# IBEW Local 573 Pension Plan

IBEW Local 573 Pension Plan is a Pension Fund based in Canfield, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Canfield, United States
- **Region:** North America
- **Address:** Canfield, OH, United States
- **Founded:** 1964
- **Assets under management:** Undisclosed

## Regulatory record

- **Reports private funds:** No

## About

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.

## Sectors

- Private Equity
- Venture Capital
- Real Estate
- Infrastructure
- Private Credit
- Hedge Funds

## People

- John Bevelaqua — Union Trustee
- Mike Nemkovich — Union Trustee
- Jeff Barber — Employer Trustee (Valley Electrical Consolidated)
- Thomas Beil — Employer Trustee (University Electric)

## Questions

### What is the governance structure of the IBEW Local 573 Pension Plan?

The plan operates as a Taft-Hartley multiemployer pension fund, governed by a Board of Trustees that includes equal representation from union-appointed trustees and employer-appointed trustees. Union trustees include John Bevelaqua and Mike Nemkovich. Employer trustees represent contributing contractors such as Valley Electrical Consolidated and University Electric. Joint governance is a defining feature of Taft-Hartley plans, requiring consensus on investment policy and benefit administration.

### Who contributes to the IBEW Local 573 Pension Plan?

Contributions come from electrical contractors in the northeastern Ohio region that are signatory to collective bargaining agreements with IBEW Local 573. These employers, represented on the trustee board by Jeff Barber and Thomas Beil, remit contributions based on hours worked by union electricians, in accordance with the plan's collectively bargained contribution rate.

### How does the plan relate to the National Electrical Benefit Fund?

The IBEW Local 573 Pension Plan coordinates with the National Electrical Benefit Fund for disability and retirement benefit determinations. The National Electrical Benefit Fund is a separate, industry-wide fund covering International Brotherhood of Electrical Workers members nationally. Local pension plans like 573's operate alongside the National Electrical Benefit Fund rather than as subsidiaries of it.

## Related profiles

- [IBEW Local 43 & Electrical Contractors Pension Fund](https://altss.com/profile/ibew-local-43-electrical-contractors-pension-fund)
- [IBEW Local 712 Pension Trust Fund](https://altss.com/profile/ibew-local-712-pension-trust-fund)

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Last updated: 2026-08-10T19:36:47.593Z

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