# Heat & Frost Insulators & Allied Workers Local 32

Heat & Frost Insulators & Allied Workers Local 32 is a Pension Fund based in Highland Park, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Highland Park, United States
- **Region:** North America
- **Address:** Highland Park, NJ, United States
- **Assets under management:** Undisclosed

## Regulatory record

- **Reports private funds:** No

## About

Heat & Frost Insulators & Allied Workers Local 32 is the Highland Park, New Jersey-based local of the International Association of Heat and Frost Insulators and Allied Workers, an AFL-CIO-affiliated union. The local operates a pension fund for its members, alongside a welfare fund, both governed by the building-trades model of jointly trusteed multi-employer plans. The funds are distinct legal entities from the union itself, with fiduciary boards composed of union and contributing employer representatives. Principal officer Derek J. Vergari serves as Business Manager, while Jeremiah Farmer acts as Business Agent and a key political action contact. The portfolio includes direct property holdings such as the union hall and training center on Cleveland Avenue in Highland Park, and a welfare fund office in Hopatcong. The welfare fund maintains a separate asset base from the pension fund. The geographic focus remains centered in New Jersey, consistent with the local's jurisdictional territory. The fund's close affiliation with the International Union and the North American Building Trades Unions (NABTU) embeds it within a network of labor-affiliated capital pools that often co-invest in infrastructure, real estate, and private equity. The Asbestos Workers Welfare Fund Local 32 in Hopatcong operates alongside the pension fund, though the two are legally separated. The union also administers two scholarship funds: the Dr. Irving J. Selikoff Scholarship Fund and the Florence Bernard-Alta Miller Scholarship Trust Fund, both vehicles for member benefits that sit outside the pension's investment mandate. The union's partnerships with the New Jersey Building and Construction Trades Council and the Working Families United for New Jersey coalition reflect coordinated labor advocacy that can influence the regulatory environment for the fund's portfolio. The structural differentiator for Local 32 is its position within a federation of building-trades labor funds that collectively represent significant institutional capital. Unlike a corporate pension, this fund's governance is jointly trusteed, binding labor and management fiduciaries to a shared investment policy. The direct-ownership model — holding real estate through entities like Broadway Verona Corporation — gives the fund a dual identity as both an allocator and a direct operator of physical assets, a configuration common among trade-union locals but rare outside organized labor.

## Sectors

- Real Estate
- Private Equity

## Offices

- Hopatcong, NJ, United States

## People

- Derek J. Vergari — Business Manager
- Jeremiah Farmer — Business Agent
- John Dwyer — Principal Officer, Local 32 Education Fund

## Questions

### Is the pension fund's capital pooled with the union's welfare fund?

No. The pension fund and the Asbestos Workers Welfare Fund Local 32 are legally separate trusts with distinct asset pools and fiduciary boards. The welfare fund is headquartered in Hopatcong, New Jersey, while the principal union hall and training center are in Highland Park. Both funds are subject to ERISA but serve different member-benefit purposes.

### How is Local 32 different from the International Association of Heat and Frost Insulators?

Local 32 is a subordinate local of the International Association, which is the parent AFL-CIO-affiliated union. The local has jurisdiction over a specific geographic territory in New Jersey and operates its own pension and welfare funds. The International sets national policy and collective-bargaining frameworks, while the local manages day-to-day representation, dues, and its own benefit trusts.

### What role does the union's political action arm play in the fund?

Business Agent Jeremiah Farmer is identified as a key political action contact, and the union is a coalition partner in Working Families United for New Jersey. While the pension fund itself is a fiduciary trust and political spending cannot come from plan assets, the union's advocacy work — including through the New Jersey Building and Construction Trades Council — shapes the regulatory and prevailing-wage landscape that affects the industries where the fund's real estate and private-equity portfolio operates.

## Related profiles

- [Heat and Frost Insulators and Allied Workers Local No. 4 Pension Plan](https://altss.com/profile/heat-and-frost-insulators-and-allied-workers-local-no-4-pension-plan)
- [Heat & Frost Insulators & Allied Workers Local 6 Pension Fund](https://altss.com/profile/heat-frost-insulators-allied-workers-local-6-pension-fund)

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Last updated: 2026-08-11T02:43:31.692Z

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