee (Member Representative)
Kristen Gowen
Pension Trustee (Employer Representative)
Steve Scarponi
Pension Trustee (Employer Representative)
Scott Marquis
Pension Trustee (Employer Representative)
Sector focus
Frequently asked questions
Who jointly administers the I.B.E.W. Local 490 Pension Fund?
The fund is jointly administered by International Brotherhood of Electrical Workers Local 490 and the National Electrical Contractors Association (NECA). Trustees include member representatives like Eric Batchelor and Joshua Warmoth, and employer representatives like Kristen Gowen and Steve Scarponi. This multi-employer board shares fiduciary governance for the benefit of union participants.
What is the investment strategy of the I.B.E.W. Local 490 Pension Fund?
The plan's primary strategic focus is natural resources, supported by allocations to hedge funds and direct commercial real estate. The real estate component includes the union's own hall and training center in Concord, NH. This multi-asset approach seeks to meet long-term pension obligations for members while navigating the constraints of a modest fund size.
Does the fund maintain a separate hedge fund allocation?
Yes, the fund maintains a dedicated hedge fund portfolio as a distinct sleeve within its asset mix. This allocation operates alongside the plan's natural resources focus and direct real estate holdings, providing alternative return streams away from traditional liability-matching bonds and equities.
How is the pension plan funded?
The plan is a non-contributory defined-benefit plan, meaning union members do not contribute from their wages. Funding comes entirely from employer contributions negotiated through collective bargaining agreements between IBEW Local 490 and signatory contractors represented by NECA. This structure secures retirement, disability, and death benefits without direct payroll deductions.
What political or philanthropic vehicles does the fund operate?
The fund sponsors the IBEW Local 490 PAC Fund, which serves as its affiliated political action committee. In addition to this political vehicle, the parent IBEW organization participates in industry associations like the NECA partnership and the New Hampshire Municipal Association, though these primarily support union operations rather than direct asset management.
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