This is a summary of the annual report for the INT'L BROTHERHOOD OF ELECTRICAL WORKERS' PENSION BENEFIT FUND, (Employer Identification No. 53-0088380, Plan No. 001) for the period July 1, 2022 to June 30, 2023. 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 $193,452,750. These expenses included $10,362,123 in administrative expenses and $183,090,627 in benefits paid to participants and beneficiaries. A total of 556,598 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 $2,402,321,430 as of June 30, 2023, compared to $2,312,357,606 as of July 1, 2022. During the plan year, the plan experienced an increase in its net assets of $89,963,824. 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 $283,416,574, including employee contributions of $98,918,240, gains of $14,576,329 from the sale of assets, earnings from investments of $171,729,353 and other income of $-1,807,348.

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; and
4. 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,

Paul A. Noble
International Secretary-Treasurer
900 7th Street, NW
Washington, DC 20001-4089
82-4445797 (Employer Identification Number)
(202) 728-6200

The charge to cover copying costs will be $14 for the full report, or $0 per page for any part thereof.

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. The charge to cover copying costs given above does not include a charge for the copying of these portions of the report because these portions 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' Pension Benefit Fund
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, DC 20210.

Paperwork Reduction Act Statement

According to the Paperwork Reduction Act of 1995 (PUB. L. 104-13) (PRA), no persons are required to respond to a collection of information unless such collection displays a valid Office of Management and Budget (OMB) control number. The department notes that a federal agency cannot conduct or sponsor a collection of information unless it is approved by OMB under the PRA, and displays a currently valid OMB control number, and the public is not required to respond to the collection of information unless it displays a currently valid OMB control number. See 44 U.S.C. 3507. Also, notwithstanding any other provisions of law, no person shall be subject to penalty for failing to comply with a collection of information if the collection of information does not display a currently valid OMB control number. See 44 U.S.C. 3512.

The public reporting burden for this collection of information is estimated to average less than one minute per notice (approximately 3 hours and 11 minutes per plan). Interested parties are encouraged to send comments regarding the burden estimate or any other aspect of this collection of information, including suggestions for reducing this burden, to the U.S. Department of Labor, Office of the Chief Information Officer, Attention: Departmental Clearance Officer, 200 Constitution Avenue, NW, Room N-1301, Washington, DC 20210 or email DOL_PRA_public@dol.gov and reference the OMB control number 1210-0040

OMB control number 1210-0040 (expires 06/30/2023)

Note: for small pension plans that are eligible for an audit waiver, see the department's regulation at 29 CFR 2520.104-46 for model language to be added to the summary annual report.