IBEW Local 573 Pension Plan

IBEW Local 573 Pension Plan

The IBEW Local 573 Pension Plan provides retirement benefits to members of the International Brotherhood of Electrical Workers Local 573, which represents electricians across the Warren-Youngstown corridor in northeastern Ohio. The plan operates as a jointly trusteed Taft-Hartley fund, with union-appointed trustees and employer representatives from contributing contractors such as Valley Electrical Consolidated and University Electric sharing fiduciary responsibility. Contributions flow from signatory employers bound by collective bargaining agreements with the local. Allocation data is not publicly reported, but the plan's documented strategy spans buyout, growth equity, venture capital, distressed debt, mezzanine, and special situations. It accesses these asset classes primarily through fund commitments and co-investments alongside general partners. Peer pension plans of similar size and union affiliation routinely target real estate, infrastructure, and private credit alongside traditional private equity — a diversification model consistent with the plan's described multi-strategy posture. The Board of Trustees administers the plan with support from the National Electrical Benefit Fund, which coordinates disability and retirement benefit determinations for International Brotherhood of Electrical Workers-affiliated plans nationally. Union trustees John Bevelaqua and Mike Nemkovich serve alongside employer trustees Jeff Barber and Thomas Beil, representing local contractors. The plan also supports community initiatives through the United Way of Trumbull County. The plan's structural differentiator is its joint governance model under the Taft-Hartley Act, which mandates equal representation between labor and management trustees. This architecture creates a fiduciary dynamic where investment decisions must reflect the interests of both contributing employers and plan participants, often resulting in conservative return assumptions and a preference for long-duration, income-generating assets.