Updated:
Bricklayers & Allied Craftworkers Local No. 5 Pension Plan
Bricklayers Local 5 Pension Plan: a multiemployer fund in critical status since 2012, now relying on a PBGC bailout to protect New York tradespeople's...
Bricklayers & Allied Craftworkers Local No. 5 Pension Plan
The Bricklayers and Allied Craftworkers Local No. 5 New York Pension Plan is a multiemployer defined-benefit plan serving union masons and allied tradespeople. Its parent organization is the International Union of Bricklayers and Allied Craftworkers. The plan is administered from Bordentown, New York, with union trustees including Mike Clifford and BAC Executive Vice President Jeremiah Sullivan Jr. overseeing its governance. The plan's investment posture is constrained by its distressed funding status. It entered Critical Status — a legal designation under the Pension Protection Act of 2006 — as of January 1, 2012, which triggered a freeze on benefit accruals and the suspension of certain early retirement and disability payments. The portfolio holds a position in the BlackRock MSCI US Real Estate Index Fund E, indicating a tangible allocation to publicly traded U.S. real estate securities. The fund's geographic focus is domestic, serving participants across New York. In a structural milestone for distressed plans, the Bricklayers Local 5 Plan received a Special Financial Assistance grant from the Pension Benefit Guaranty Corporation under the American Rescue Plan Act of 2021. The grant aims to restore benefits through 2051, covering suspended payments and interest. The exact grant amount and its impact on the plan's total asset base have not been publicly detailed. The plan's professional headcount remains undisclosed. The fund's defining structural reality is its reliance on a federal backstop rather than organic asset growth. Unlike well-funded plans that operate with co-investment programs or private-market risk budgets, Local 5's mandate is now fundamentally about capital preservation and liability defeasance. The PBGC grant effectively converts a portion of the plan's actuarial shortfall into a government obligation, making its investment strategy a function of regulatory compliance rather than return-seeking asset allocation.
General information
Firm type
Multi Family Office
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Bordentown
Corporate office
Bordentown, New York, United States
Principals
Mike Clifford
Union Trustee
Jeremiah Sullivan Jr.
Trustee, BAC Executive Vice President
Sector focus
Frequently asked questions
Why is the Bricklayers Local 5 Pension Plan in 'critical status'?
The plan has been in Critical Status since at least January 1, 2012, a designation under the Pension Protection Act that indicates severe funding shortfalls. This status forced the trustees to freeze benefit accruals and suspend certain early retirement and disability payments to slow the plan's insolvency trajectory.
Has the plan received any government financial support?
Yes. The Bricklayers Local 5 Plan was approved for a Special Financial Assistance grant from the PBGC under the American Rescue Plan Act. This grant is structured to cover suspended benefits and projected shortfalls through 2051, effectively acting as a federal guarantee for the plan's remaining obligations.
What is the plan's known investment exposure?
Public records confirm the plan holds a position in the BlackRock MSCI US Real Estate Index Fund E, which provides exposure to publicly traded U.S. real estate investment trusts and operating companies. The rest of the portfolio's composition is not publicly disclosed by the fund's trustees.
Who is responsible for investment decisions?
Governance rests with the board of trustees, which includes union officials like Mike Clifford and International Union Executive Vice President Jeremiah Sullivan Jr. The trustees oversee the plan's portfolio and its relationship with the PBGC, though the use of external managers or consultants is not publicly detailed.
How does the plan's funding status affect its investment strategy?
As a plan in Critical Status receiving PBGC assistance, the primary objective shifts from maximizing returns to preserving capital and matching liabilities. The federal grant effectively removes the need for the plan to take on significant risk, constraining its ability to allocate heavily to illiquid or return-seeking private-market strategies.
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.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: