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IBEW Local 461 Defined Contribution Pension Plan
The IBEW Local No. 461 Defined Contribution Pension Plan was established in 1975 to provide retirement benefits to members of the International Brotherhood of...
IBEW Local 461 Defined Contribution Pension Plan
The IBEW Local No. 461 Defined Contribution Pension Plan was established in 1975 to provide retirement benefits to members of the International Brotherhood of Electrical Workers Local 461, which represents electricians across northeastern Illinois. The plan is jointly sponsored by the union and the Northeastern Illinois Chapter of the National Electrical Contractors Association, with trustees appointed by both labor and management. The Fund Office is managed by TIC Midwest LLC, and day-to-day administration falls to Plan Administrator Joel D. Pyle II. Originally structured as a money purchase pension plan, the fund converted to a profit-sharing plan in 2014, a move that introduced 401(k) features and individual participant direction over investment allocations. The plan's assets include a core real estate allocation spanning U.S. commercial and mixed-use properties, group deferred annuity contracts, and an alternatives sleeve that engages in buyout, mezzanine, secondaries, and venture strategies. The real estate holdings are held domestically, with a focus on income-producing assets that align with the long-duration liability profile of a Taft-Hartley retirement plan. The plan's governance sits with a Board of Trustees evenly split between union and contractor-appointed members. Joel Pyle II currently serves as Business Manager and Financial Secretary of IBEW Local 461 and sits on the board of the Construction Industry Services Corporation, a labor-management cooperative. Trustee Giuseppe Muzzupappa is President of the Illinois Mechanical & Specialty Trade Contractors Association, and Trustee Juan Silva oversees the broader IBEW Local 461 Fringe Benefit Funds. May 2024: The plan's administrative structure remains under TIC Midwest LLC, with no public reporting of material allocation or personnel changes (per Altss research, 2026). The plan's hybrid structure — a collectively bargained Taft-Hartley fund that converted to a defined contribution model — is uncommon in multiemployer pension administration. Most peer plans maintain a traditional defined benefit structure, making this plan's 2014 conversion an early example of labor-side retirement modernization. The alternatives program operates without a dedicated internal investment staff, relying instead on the trustee board and external administrative management to execute commitments across buyout, venture, and real asset funds.
General information
Firm type
Pension Fund
Year founded
1975
Location
Region
North America
Country
United States
City
Lansing
Corporate office
Lansing, IL, United States
Principals
Joel D. Pyle II
Plan Administrator
Joel Pyle II
Business Manager / Trustee
Giuseppe Muzzupappa
Trustee
Juan Silva
Trustee
Sector focus
Frequently asked questions
Who runs investment decisions at the IBEW Local 461 plan?
Investment policy is set by a Board of Trustees, with equal representation from IBEW Local 461 and the Northeastern Illinois Chapter of NECA. Day-to-day administration is outsourced to TIC Midwest LLC, and the board includes Business Manager Joel Pyle II and Trustees Giuseppe Muzzupappa and Juan Silva. There is no disclosed internal CIO or investment committee beyond the trustee board.
What happened when the plan converted from a money purchase to a profit-sharing plan in 2014?
The 2014 conversion shifted the plan from a traditional money purchase pension structure — where employer contributions were fixed and investment risk sat with the fund — to a profit-sharing plan with 401(k) features. Participants gained individual account control and the ability to direct their own investments among plan options. This also transferred longevity and investment risk from the plan sponsor to individual members.
What does the plan's alternatives allocation include?
The plan discloses alternative investment activity across buyout, mezzanine, secondaries, and venture strategies. It also maintains a core real estate allocation with direct exposure to U.S. commercial and mixed-use properties. There is no public breakdown of commitments by fund or by manager.
Is the IBEW Local 461 plan open to new participants?
The plan is maintained for active and retired members of IBEW Local 461 whose employers contribute under collective bargaining agreements with NECA. It is not open to the general public. Eligibility is governed by the union's bargaining agreements and the plan's adoption agreements with contributing contractors.
How does the board relate to the broader union and contractor community?
Trustees are deeply embedded in regional labor-management organizations. Joel Pyle II serves on the board of CISCO, the Construction Industry Services Corporation, and Trustee Giuseppe Muzzupappa leads the Illinois Mechanical & Specialty Trade Contractors Association. The plan is also affiliated with the West Central Illinois Building and Construction Trades Council, illustrating a governance model that draws directly from industry and labor leadership.
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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