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IBEW Local 332 Benefits
The I.B.E.W. Local 332 Pension Plan — Part A was established in 1972 as a multiemployer defined-benefit plan, jointly administered by the IBEW Local 332...
IBEW Local 332 Benefits
The I.B.E.W. Local 332 Pension Plan — Part A was established in 1972 as a multiemployer defined-benefit plan, jointly administered by the IBEW Local 332 and the National Electrical Contractors Association's Santa Clara Valley Chapter. It covers over 2,700 union electricians whose work helped wire Silicon Valley from the Hewlett-Packard era through the internet build-out and into the current green-energy infrastructure wave. The plan is administered day-to-day by United Administrative Services out of San Jose, California. The plan runs a diversified portfolio anchored by direct real estate and infrastructure assets, including a solar-powered EV charging station in San Jose and a position in the American Realty Advisors Core Real Estate Portfolio. In private markets, the fund participates in co-investments and secondaries. Employer contributions lend stability: in 2024, MYR Group contributed roughly $9.9 million and Quanta Services — which acquired Cupertino Electric — added about $8.4 million (per Altss research, 2025). EMCOR Group is also a contributing contractor, reflecting the plan's deep ties to large-scale electrical contractors operating across North America. The pension structure runs alongside a defined contribution and 401(k) plan under the same trust umbrella. The fund held a 401(k) educational workshop in March 2026 for members, featuring investment consultant Mike Vukson. Operationally, the fund maintains a joint real estate holding entity — Electro Skill Corporation — and partners closely with the IBEW International’s Pension Benefit Fund to provide overlapping retirement layers for journeyman electricians and retired members. The plan’s architecture doubles as an industrial labor stabilizer: by accumulating retirement assets for a transient construction workforce, it creates a long-duration capital pool that writes checks into illiquid secondaries and infrastructure equity. That demand profile — steady, third-party contributions from publicly traded contractors funding a union trust — gives the fund a liability-aware investment posture distinct from corporate or public plans. A benefit redesign effective January 2025 shifted Medicare-eligible retirees into Kaiser and Alignment Health Medicare Advantage plans, managed alongside a Hartford Life supplemental option, reflecting active liability management not just on the asset side, but on the beneficiary cost structure as well.
General information
Firm type
Pension Fund
Year founded
1972
AUM
$763M (Altss estimate)
Location
Region
North America
Country
United States
City
San Jose
Corporate office
6800 Santa Teresa Blvd. Suite 100, San Jose, CA 95119, United States
Principals
United Administrative Services
Plan Administrator
Sector focus
Frequently asked questions
Who runs investment decisions at the IBEW Local 332 pension plan?
The Board of Trustees of the I.B.E.W. Local 332 Pension Trust Funds oversees investment policy, with day-to-day administration delegated to United Administrative Services in San Jose. For the defined contribution side, Mike Vukson serves as the named investment consultant for Plan B, providing member education on the 401(k) component as of March 2026. Specific named CIO or external OCIO mandates are not publicly disclosed.
How is the IBEW Local 332 pension funded?
The plan is a multiemployer defined-benefit trust funded by employer contributions negotiated through collective bargaining between IBEW Local 332 and the National Electrical Contractors Association's Santa Clara Valley Chapter. Disclosed 2024 contributions include roughly $9.9 million from MYR Group and about $8.4 million from Quanta Services, which acquired Cupertino Electric. EMCOR Group is an additional contributing contractor. These contributions represent obligations tied to hours worked, not voluntary corporate allocations.
What non-public-market assets does the plan hold?
The plan holds direct and indirect interests in real estate and infrastructure, including a solar-powered EV charging station in San Jose and a position in the American Realty Advisors Core Real Estate Portfolio. It invests in private markets through co-investment and secondary opportunities. A dedicated real estate holding entity — Electro Skill Corporation — carries some of the physical assets for the union.
Does the IBEW Local 332 trust participate in fund commitments or only direct deals?
The plan engages in co-investments and secondaries, pointing to a direct and semi-direct deployment model. There is no public evidence of a large fund-of-funds book, but the relationship with American Realty Advisors indicates the plan commits to external fund structures for core real estate exposure. No venture capital or buyout fund commitments have been publicly tagged.
Is this plan a single-family office or structured differently?
It is a Taft-Hartley multiemployer pension plan, jointly trusteed by labor (IBEW Local 332) and management (NECA Santa Clara Valley). This structure means it is governed by ERISA and jointly administered, with no single family or corporate parent controlling assets. The International Brotherhood of Electrical Workers also provides an overlapping retirement layer through the IBEW Pension Benefit Fund.
Where does the underlying wealth come from?
The plan’s assets come from required hourly contributions by signatory electrical contractors on union projects in Santa Clara County. This is deferred compensation, not investable wealth generated by a founding family or corporate balance sheet. The contribution base tracks construction activity in Silicon Valley, with major publicly traded contributors including Quanta Services and MYR Group.
Does the plan maintain separate philanthropic or welfare structures?
The I.B.E.W. Local 332 Health & Welfare Trust Fund is a distinct legal trust that provides self-funded PPO and Kaiser HMO medical benefits, as well as a health reimbursement arrangement. The pension plan and Health and Welfare Trust are separately administered, though both use United Administrative Services for back-office operations and share trustee overlap.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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