The Electrical Worker online
June 2012

2011 Summary Annual Report for
Int'l Brotherhood of Electrical Workers'
Pension Benefit Fund
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This is a summary of the annual report for the INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERS' PENSION BENEFIT FUND, (Employer Identification No. 53-0088380, Plan No. 001) for the period July 1, 2010 to June 30, 2011. The annual report has been filed with the Employee Benefits Security Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA).

Basic Financial Statement

Benefits under the plan are provided by a trust (benefits are provided in whole from trust funds). Plan expenses were $135,445,768. These expenses included $11,443,044 in administrative expenses and $124,002,724 in benefits paid to participants and beneficiaries. A total of 440,062 persons were participants in or beneficiaries of the plan at the end of the plan year, although not all of these persons had yet earned the right to receive benefits.

The value of plan assets, after subtracting liabilities of the plan, was $1,761,825,307 as of June 30, 2011 compared to $1,508,775,682 as of July 1, 2010. During the plan year the plan experienced an increase in its net assets of $253,049,625. This increase includes unrealized appreciation or depreciation in the value of plan assets; that is, the difference between the value of the plan's assets at the end of the year and the value of the assets at the beginning of the year, or the cost of assets acquired during the year. The plan had total income of $388,495,393, including employee contributions of $55,582,508, gains of $73,317,482 from the sale of assets and earnings from investments of $257,405,996, gains from foreign currency translations of $2,131,634 and other income of $57,773.

Your Rights to Additional Information

You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in that report:

  1. An accountant's report;

  2. Assets held for investment;

  3. Transactions in excess of 5 percent of the plan assets;

  4. Insurance information including sales commissions paid by insurance carriers; and

  5. Information regarding any common or collective trust, pooled separate accounts, master trusts or 103-12 investment entities in which the plan participates.

To obtain a copy of the full annual report, or any part thereof, write or call the office of the Plan Administrator

Salvatore J. Chilia,
International Secretary-Treasurer
900 7th Street, NW
Washington, DC 20001
45-3912185 (Employer Identification Number)
(202) 728-6200

You also have the right to receive from the plan administrator, on request and at no charge, a statement of the assets and liabilities of the plan and accompanying notes, or a statement of income and expenses of the plan and accompanying notes, or both. If you request a copy of the full annual report from the plan administrator, these two statements and accompanying notes will be included as part of that report. These portions of the report are furnished without charge.

You also have the legally protected right to examine the annual report at the main office of the plan:

International Brotherhood of Electrical Workers
900 7th Street, NW
Washington, DC 20001

and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon payment of copying costs. Requests to the Department should be addressed to: U.S. Department of Labor, Employee Benefits Security Administration, Public Disclosure Room, 200 Constitution Avenue, NW, Suite N-1513, Washington, D.C. 20210.