IBEW Local No. 117 Pension Fund

IBEW Local No. 117 Pension Fund

The International Brotherhood of Electrical Workers (IBEW) Local No. 117 Pension Fund was established on June 1, 1971, as a multiemployer defined benefit plan serving union electricians across a territory that includes portions of central and southern Michigan. The fund is financed through employer contributions negotiated under collective bargaining agreements with signatory electrical contractors. Unlike larger union pension funds with dedicated internal investment teams, Local 117's Fund Office is administered by TIC International Corporation, an Indianapolis-based third-party administrator that manages benefits, recordkeeping, and investment consulting for Taft-Hartley plans nationwide. As a smaller Taft-Hartley pension plan, the fund's investment strategy likely follows a conservative, consultant-driven allocation model typical of multiemployer plans its size. Such funds commonly allocate across core fixed income, domestic equities, and a modest alternatives sleeve — typically 10–20% of assets — spanning real estate, infrastructure, private credit, and select private equity or hedge fund commitments. Direct reports on specific manager relationships or portfolio holdings are not publicly available, a common opacity for plans below the Form 5500 detailed filing thresholds that larger plans must meet. No publicly disclosed total asset figure, team size, or exact deployment data exists for the fund. TIC International Corporation, as administrator, provides actuarial, compliance, and investment advisory services, but the fund's board of trustees — comprised of union and employer representatives — retains fiduciary authority over investment policy. The fund's benefit structure and funding status are governed by the Employee Retirement Income Security Act (ERISA) and subject to oversight by the Pension Benefit Guaranty Corporation (PBGC), which insures multiemployer plan benefits up to statutory limits. The fund's defining operational feature is its reliance on external administration through TIC International Corporation, a model that concentrates investment decision-making among trustees advised by a single administrative partner. This structure creates a distinct governance dynamic: a small group of union and employer trustees, supported by TIC's actuarial and consulting resources, determines asset allocation and manager selection without a separate in-house CIO or investment staff. For allocators evaluating the fund as a potential LP, the key variable is the identity of the investment consultant or outsourced CIO arrangement TIC facilitates — a detail the fund does not publicly disclose.