BAC Local #23 North Shore Chapter Pension Fund

A joint board of trustees — composed of representatives from the International Union of Bricklayers and Allied Craftworkers and contributing employers from the Construction Employers Association — governs investment policy. Mike Soltis serves as the Organizer and Field Representative for the North Shore Chapter and is a named operational contact for the fund. Specific trustee names and investment consultant relationships, if any, are not publicly disclosed.

Taft-Hartley pension funds of this scale most commonly engage an external investment consultant and delegated fiduciary, but the BAC Local #23 North Shore Chapter Pension Fund does not publicly name any specific OCIO or advisory relationship. Board trustees retain ultimate fiduciary responsibility for asset allocation and manager selection under ERISA.

The fund's core industrial real estate strategy in North America likely operates through commingled fund structures or separate accounts managed by institutional real estate managers, consistent with single-asset-class allocations for sub-$100M pension plans. Direct property-level acquisitions would be atypical at this scale due to concentration risk and governance complexity.

Secondaries allow a smaller pension plan to access seasoned private-market portfolios at a potential discount, with reduced blind-pool risk and faster capital deployment. This posture aligns with the fiduciary duty to avoid undue portfolio volatility and provides a more immediate cash-flow profile — important for a plan servicing retired construction workers in northeast Ohio.

Local #23 North Shore Chapter is a constituent chapter of the International Union of Bricklayers and Allied Craftworkers, which is the parent labor organization. The pension fund operates as an independent multiemployer trust established through collective bargaining agreements between the local union and signatory contractors, with both parties represented on the board of trustees.