DFX Intelligence

Allocator Intelligence

The capital-owner graph behind private markets. Who owns the capital, who decides, how much, under what policy, on whose advice, to which managers, and what changed, with a source and a date behind every row. A target is never an actual, a disclosed holding is never an approval, and an estimate says so.

Taft-Hartley plan

National Electrical Benefit Fund

Taft-Hartley planRockville, MD
Assets
$23B
Total assets, Dec 31, 2025 reported
Funded
95.6%
Jan 1, 2025
Private markets target
n/a
policy Dec 31, 2025
Commitments
16
18 managers on Schedule C
Plan sponsor: Trustees of the National Electrical Benefit Fund
Allocation policy
Form 5500, as of Dec 31, 2025
Actual allocation lines without a target (as filed)
  • Interest-bearing cash 0.4%
  • Corporate debt instruments (other) 7.2%
  • Corporate debt instruments (preferred) 4.4%
  • U.S. Government securities 7.0%
  • Other investments 5.7%
  • Other loans 0.4%
  • Partnership/joint venture interests 14.9%
  • 103-12 investment entities 1.1%
  • Common/collective trusts 34.4%
  • Pooled separate accounts 1.5%
  • Registered investment companies 2.3%
  • Common stock 14.2%
  • Preferred stock 0.1%
  • Real estate (other than employer real property) 3.4%
Consultants and advisers
29 firms
People
No investment staff or executives have been read for this allocator yet.
Manager roster
5 managers on the commitment tape
From the plan’s own commitment disclosures
From Schedule C (investment management, code 28)
Commitments
16 rows, 0 dated closings
Disclosed holdings (from the plan’s performance or holdings report, as of the report date)
DateFundManagerBucketAmountVintageStatusSource
as of Dec 31, 2025Ibew-Neca Equity Index Fundcollective trustChevy Chase Trust CoPublic equity$7.1B heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2025Longview Broad Market 3000 Index Fucollective trustAmalgamated BankPooled vehicles$633M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2025Separate Account Jseparate accountUllico Investment Advisors, Inc.Pooled vehicles$346M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2025Ullico Infrastructure Tax Exempt Fu103 12 ieUllico Investment AdvisorsInfrastructure$238M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2025EB Temporary Investmentcollective trustBNY MellonPooled vehicles$371 heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024Ullico Infrastructure Tax Exempt Fu103 12 ieUllico Investment AdvisorsInfrastructure$220M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024Longview Broad Market 3000 Index Fucollective trustAmalgamated BankPooled vehicles$613M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024Ibew-Neca Equity Index Fundcollective trustChevy Chase Trust CoPublic equity$6.5B heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024Separate Account Jseparate accountUllico Investment Advisors, Inc.Pooled vehicles$325M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024EB Temporary Investmentcollective trustBNY MellonPooled vehicles$356 heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023Ullico Infrastructure Tax Exempt Fu103 12 ieUllico Investment AdvisorsInfrastructure$204M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023Longview Broad Market 3000 Index Fucollective trustAmalgamated BankPooled vehicles$496M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023Ibew-Neca Equity Index Fundcollective trustChevy Chase Trust CoPublic equity$5.3B heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023Separate Account Jseparate accountUllico Investment Advisors, Inc.Pooled vehicles$311M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023ASB Allegiance Real Estate Fundcollective trustABS Allegiance Real EstateReal estate$75.4M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023EB Temporary Investmentcollective trustBNY MellonPooled vehicles$338 heldDisclosed holdingaskebsa.dol.gov
Size and funding
30 readings
Total assets
$23B Dec 31, 2025 reported Form 5500
$20B (2024-12) · $19B (2023-12)
Plan assets
$19B Jan 1, 2025 reported Form 5500
$18B (2024-01) · $17B (2023-01)
Net assets
$21B Dec 31, 2025 reported Form 5500
$19B (2024-12) · $18B (2023-12)
Funded ratio
95.6% Jan 1, 2025 reported Form 5500
95.0% (2024-01) · 92.6% (2023-01)
Participants
693,723 Jan 1, 2025 reported Form 5500
671,575 (2024-01) · 655,103 (2023-01)
Contributions
$1.1B Dec 31, 2025 reported Form 5500
$944M (2024-12) · $863M (2023-12)
Benefits paid
$1.4B Dec 31, 2025 reported Form 5500
$1.3B (2024-12) · $1.3B (2023-12)
Net investment income
$1.6B Dec 31, 2025 reported Form 5500
$1.6B (2024-12) · $1.1B (2023-12)
Investment management fees
$50.2M Dec 31, 2025 reported Form 5500
$50.6M (2024-12) · $56.5M (2023-12)
Form 5500 filings
3 plan years
Plan yearParticipantsAssets (SB market)Funding targetFTAPTotal assets (H)Partnerships / JVMaster trustReal estate
2025 to Dec 31, 2025693,723n/an/an/a$23B$3.3Bn/a$763M
2024 to Dec 31, 2024671,575n/an/an/a$20B$3.1Bn/a$808M
2023 to Dec 31, 2023655,103n/an/an/a$19B$2.9Bn/a$1.0B
Service providers and investment entities as filed (Schedule C and D, latest year first)
What changed
28 events
  • Dec 31, 2025Manager relationship endedinference
    House Hanover LLC no longer appears on National Electrical Benefit Fund's Schedule C as investment manager (plan year 2025 vs 2024)
    with House Hanover LLCaskebsa.dol.gov
  • Dec 31, 2025Consultant changedinference
    Pinnacle Economics no longer appears on National Electrical Benefit Fund's Schedule C as general consultant (plan year 2025 vs 2024)
    with Pinnacle Economicsaskebsa.dol.gov
  • Dec 31, 2025Consultant changedinference
    Chris Williams no longer appears on National Electrical Benefit Fund's Schedule C as general consultant (plan year 2025 vs 2024)
    with Chris Williamsaskebsa.dol.gov
  • Dec 31, 2025Consultant changedinference
    Certilman Balin no longer appears on National Electrical Benefit Fund's Schedule C as general consultant (plan year 2025 vs 2024)
    with Certilman Balinaskebsa.dol.gov
  • Dec 31, 2025Manager relationship endedinference
    Parametric Clifton no longer appears on National Electrical Benefit Fund's Schedule C as investment manager (plan year 2025 vs 2024)
    with Parametric Portfolio Associatesaskebsa.dol.gov
  • Dec 31, 2025Consultant changedinference
    MRI Software LLC appears on National Electrical Benefit Fund's Schedule C as investment adviser (plan) (plan year 2025 vs 2024)
    with MRI Software LLCaskebsa.dol.gov
  • Dec 31, 2025Consultant changedinference
    The Severn Group, Inc. no longer appears on National Electrical Benefit Fund's Schedule C as general consultant (plan year 2025 vs 2024)
    with The Severn Group, Inc.askebsa.dol.gov
  • Dec 31, 2025Consultant changedinference
    Wipfli Advisory LLC appears on National Electrical Benefit Fund's Schedule C as general consultant (plan year 2025 vs 2024)
    with Wipfli Advisory LLCaskebsa.dol.gov
  • Dec 31, 2025Consultant changedinference
    DE Lage Landen Financial Services no longer appears on National Electrical Benefit Fund's Schedule C as general consultant (plan year 2025 vs 2024)
    with DE Lage Landen Financial Servicesaskebsa.dol.gov
  • Dec 31, 2025Consultant changedinference
    Village of Briarcliff Manor no longer appears on National Electrical Benefit Fund's Schedule C as general consultant (plan year 2025 vs 2024)
    with Village of Briarcliff Manoraskebsa.dol.gov
  • Dec 31, 2025Manager relationship started
    Sierra Investment Partners Inc appears on National Electrical Benefit Fund's Schedule C as investment manager (plan year 2025 vs 2024)
    with Sierra Investment Partners Inc.askebsa.dol.gov
  • Dec 31, 2025Consultant changedinference
    Seertek Systems, Inc. no longer appears on National Electrical Benefit Fund's Schedule C as general consultant (plan year 2025 vs 2024)
    with Seertek Systems, Inc.askebsa.dol.gov
  • Dec 31, 2025Manager relationship started
    Payden & Rygel appears on National Electrical Benefit Fund's Schedule C as investment manager (plan year 2025 vs 2024)
    with Payden & Rygelaskebsa.dol.gov
  • Dec 31, 2025Assets changed
    National Electrical Benefit Fund total assets $20.4B -> $22.5B (+10.5%, 2024-12-31 to 2025-12-31)
    askebsa.dol.gov
  • Jan 1, 2025Assets changed
    National Electrical Benefit Fund plan assets $17.7B -> $19.3B (+9.0%, 2024-01-01 to 2025-01-01)
    askebsa.dol.gov
  • Dec 31, 2024Holding endedinference
    National Electrical Benefit Fund no longer reports ASB Allegiance Real Estate Fund (ABS Allegiance Real Estate) (last held $75M at 2023-12-31; absent from the 2024-12-31 filing)
    with ABS Allegiance Real Estateaskebsa.dol.gov
  • Dec 31, 2024Manager relationship endedinference
    Payden & Rygel no longer appears on National Electrical Benefit Fund's Schedule C as investment manager (plan year 2024 vs 2023)
    with Payden & Rygelaskebsa.dol.gov
  • Dec 31, 2024Consultant changedinference
    Village of Briarcliff Manor appears on National Electrical Benefit Fund's Schedule C as general consultant (plan year 2024 vs 2023)
    with Village of Briarcliff Manoraskebsa.dol.gov
  • Dec 31, 2024Consultant changedinference
    Sovos appears on National Electrical Benefit Fund's Schedule C as general consultant (plan year 2024 vs 2023)
    with Sovosaskebsa.dol.gov
  • Dec 31, 2024Consultant changedinference
    Certilman Balin appears on National Electrical Benefit Fund's Schedule C as general consultant (plan year 2024 vs 2023)
    with Certilman Balinaskebsa.dol.gov
  • Dec 31, 2024Consultant changedinference
    The Severn Group, Inc. appears on National Electrical Benefit Fund's Schedule C as general consultant (plan year 2024 vs 2023)
    with The Severn Group, Inc.askebsa.dol.gov
  • Dec 31, 2024Consultant changedinference
    Pinnacle Economics appears on National Electrical Benefit Fund's Schedule C as general consultant (plan year 2024 vs 2023)
    with Pinnacle Economicsaskebsa.dol.gov
  • Dec 31, 2024Consultant changedinference
    Joan Kendall appears on National Electrical Benefit Fund's Schedule C as general consultant (plan year 2024 vs 2023)
    with Joan Kendallaskebsa.dol.gov
  • Dec 31, 2024Consultant changedinference
    Cherry Bekaert LLP no longer appears on National Electrical Benefit Fund's Schedule C as general consultant (plan year 2024 vs 2023)
    with Cherry Bekaert LLPaskebsa.dol.gov
  • Dec 31, 2024Manager relationship started
    Ullico Investment Advisors Inc. appears on National Electrical Benefit Fund's Schedule C as investment manager (plan year 2024 vs 2023)
    with Ullico Investment Advisors, Inc.askebsa.dol.gov
  • Dec 31, 2024Assets changed
    National Electrical Benefit Fund total assets $18.9B -> $20.4B (+7.9%, 2023-12-31 to 2024-12-31)
    askebsa.dol.gov
  • Jan 1, 2024Funded status changed
    National Electrical Benefit Fund funded ratio 92.6% -> 95.0% (2023-01-01 to 2024-01-01)
    askebsa.dol.gov
  • Jan 1, 2024Assets changed
    National Electrical Benefit Fund plan assets $16.6B -> $17.7B (+6.5%, 2023-01-01 to 2024-01-01)
    askebsa.dol.gov
Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.
Provenance
Identifiers: EIN-PN 530181657-001
Cross-graph: no entry on another DFX graph
First observed Sep 15, 2026, last observed Sep 15, 2026. Classification confirmed. Every row above carries its source; a reported figure is the subject’s own, a derived one is arithmetic on reported figures, an estimated one is a model or a survey imputation and is never summed into a headline.