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Greater Pennsylvania Carpenters' Pension Fund
The Greater Pennsylvania Carpenters' Pension Fund operates as a multiemployer plan tied to the Eastern Atlantic States Regional Council of Carpenters.
Greater Pennsylvania Carpenters' Pension Fund
The Greater Pennsylvania Carpenters' Pension Fund operates as a multiemployer plan tied to the Eastern Atlantic States Regional Council of Carpenters. Its board — led by Chairman William C. Sproule and Co-Chairman David D. Daquelente — governs assets accumulated from contributing union carpenters across a two-state footprint. The fund's primary legal obligation is delivering promised retirement benefits, a mission that drives its cash-flow modeling and liquidity management. The portfolio spans at least two asset classes: real estate and hedge funds. On the real estate side, the fund holds a stake in the ARA Core Property Fund LP alongside direct ownership structures — Keystone Mountain Lakes Regional Council of Carpenters Building Corp in New Jersey and Regional Council Land Holdings in Pennsylvania. The hedge fund allocation signals a tilt toward absolute-return strategies, consistent with a pension plan managing liability-driven duration risk. Administration falls to Plan Administrator James R. Klein, who oversees operations from the Pittsburgh headquarters. No satellite offices or publicly disclosed professional headcount exist. The fund's vehicle footprint includes no known co-investment platforms, separate accounts for outside LPs, or philanthropic foundations. The fund's structural differentiator is regulatory: under the Pension Protection Act of 2006, its actuary certifies financial health annually to the IRS and the Board of Trustees. That certification requirement creates a public, legally enforced solvency checkpoint absent from single-family offices or privately held asset managers. It forces the fund to run with transparent, actuarially validated funding ratios rather than the discretion that defines most private investment vehicles.
General information
Firm type
Pension Fund
Location
Region
North America
Country
United States
City
Pittsburgh
Corporate office
Pittsburgh, PA, United States
Principals
William C. Sproule
Chairman of the Board of Trustees
David D. Daquelente
Co-Chairman of the Board of Trustees
James R. Klein
Plan Administrator
Sector focus
Frequently asked questions
Who runs investment decisions at the Greater Pennsylvania Carpenters' Pension Fund?
The Board of Trustees, chaired by William C. Sproule and co-chaired by David D. Daquelente, governs all fund decisions. Day-to-day administration is handled by Plan Administrator James R. Klein. The board operates under the fiduciary standards of the Employee Retirement Income Security Act (ERISA).
Is the fund's primary allocation direct investments or fund commitments?
The known portfolio blends both. The fund holds a direct interest in the ARA Core Property Fund LP and also owns real estate outright through entities like Regional Council Land Holdings in Pennsylvania and a commercial building corporation in New Jersey. The hedge fund allocation likely comes through commingled fund structures.
How is the fund related to the Eastern Atlantic States Regional Council of Carpenters?
The fund is the retirement plan for union carpenters affiliated with the Eastern Atlantic States Regional Council of Carpenters and the Keystone Mountain Lakes Regional Council. The participating employers contribute to the fund under collective bargaining agreements. The union councils are distinct legal entities from the pension fund itself.
What is the fund's regulatory requirement around solvency?
As a plan governed by the Pension Protection Act of 2006, the fund must have its actuary certify its financial health annually to both the IRS and the Board of Trustees. The certification places the fund into a specific status — endangered, critical, or neither — which triggers mandatory corrective actions if underfunding thresholds are breached.
Does the fund have any known direct operating businesses outside of financial investments?
The fund holds real assets directly: Regional Council Land Holdings owns Pennsylvania land, and the Keystone Mountain Lakes Regional Council of Carpenters Building Corp holds commercial property in New Jersey. These appear to be balance-sheet holdings rather than operating companies.
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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