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NECA-IBEW Local 364 Defined Contribution Plan
The Plan was established in 1984 as part of the collectively bargained agreement between the Northern Illinois chapter of the National Electrical Contractors...
NECA-IBEW Local 364 Defined Contribution Plan
The Plan was established in 1984 as part of the collectively bargained agreement between the Northern Illinois chapter of the National Electrical Contractors Association and the International Brotherhood of Electrical Workers Local 364. Trustees, equally appointed by labor and management, oversee the Plan under the Employee Retirement Income Security Act framework governing Taft-Hartley funds. The Local 364 jurisdiction covers electrical workers across a multi-county area anchored by Rockford, Illinois, meaning the Plan’s participant base is composed of skilled electricians and their families from a single defined geographic and trade community. The Plan’s investment posture reflects the standard architecture of mid-sized Taft-Hartley defined contribution plans. Allocations are typically constructed through institutional consultants and spread across large-cap domestic equities, core fixed income, and diversified real estate or infrastructure vehicles. Taft-Hartley plans of this scale often gain private market exposure exclusively through fund-of-funds or commingled real estate trusts rather than direct co-investments. Geographic concentration mirrors the participant base: primarily US-domiciled assets with modest developed-market international equity exposure. The Plan maintains no publicly known direct investment program, club deal participation, or internally managed separate accounts. Trustee Bradley Long serves on the Plan’s board alongside fellow labor and management appointees. Board meetings follow the rhythm of quarterly reviews, with investment consultants presenting performance reports and recommending manager changes. The Plan operates from the Rockford regional offices of the signatory organizations and has not established satellite offices or affiliated foundations. Administrative services are typically outsourced to third-party recordkeepers that manage participant-level account direction, loan provisions, and defined contribution-specific compliance. No dedicated internal investment staff is publicly identified, a staffing model consistent with union-negotiated plans that rely on consultant-led oversight rather than building internal CIO offices. Structurally, the Plan differs from single-family offices and endowments in its governance constraints. Every investment policy decision runs through a joint labor-management board where fiduciary duty is split equally, creating a natural check on concentration or aggressive portfolio tilts. This bilateral governance is the defining architecture of Taft-Hartley plans — it prioritizes steady retirement outcomes for a defined workforce over maximizing long-horizon alpha, and it anchors the asset allocation in an ERISA-mandated prudence standard that discourages venture-style risk-taking.
General information
Firm type
Limited Partner
Year founded
1984
Location
Region
North America
Country
United States
City
Rockford
Corporate office
Rockford, IL, United States
Principals
Bradley Long
Trustee
Frequently asked questions
Who governs the NECA-IBEW Local 364 Defined Contribution Plan?
The Plan is governed by a joint board of trustees with equal representation from the Northern Illinois chapter of the National Electrical Contractors Association and IBEW Local 364. This structure is standard for Taft-Hartley multi-employer plans, ensuring neither labor nor management can unilaterally direct investment policy or administrative decisions. Trustees are fiduciaries under ERISA and meet quarterly to review investment performance, manager selection, and plan operations.
How does the Plan source investment opportunities?
The Plan does not source direct deals or operate an internal investment team. Like most mid-sized Taft-Hartley plans, it relies on institutional investment consultants who recommend fund managers across public equities, fixed income, and private market vehicles. Access to private equity, real estate, and infrastructure comes through commingled funds or fund-of-funds structures rather than direct co-investments. Consultant relationships are periodically reviewed by the board of trustees.
What is the underlying source of the Plan's assets?
Contributions come from collectively bargained employer payments negotiated between NECA contractors and IBEW Local 364. Under the collective bargaining agreement, signatory electrical contractors contribute a set amount per hour worked by union electricians into the defined contribution plan. These employer contributions are the sole funding source; employees typically do not make elective deferrals into this particular plan, which functions as a supplemental retirement vehicle alongside the local’s defined benefit pension fund.
Is the Plan a defined benefit or defined contribution plan?
The Plan is a defined contribution plan, meaning participants bear the investment risk on their individual account balances. This distinguishes it from the IBEW Local 364 defined benefit pension plan, which guarantees a monthly benefit based on years of service and contribution rates. IBEW locals often maintain both plan types side by side, with the defined contribution plan serving as an annuity-style or lump-sum supplement to the traditional pension.
How is the Plan related to IBEW Local 364?
The Plan is a trust fund established under the collective bargaining agreement between IBEW Local 364 and NECA. While the union’s name appears in the Plan title, the IBEW does not own the assets; the Plan is an independent ERISA trust governed by a joint labor-management board. The Local’s jurisdiction covers electrical workers in a multi-county region anchored by Rockford, Illinois, and participants generally must work for a contributing contractor within that jurisdiction.
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