Local 697 I.B.E.W. and Electrical Industry Pension Plan

Local 697 I.B.E.W. and Electrical Industry Pension Plan

The plan was established in 1964 by IBEW Local 697 and signatory contractors under the National Electrical Contractors Association (NECA). It is administered in concert with the National Electrical Benefit Fund (NEBF), creating a two-tier retirement structure for participating electricians. Wealth originates exclusively from employer contributions negotiated through collective bargaining agreements — there is no single family or endowment behind the capital pool. The portfolio splits between direct property ownership and external fund commitments. Direct holdings include the IBEW/NECA Training and Administration Center at 7200 Mississippi Street and adjacent land parcels in Merrillville — properties that double as operational facilities for the union's apprenticeship program. Public disclosures confirm allocations to the William Blair Bond Fund, indicating a fixed-income sleeve within the broader asset mix. The fund's strategy, categorized as Buyout and Fund of Funds, suggests exposure to private equity through commingled vehicles rather than direct company co-investments. No named portfolio companies or co-investors from private equity commitments are publicly available. Professional oversight falls to Patrick J. Keenan as Funds Manager, supported by a board of trustees split evenly between union and employer representatives. As of August 2025, the plan publicly communicated a healthcare carrier transition from UnitedHealthcare to Anthem effective January 2026 — a move reflecting active benefits administration alongside the investment function. The plan operates alongside sister benefit structures including an annuity plan, a medical reimbursement plan, and a SUB fund, all housed under the Benefit Funds of the I.B.E.W. Local 697. The plan's structural distinction is its real estate strategy: it is both landlord and tenant to itself. The two Mississippi Street properties house union training facilities and the benefit fund office, meaning a portion of the portfolio's real assets directly enable workforce development for contributing employers — a circular investment model uncommon among similarly sized Taft-Hartley plans that typically lease third-party space.