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IBEW Local 701 Benefit Funds
The IBEW Local 701 Benefit Funds were established in 1971 to administer pension, health, and welfare benefits for members of the International Brotherhood of...
IBEW Local 701 Benefit Funds
The IBEW Local 701 Benefit Funds were established in 1971 to administer pension, health, and welfare benefits for members of the International Brotherhood of Electrical Workers Local 701, which represents electricians across DuPage, Kane, Kendall, and Will counties in Illinois. The pension fund is a defined-benefit plan jointly administered by union trustees — led by Business Manager William Drew — and employer trustees from the Northeastern Illinois Chapter of the National Electrical Contractors Association (NECA). The plan receives contributions from signatory electrical contractors under collective bargaining agreements, with publicly reported filings showing EMCOR Group alone contributed approximately $3.99 million in 2024. The fund's investment strategy spans direct commercial real estate holdings — including its own office building at 28600 Bella Vista Parkway in Warrenville — alongside a REIT portfolio and commitments to private-markets funds. Allocator posture is shaped by three channels: fund-of-funds vehicles, mezzanine lending, and secondary interests, suggesting a preference for diversification and manager access over direct deal-by-deal underwriting. The geographic concentration of contributing employers in the Chicago metro area keeps the plan anchored to the regional construction economy, though the investment portfolio itself is not geographically restricted. The Plan Administrator, Anthony Giunti, runs day-to-day operations through the IBEW Local 701 Fringe Benefit Office. Disclosure is limited, consistent with a Taft-Hartley plan that reports on Form 5500 but does not maintain investor-facing communications. The estimated AUM of $500M–$600M places the fund in a peer group where internal investment staff is rare and investment committees typically rely on consultants for asset-allocation guidance. Partnerships include the Construction Industry Service Corporation (CISCO), a labor-management association, and PowerForward DuPage, a joint initiative with NECA to promote union electrical work. A related philanthropic vehicle, the IBEW Local 701 Needy Members Fund, operates separately to support members facing hardship. The structural differentiator is the plan's multi-employer architecture. Unlike corporate pensions that answer to a single sponsor, IBEW Local 701's fund is jointly governed by union and employer trustees, with contribution levels and benefit formulas negotiated at the bargaining table. This governance model — common in building-trades pensions — means the fund's fortunes are tied not only to investment returns but to the collective-bargaining cycle and the volume of union electrical work in Chicago's western suburbs.
General information
Firm type
Pension Fund
Year founded
1971
Location
Region
North America
Country
United States
City
Warrenville
Corporate office
28600 Bella Vista Parkway, Warrenville, IL 60555, United States
Principals
William Drew
Business Manager, IBEW Local 701 and Union Trustee
Anthony Giunti
Plan Administrator
Sector focus
Frequently asked questions
Who oversees investment decisions for the IBEW Local 701 pension fund?
The fund is governed by a joint board of trustees — half appointed by IBEW Local 701 and half by the Northeastern Illinois Chapter of NECA. William Drew, Business Manager of the local, serves as a union trustee. Day-to-day administration is handled by Plan Administrator Anthony Giunti. The board typically works with investment consultants to set asset allocation and select external managers, a standard practice for Taft-Hartley plans of this size.
What types of assets does the pension fund invest in?
The plan maintains direct commercial real estate — including the union hall and fringe benefit office building in Warrenville, Illinois — alongside a REIT portfolio. In private markets, the fund allocates via fund-of-funds, mezzanine debt, and secondary interests. This three-channel approach suggests a preference for diversified manager access and credit-oriented strategies rather than concentrated direct equity.
How is the plan funded and what determines its contribution levels?
Contributions come from signatory electrical contractors under collective bargaining agreements between IBEW Local 701 and the Northeastern Illinois Chapter of NECA. Contribution rates are negotiated as part of the union wage-and-benefits package. EMCOR Group, one of the largest union electrical contractors in the region, contributed approximately $3.99 million in 2024, per publicly reported filings. The level of contributions fluctuates with construction activity in DuPage, Kane, Kendall, and Will counties.
Is IBEW Local 701 Benefit Funds a single-employer or multi-employer plan?
It is a multi-employer Taft-Hartley plan. Multiple signatory contractors contribute on behalf of their union electricians, with benefits portable across contributing employers. This structure pools risk across the local electrical construction industry rather than tying pension obligations to a single corporate sponsor, and it requires joint union-employer governance mandated by ERISA.
Does the fund maintain any philanthropic or member-assistance programs separate from the pension?
Yes. The IBEW Local 701 Needy Members Fund operates as a separate charitable vehicle to provide financial assistance to members facing hardship. It is distinct from the pension, health, and welfare benefit funds administered by the Fringe Benefit Office, though both fall under the broader umbrella of IBEW Local 701's commitment to member welfare.
What is the fund's relationship with PowerForward DuPage?
PowerForward DuPage is a joint initiative between IBEW Local 701 and the Northeastern Illinois Chapter of NECA. It exists to promote the union electrical industry — marketing the workforce, advocating for labor-friendly policy, and connecting contractors with project opportunities. While not an investment vehicle, it supports the economic ecosystem that drives contributions into the benefit funds.
Where does the fund's real estate portfolio extend beyond its own office building?
The fund owns the IBEW Local 701 Fringe Benefit Office building at 28600 Bella Vista Parkway in Warrenville as a direct commercial real estate asset. Beyond that, the portfolio includes a REIT allocation, providing diversified real estate exposure without the concentration risk of a single property. Details on third-party REIT managers or specific holdings are not publicly disclosed.
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