IBEW Local 124 Pension Trust Fund

The fund is jointly administered by IBEW Local Union No. 124 and the Kansas City Chapter of the National Electrical Contractors Association — the standard Taft-Hartley structure for multi-employer union pension plans. Investment and benefit decisions are governed by a board of trustees representing both labor and management. Joseph Moreno serves as Business Manager and Todd Howerton as President of Local 124, giving them leadership roles over the union that sponsors the plan.

The plan operates a multi-asset strategy that includes traditional public markets, direct commercial real estate holdings in Kansas City, and a private markets program spanning buyout, mezzanine, distressed debt, special situations, and venture capital across seed, start-up, and late-stage rounds. A fund-of-funds sleeve supplements the direct private market commitments. The mix is broader than most Taft-Hartley plans of similar size, which typically skew toward core fixed income and large-cap equities.

The fund holds at least two direct commercial properties in Kansas City: the IBEW Local 124 headquarters at 305 East 103rd Terrace and a property at 2920 Ward Parkway. Additional real estate exposure may reside within the fund's private equity and fund-of-funds allocations, but these two assets represent direct, self-managed holdings in the local market.

The Pension Trust Fund is one of several separate trusts administered jointly by Local 124 and NECA. A separate Health & Welfare Fund covers medical, dental, and disability benefits for members. The local also operates a Voluntary Political Fund and a Scholarship Fund. These are legally distinct entities with separate trustees and assets, though they share union and employer sponsorship.

No. Like most mid-sized Taft-Hartley plans, IBEW Local 124 does not publicly disclose individual portfolio company investments, fund manager relationships, or detailed asset-level allocations. Reporting requirements under ERISA mandate annual filings with the Department of Labor, but those filings typically provide aggregated asset-class breakdowns rather than named positions.

A board of trustees — composed of equal numbers of union-appointed and employer-appointed representatives — holds fiduciary authority over the pension fund. The trustees typically engage investment consultants and may delegate certain decisions to professional staff or external managers, but governance ultimately rests with the board. Specific trustee names and consultant relationships are not publicly listed by the fund.

The fund was established in 1965 and provides defined-benefit retirement payments, disability benefits, and death benefits to eligible IBEW Local 124 members. As a defined-benefit plan, it promises a specific monthly benefit at retirement based on years of service and compensation history, with the investment portfolio bearing the longevity and market risk rather than individual participants.