Southern CT IBEW Pension Plan

Southern CT IBEW Pension Plan

The Southern Connecticut I.B.E.W. Pension Plan is a multi-employer defined benefit plan covering electrical workers represented by Local 90 of the International Brotherhood of Electrical Workers. Based in Wallingford, Connecticut, the plan pools contributions from multiple signatory employers to provide retirement benefits to participants. Zenith American Solutions serves as the plan's third-party administrator. As of the plan's most recent public regulatory filing capturing its 2021 status, its funded percentage had fallen below 80%, triggering a designation of 'Endangered' status under the Pension Protection Act of 2006. This classification requires the plan's trustees to adopt and implement a Funding Improvement Plan designed to restore financial health over a multi-year period. The plan operates as a Taft-Hartley fund, meaning governance is split between union and contributing employer representatives. The plan's investment portfolio is overseen by a board of trustees, though specific managers and asset allocations are not publicly detailed beyond required Department of Labor filings. March 2021: The plan was formally listed in Endangered status due to a funded percentage below 80%, per federal reporting requirements. The plan's structural profile reflects a broad challenge among multi-employer construction pension funds: an aging participant base and a declining number of active hours contributing to the fund relative to retirement payouts. This demographic pressure is the primary driver of the Endangered designation, rather than investment performance specifics. The fund remains an active payor of retirement benefits, and its Funding Improvement Plan outlines contribution increases and potential benefit adjustments designed to resolve the deficit over the statutory timeline set by federal law.