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Florida Carpenters Pension Plan
The Florida Carpenters Pension Plan is a Taft-Hartley multi-employer pension fund providing retirement benefits to union carpenters in Florida.
Florida Carpenters Pension Plan
The Florida Carpenters Pension Plan is a Taft-Hartley multi-employer pension fund providing retirement benefits to union carpenters in Florida. The plan is administered by Southern Benefit Administrators, Incorporated, with a shared administrative footprint alongside related funds including the Florida Trowel Trades Pension Fund and the Florida UBC Health Fund. The fund has been in critical status for over a decade, requiring a rehabilitation plan under the Pension Protection Act, which gives trustees the ability to reduce adjustable benefits to forestall insolvency. The fund's investment strategy, historically focused on growth capital allocations, is now secondary to its solvency concerns. Its assets have included direct real estate holdings such as a union hall in Jacksonville and a millwrights training center in Tampa, as well as annuity contracts booked in Newark, New Jersey. The fund does not publicly disclose a full portfolio breakdown or outside investment managers. On December 31, 2024, the plan merged into the United Brotherhood of Carpenters Pension Fund's United States Segment, according to a regulatory filing with the Department of Labor. This merger effectively transferred the Florida plan's remaining assets and participant liabilities to the larger national fund, a move consistent with the multi-employer pension consolidation trend accelerated by the American Rescue Plan's special financial assistance program. The Florida Carpenters Regional Council remains the sponsoring labor organization of record. The plan's structural distinction lies in its status as a consolidated, critically underfunded regional fund subsumed by its own international parent's national pension vehicle. Unlike most family offices or endowments where governance and investment authority remain independent, the Florida Carpenters Pension Plan has ceded its fiduciary autonomy to the UBC national fund, making its remaining investment posture effectively a legacy runoff managed by the successor entity.
General information
Firm type
Pension Fund
Year founded
1967
Location
Region
North America
Country
United States
City
Jacksonville
Corporate office
Jacksonville, FL, United States
Frequently asked questions
What is the current status of the Florida Carpenters Pension Plan?
The plan merged into the United Brotherhood of Carpenters Pension Fund's United States Segment on December 31, 2024. Prior to the merger, it had been in critical status since at least 2015, operating under a rehabilitation plan designed to address its long-term funding deficit. The merger transfers its remaining assets and participant obligations to the national plan.
Who administers the Florida Carpenters Pension Plan?
Administration is handled by Southern Benefit Administrators, Incorporated, which also provides services to related funds including the Florida Trowel Trades Pension Fund and the Florida UBC Health Fund. Following the 2024 merger, investment and fiduciary decisions are now governed by the trustees of the United Brotherhood of Carpenters national plan.
What caused the plan to enter critical status?
Multi-employer pension plans like the Florida Carpenters fund entered critical status due to a combination of demographic pressures—an aging participant base with fewer active contributing workers—and investment underperformance following the 2008 financial crisis. The plan's rehabilitation plan, filed with the Department of Labor, outlined the funding shortfall and authorized benefit reductions permitted under the Pension Protection Act.
Does the Florida Carpenters Pension Plan still make new investments?
No separate investment program exists for the Florida Carpenters Pension Plan post-merger. All remaining assets and future contribution flows, if any, are now managed by the United Brotherhood of Carpenters Pension Fund's national investment office. The legacy Florida plan is a closed pool of liabilities managed within the merged entity.
How is the Florida Carpenters Regional Council related to the pension plan?
The Florida Carpenters Regional Council is the sponsoring union organization that originally established the pension plan for its members. The council is an affiliate of the United Brotherhood of Carpenters and Joiners of America. Following the 2024 merger, the council continues as the local bargaining representative for active carpenters, while pension administration shifted to the national fund.
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