National Electrical Benefit Fund (NEBF)

At 74% funded, National Electrical Benefit Fund (NEBF) is in the underfunded bracket. The gap to full funding is $523M, an amount that takes years of disciplined contributions to close even with cooperative market returns.

National Electrical Benefit Fund (NEBF) is a multi-employer pension plan sponsored by IBEW & NECA — a collectively-bargained plan covering workers across multiple employers in the same industry or union. Multi-employer plans are PBGC-insured but under a different (and historically less-funded) program than single-employer plans. The plan remains active — accruing new benefits for current employees and accepting new participants. Among private-sector single-employer plans, the active status is increasingly rare as employers freeze accruals while continuing to fund existing obligations; public-sector plans are more often still actively accruing.

The plan is mid-sized: $1.5B in assets, 18,619 participants (8,335 active, 8,490 retired). Mid-sized plans often outsource investment management to institutional advisors and follow standard actuarial conventions. The participant mix runs roughly even between 8,335 active workers and 8,490 retirees — a balanced demographic profile that gives the plan time to compound investment returns before payouts dominate cash flow. Annual cash flows: $1.2B in sponsor contributions versus $1.5B in benefit payments. Investment performance over the most recent year ran 5.2%, against the plan's assumed long-term return of 7.0%.

PBGC risk classification: moderate. The plan's funded status puts it under enhanced monitoring but not active intervention. Multi-employer plans like National Electrical Benefit Fund (NEBF) have PBGC backing under a separate (and historically lower-funded) guarantee program. The 2021 American Rescue Plan provided substantial federal support to the multi-employer system, but long-term solvency varies plan-by-plan.