Electrical Workers (IBEW) Local #102

Electrical Workers (IBEW) Local #102

IBEW Local 102 operates its defined-benefit pension plan from Parsippany, New Jersey, where Business Manager Patrick Delle Cava and President Bernard Corrigan steward retirement assets for the local's membership of union electricians. The fund's principal known hard asset is the IBEW Local 102 Headquarters and Training Center at 50 Parsippany Road, a commercial property that houses the union's administrative operations and its apprenticeship training facility — a structure that embeds pension capital directly in the local's own physical plant. The pension's investment posture reflects classic union Taft-Hartley plan architecture: a mix of domestic equities, fixed income, and real estate exposure, with the self-owned headquarters providing a direct property allocation. While the specific asset-class weights are not publicly disclosed, the fund participates in economic-development partnerships through its affiliation with Choose New Jersey, signaling openness to in-state infrastructure or job-creating investments that align with member interests. The local's membership in the New Jersey Business & Industry Association (NJBIA) — as the first labor union member admitted in 2015 — gives the plan's trustees access to commercial and industrial real estate networks across the state. The fund's governance structure ties directly to union leadership, with the Business Manager and President overseeing operations from the Parsippany headquarters. The local maintains a charitable arm running an annual scholarship program and a Bike Run & Cruise In fundraiser, though these are philanthropic activities of the union rather than pension-funded initiatives. No dedicated investment staff or third-party OCIO relationship is publicly documented. The pension's most distinctive feature is its hybrid real-asset composition: direct ownership of its own operating facility blurs the line between plan investment and union operating asset, a structure that prioritizes member-familiar, tangible holdings over external mandates. This self-owned model creates alignment between the physical footprint of the local and the long-duration liabilities of the pension — a deeply conservative posture that contrasts with the diversified fund-of-funds approach common among larger union plans.