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Building Trades United Pension Trust Fund - Milwaukee & Vicinity
The Building Trades United Pension Trust Fund of Milwaukee and Vicinity covers retirement benefits for union construction workers across southeastern...
Building Trades United Pension Trust Fund - Milwaukee & Vicinity
The Building Trades United Pension Trust Fund of Milwaukee and Vicinity covers retirement benefits for union construction workers across southeastern Wisconsin. Its board includes labor and management trustees: Joel Zielke of Steamfitters Local 601, Matt Marcellis of the Allied Construction Employers Association, Erik Ogren also of Local 601, and Mike Findorff of general contractor Findorff and Son. The joint labor-management governance structure is standard for Taft-Hartley multiemployer plans. The fund deploys capital primarily through direct real estate acquisitions, union-built construction investments, and targeted fixed-income strategies. Its property portfolio includes the Tradesman Building, a commercial office at 500 N. Elm Grove Road that also serves as its headquarters, and the Dublin Corporate Center in Northern California. The fund is a known participant in the AFL-CIO Housing Investment Trust, which channels union pension capital into multifamily and workforce-housing development while generating prevailing-wage construction hours for building-trades members. The geographic tilt remains heavily Wisconsin and select national real estate markets where union density supports project execution. With an estimated $3.3 billion in assets, the fund operates from Elm Grove, Wisconsin, and maintains ties to Building Advantage, a Milwaukee-area labor-management council promoting union construction. It also participates in CORPaTH, an international network for pension trustees focused on responsible investment practices. In recent years, multiemployer plans like this one have faced pressure on funded status and contribution levels, pushing trustees toward higher-returning alternative allocations. What distinguishes the Milwaukee Building Trades plan is its direct-ownership posture in commercial real estate rather than relying solely on REITs or commingled vehicles. The joint-trustee board — split equally between labor and management — creates a built-in check that can slow decision-making but also ensures investments align with both return targets and employment-generation goals for the contributing locals.
General information
Firm type
Pension Fund
Year founded
—
AUM
$3.3B (Altss estimate)
Location
Region
North America
Country
United States
City
Elm Grove
Corporate office
500 N. Elm Grove Road, Elm Grove, WI, 53122, United States
Additional offices
Dublin, CA, United States
Principals
Joel Zielke
Trustee
Matt Marcellis
Trustee
Erik Ogren
Trustee
Mike Findorff
Trustee
Sector focus
Frequently asked questions
Who sits on the board of trustees and what governs their decision-making?
The board includes an equal number of labor and management trustees, consistent with Taft-Hartley multiemployer plan rules. Named labor trustees include Joel Zielke and Erik Ogren, both of Steamfitters Local 601. Management trustees include Matt Marcellis, Executive Director of the Allied Construction Employers Association, and Mike Findorff of Findorff and Son. This joint structure requires consensus between both sides of the bargaining table for investment decisions.
Does the fund invest directly in real estate or only through pooled vehicles?
The fund holds direct commercial real estate positions, including the Tradesman Building in Elm Grove and the Dublin Corporate Center in California. It also participates in pooled vehicles — notably the AFL-CIO Housing Investment Trust, which finances multifamily and workforce-housing projects nationwide. The direct-property component is a distinguishing feature among union pension plans.
What is the fund's relationship to the AFL-CIO Housing Investment Trust?
The Milwaukee Building Trades plan is a known investor in the AFL-CIO Housing Investment Trust, a fixed-income fund that deploys union pension capital into federally insured and government-sponsored housing debt. The trust, based in Washington, DC, generates construction work hours for building-trades members alongside financial returns, aligning with the fund's dual mission of retirement security and employment generation.
What construction trades are covered by this pension plan?
The plan covers building-trades workers in Milwaukee and surrounding counties whose employers contribute under collective bargaining agreements. Participating unions are affiliated with the Milwaukee Building and Construction Trades Council, which represents locals across carpentry, electrical, plumbing, operating engineers, ironworkers, and other skilled crafts. Specific participating locals are determined by contribution agreements.
How does the fund's governance differ from a corporate or public pension plan?
As a Taft-Hartley multiemployer plan, governance is split equally between union trustees and contributing-employer trustees, rather than a corporate sponsor or government entity. The management-side trustees are represented by the Allied Construction Employers Association. This structure means investment decisions must satisfy both the return needs of retirees and the employment interests of active members — and it makes the fund exempt from most SEC public-filing requirements that apply to corporate plans.
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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