South Florida Electrical Workers Pension Plan

South Florida Electrical Workers Pension Plan

The South Florida Electrical Workers Pension Plan provides retirement benefits to eligible members of IBEW Local Union 349, the Fort Myers-based electrical workers' affiliate. The plan's fund office is administered by Southwest Service Administrators, Inc., and its physical address aligns with the union hall on Alico Center Road. The Pension Protection Act of 2006 forced the plan's trustees to adopt a rehabilitation schedule after its funded status deteriorated; the specific terms and current zone status are not publicly detailed. The plan's known investment posture centers on a direct real estate allocation. Its portfolio includes the ASB Allegiance Real Estate Fund, a core, open-ended US mixed-use vehicle, alongside a separate North American core real estate portfolio. No public records of commitments to private equity, venture capital, or hedge fund vehicles were located. Asset-class diversification beyond real estate remains undisclosed. Plan administration sits with William Riley, operating from the Fort Myers union office. Southwest Service Administrators provides back-office support, while the Joint Industry Board of the Electrical Industry maintains an association with the plan's sponsorship structure. The plan has not publicly reported headcount, total assets, or recent actuarial funded-ratio figures. A Philadelphia multiemployer pension rescue package passed in 2021 may eventually reshape the plan's regulatory standing, though specific grant or relief amounts tied to this plan have not been published. As a single-union, single-local plan, the South Florida Electrical Workers Pension Plan exists at the smallest scale tier of the multiemployer universe. Its structure ties asset management directly to the health of a single local's bargaining agreements, making contribution inflows sensitive to construction-cycle shifts in southwest Florida. No separate foundation or adjacent charitable vehicle has been disclosed.