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BAC Local 3 NY Individual Account Retirement Fund
BAC Local 3 NY Individual Account Retirement Fund was established in 1982 as a multiemployer defined-benefit plan serving eligible members of the Bricklayers...
BAC Local 3 NY Individual Account Retirement Fund
BAC Local 3 NY Individual Account Retirement Fund was established in 1982 as a multiemployer defined-benefit plan serving eligible members of the Bricklayers and Allied Craftworkers Local 3 in New York. The fund operates under a Taft-Hartley structure, jointly governed by a Board of Trustees that includes union president Richard Toland and three employer representatives — Bradley Walters, Jay Niedzialkowski, and Frank Martino Jr. Its sponsoring union is an affiliate of the International Union of Bricklayers and Allied Craftworkers, situating the fund within a broader national labor ecosystem. The fund's investment strategy reflects the conservative, liability-driven posture typical of smaller multiemployer plans. Asset exposure is accessed predominantly through pooled vehicles rather than separate accounts, with disclosed relationships including MassMutual Select Funds and Vanguard Index Funds. The geographic concentration is domestic, anchored in the Northeast where its member base works. While specific allocation weights are not public, the fund's size and structure suggest a heavy weighting toward fixed income, large-cap equities, and core real estate exposures consistent with peer plans in the $50M–$200M range. At roughly $95 million (Altss estimate), the fund is small by institutional standards but plays an essential role in the retirement architecture of a skilled-trade workforce. The board composition — four named trustees with a union-employer balance — is standard Taft-Hartley governance, with day-to-day investment oversight likely delegated to third-party consultants or plan administrators rather than an internal investment staff. The fund leverages the scale of the International Union's broader network for education and advocacy but operates with local autonomy. Structurally, the fund differs from a single-family office or a larger public pension in its lack of direct deal capacity. There is no captive venture arm, no co-investment program, and no dedicated internal investment team. Its influence is exerted through fund-manager selection and periodic rebalancing rather than active portfolio construction. This makes it a predictable, slow-moving allocator — less sensitive to short-term market cycles but potentially exposed to long-term underfunding risks common among building-trades plans.
General information
Firm type
Pension Fund
Year founded
1982
Location
Region
North America
Country
United States
City
Rochester
Corporate office
Rochester, NY, United States
Principals
Richard Toland
Trustee
Bradley Walters
Employer Trustee
Jay Niedzialkowski
Employer Trustee
Frank Martino Jr.
Employer Trustee
Sector focus
Frequently asked questions
Who runs investment decisions at the BAC Local 3 NY fund?
Investment oversight rests with a joint Board of Trustees, which includes union-side representative Richard Toland and three employer trustees — Bradley Walters, Jay Niedzialkowski, and Frank Martino Jr. Day-to-day management is almost certainly outsourced to a third-party administrator or investment consultant, as the fund has no publicly named internal investment staff.
How is the fund structured, and who sponsors it?
It is a multiemployer defined-benefit plan governed under the Taft-Hartley Act. The sponsoring entity is BAC Local 3 New York, which represents bricklayers and allied craftworkers in the upstate region and is itself an affiliate of the International Union of Bricklayers and Allied Craftworkers.
What asset classes does the fund invest in?
The fund does not publish detailed allocation data. Disclosed relationships with MassMutual Select Funds and Vanguard Index Funds suggest core exposure to fixed income and public equities. Like most Taft-Hartley plans of its size, it likely also holds real estate and possibly private credit through pooled vehicles, but direct or co-investment activity is highly improbable given the fund's scale.
Does the fund make direct investments or co-investments?
Almost certainly not. At an estimated $95M in assets, the fund lacks the operational scale for a direct deal program. Its investment program is consistently described through fund-manager relationships — MassMutual and Vanguard — indicating a purely intermediated portfolio built on commingled vehicles.
How large is the fund relative to other building-trades pensions?
It is small. The estimated $95M asset pool places it in the bottom quartile of US multiemployer plans by AUM. Larger BAC-affiliated plans — such as the International Union's national pension fund — operate at billion-dollar scale, while Local 3 NY's fund serves a concentrated membership base in the Rochester and upstate New York building markets.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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