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Asbestos Workers Local 42 Pension Fund
The Asbestos Workers Local 42 Pension Fund provides retirement benefits to members of the International Association of Heat and Frost Insulators and Allied...
Asbestos Workers Local 42 Pension Fund
The Asbestos Workers Local 42 Pension Fund provides retirement benefits to members of the International Association of Heat and Frost Insulators and Allied Workers in the Englewood Cliffs area. The fund operates as a Taft-Hartley multi-employer plan, jointly managed by union and contributing employer trustees. James McCourt, Business Manager of Local 42, serves as a trustee alongside representatives of signatory contractors. In 2021, the plan's actuary certified it as being in endangered status, indicating a funded percentage below 80% and triggering a mandatory funding improvement plan under federal law. The fund's investment posture is conservative and real-asset oriented. Known holdings include a stake in the Multi-Employer Property Trust (MEPT), a large open-end commingled real estate fund that pools capital from Taft-Hartley plans to invest in commercial properties across the United States. The fund also holds a position in ULLICO's J for Jobs program, a mixed-use real estate strategy that targets union-built projects. Beyond real estate, the plan maintains allocations to fixed income and domestic equities managed by external institutional managers, though specific manager names and positions beyond the real estate vehicles are not publicly disclosed. The geographic focus is domestic. The fund's professional roster and asset base are undisclosed. It participates in the International Foundation of Employee Benefit Plans (IFEBP), the primary industry association for multi-employer plans, which serves as a peer network for sharing governance and investment practices. As of 2021, the trustees adopted a funding improvement plan aimed at restoring the plan's financial health over a multi-year period, a process that will likely influence investment committee decisions on liquidity needs and return targets. Its structural differentiator lies in the funding improvement plan mandate itself. Unlike a single-employer plan that can negotiate contribution increases unilaterally, a multi-employer plan in endangered status must balance the interests of multiple contributing employers, the union membership, and the PBGC guarantee ceiling. That tripartite constraint shapes every allocation decision and distinguishes its governance from that of a corporate or public pension fund.
General information
Firm type
Pension Fund
Year founded
1959
Location
Region
North America
Country
United States
City
Englewood Cliffs
Corporate office
Englewood Cliffs, NJ, United States
Principals
James McCourt
Business Manager, Local 42 and Trustee
Sector focus
Frequently asked questions
What is the current funded status of the Asbestos Workers Local 42 Pension Fund?
As of 2021, the plan's actuary certified it as being in endangered status, meaning its funded percentage had fallen below 80%. This designation requires the trustees to adopt and implement a funding improvement plan designed to restore the plan's financial health. The fund's current funded ratio is not publicly disclosed beyond that certification.
Who serves as trustees of the fund?
The board of trustees includes James McCourt, who serves as the Business Manager of the International Association of Heat and Frost Insulators and Allied Workers Local 42. Additional trustees representing signatory contributing employers also serve on the board, though their names are not publicly disclosed. As a Taft-Hartley multi-employer plan, governance is shared equally between union and management representatives.
What types of real estate investments does the fund hold?
The fund holds a stake in the Multi-Employer Property Trust (MEPT), an open-end commingled real estate vehicle that invests in commercial properties nationwide and is specifically structured for Taft-Hartley pension plans. It also participates in ULLICO's J for Jobs program, a mixed-use real estate strategy focused on union-built projects. These investments reflect a preference for real assets with direct ties to union construction labor.
Is this a single-employer or multi-employer pension plan?
It is a multi-employer plan, also known as a Taft-Hartley plan, which pools contributions from multiple signatory employers under a collective bargaining agreement with the International Association of Heat and Frost Insulators and Allied Workers Local 42. Benefits are portable for members who work for different contributing contractors over their careers. The plan's liabilities are shared across the participating employer base.
What is a funding improvement plan and why does this fund have one?
A funding improvement plan is a federally mandated schedule of contribution increases and/or benefit adjustments required under the Pension Protection Act when a multi-employer plan enters endangered status. This fund triggered the requirement in 2021 when its funded percentage fell below 80%. The plan outlines specific steps the trustees must take over a multi-year horizon to improve the funded ratio and avoid a deeper critical status designation.
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