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Cement Masons & Plasterers, Local Union #592
Cement Masons & Plasterers Local 592 is a Philadelphia-based union pension fund affiliated with the Operative Plasterers' and Cement Masons' International...
Cement Masons & Plasterers, Local Union #592
Cement Masons & Plasterers Local 592 is a Philadelphia-based union pension fund affiliated with the Operative Plasterers' and Cement Masons' International Association (OPCMIA). The fund was established to provide retirement and welfare benefits to union members in the cement masonry and plastering trades in eastern Pennsylvania. It is governed by a board of trustees comprising union and employer representatives. The fund's investment strategy emphasizes capital preservation and steady growth, targeting private-market opportunities for long-term yield. Known allocations include the ASB Allegiance Real Estate Fund, a mixed-use real estate vehicle focused on North American properties. The fund also holds direct commercial property such as its Local 592 Headquarters at 2843 Snyder Avenue and a training center at 2930 Snyder Avenue. Its portfolio likely includes a mix of private equity and fixed-income securities, though exact allocations are not publicly disclosed. The fund employs a small administrative team led by Funds Administrator Joe Moskauski, who handles day-to-day operations for both the pension and welfare funds. Physical assets provide a real estate anchor beyond fund vehicles. The union runs an apprenticeship training center at 2930 Snyder Avenue, which is part of the Pennsylvania Apprentice Coordinators Association network. The fund has maintained a conservative investment posture focused on income generation through its real estate holdings and union treasury assets. The fund is structurally distinct as a multi-employer union pension plan tied to a single local union but accessible to multiple employers through collective bargaining agreements. This gives the fund a stable, recurring funding source from employer contributions. Governance oversight comes from the union's parent body, the OPCMIA, which sets broad investment guidelines but leaves specific allocation decisions to the local board.
General information
Firm type
Pension Fund
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Philadelphia
Corporate office
Philadelphia, PA, United States
Principals
Dennis Fife
President of Local 592
Joe Moskauski
Funds Administrator for the Pension and Welfare funds
Sector focus
Frequently asked questions
Who runs investment decisions at Cement Masons & Plasterers Local 592?
Investment decisions are made by a joint board of trustees representing both the union and contributing employers. Dennis Fife serves as President of Local 592 and likely chairs the fund's oversight committee. Joe Moskauski is the Funds Administrator who manages the day-to-day operations of the pension and welfare funds (per public records). The fund uses external managers for its real estate investments, including the ASB Allegiance Real Estate Fund.
How does the fund source its investment capital?
Capital comes from employer contributions required under collective bargaining agreements with union construction contractors. Participating employers make per-hour contributions to both the pension and welfare funds on behalf of union members. This multi-employer structure provides a steady funding stream, as multiple contractors employ Local 592 members on various construction projects in eastern Pennsylvania.
What types of investments does the fund hold?
The fund holds a diversified portfolio that includes private real estate equity, direct-owned commercial properties, and union treasury assets. Its real estate exposure is managed through the ASB Allegiance Real Estate Fund, a North American mixed-use vehicle. The fund also owns two properties in Philadelphia: its headquarters at 2843 Snyder Avenue and an apprentice training center at 2930 Snyder Avenue. Additional asset allocation details are not publicly disclosed.
Is the fund structured as a single-employer or multi-employer pension plan?
Cement Masons & Plasterers Local 592 operates as a multi-employer pension plan under the Taft-Hartley Act model. This means multiple construction employers contribute to the same fund on behalf of their union employees. The fund is administered jointly by union and employer trustees. It is affiliated with the Operative Plasterers' and Cement Masons' International Association (OPCMIA), the parent union that oversees local unions across the US.
What is the relationship between the pension fund and the union's training center?
The pension fund is separate from the union's apprentice training center, but both are under the umbrella of Local 592. The training center at 2930 Snyder Avenue is an industrial facility owned by the union, not the pension fund. It provides apprenticeship programs approved by the Pennsylvania Apprentice Coordinators Association. The fund's role is limited to managing retirement and welfare benefits, while the training center is funded through separate federal and state grants, plus union dues.
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