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Heavy & General Laborers' Local Unions 472 & 172 of NJ Annuity Plan
The Heavy & General Laborers' Local Unions 472 & 172 of NJ Annuity Plan was established in 1980 as a multiemployer defined-contribution plan.
Heavy & General Laborers' Local Unions 472 & 172 of NJ Annuity Plan
The Heavy & General Laborers' Local Unions 472 & 172 of NJ Annuity Plan was established in 1980 as a multiemployer defined-contribution plan. It covers eligible members of Newark-based Local 472 and Trenton-area Local 172, with plan administration tied to the Associated Construction Contractors of New Jersey (ACCNJ). The annuity is one of several benefits managed under the HGL Funds umbrella alongside welfare, pension, vacation, and supplemental employee training (SET) plans. The plan allocates capital through a hybrid structure blending direct fund commitments and fund-of-funds vehicles. Asset-class exposures span real estate and private credit, with confirmed holdings that include positions in J.P. Morgan's Strategic Property Fund — a diversified core US mixed-use vehicle — and BlackRock Real Assets II Parallel LP, a global industrial-focused strategy (Altss research). The plan also maintains a stable-value allocation via a guaranteed interest account with Prudential, reflecting the conservative-liability matching common among Taft-Hartley annuities. The fund's trustee governance links directly to union leadership: Business Managers Sean McBride (Local 172) and Anthony Capaccio (Local 472) represent the membership on the board alongside employer-side representatives from ACCNJ. The plan participates in the International Foundation of Employee Benefit Plans (IFEBP) and the National Coordinating Committee for Multiemployer Plans (NCCMP), the primary advocacy and education networks for jointly-trusteed benefit plans. No recent operational event was publicly announced in the last 24 months. The structure is inherently rare within institutional portfolios: a jointly-trusteed annuity plan with equal labor-management governance, operating within the federally regulated Taft-Hartley framework. This prohibits unilateral investment decisions and requires consensus between union and employer trustees, creating a slow-moving and liability-aware investment posture that prioritizes capital preservation and stable long-term return assumptions over opportunistic risk-taking.
General information
Firm type
Pension Fund
Year founded
1980
AUM
~$1.34B (Altss estimate)
Location
Region
North America
Country
United States
City
Newark
Corporate office
Newark, NJ, United States
Principals
Sean McBride
Business Manager of Local 172 and Union Trustee
Anthony Capaccio
Business Manager of Local 472 and Union Trustee
Sector focus
Frequently asked questions
Who runs investment decisions at the plan?
Investment decisions are made by a joint board of trustees composed of union and employer representatives. The union side is represented by Business Managers Sean McBride of Local 172 and Anthony Capaccio of Local 472. The employer side is represented by the Associated Construction Contractors of New Jersey (ACCNJ). As a Taft-Hartley plan, no single trustee or party has unilateral authority over investment policy or manager selection.
How is the plan structured relative to the other HGL union benefit funds?
The Annuity Plan is one of five benefit vehicles administered under the Heavy & General Laborers' Fund of New Jersey umbrella. The other plans cover health and welfare, a defined-benefit pension, vacation benefits, and supplemental employee training. Each fund operates as a separate trust, but they share administrative infrastructure and trustee overlap, anchored by the same two LIUNA locals and ACCNJ.
Does the plan invest directly in individual companies or only through fund managers?
The plan uses a hybrid fund-of-funds and buyout allocation approach. Its disclosed exposures are through institutional commingled funds — including J.P. Morgan's Strategic Property Fund and BlackRock Real Assets II Parallel LP — rather than direct operating-company equity. This is consistent with Taft-Hartley plans of this size, which typically rely on external manager selection for diversification and fiduciary oversight.
What is the asset-class mix for the annuity portfolio?
Based on disclosed holdings, the plan's portfolio spans real estate, private credit, and stable-value instruments. Confirmed investments include a core US mixed-use real estate exposure through J.P. Morgan and global industrial real assets through BlackRock. A guaranteed interest account with Prudential provides a fixed-income-like anchor, standard for annuity plans that must manage near-term retirement liability profiles.
Which sectors does the plan explicitly avoid?
There is no public investment-policy statement or meeting-minute disclosure that identifies sector exclusions. Like most Taft-Hartley construction-union plans, the portfolio is observed to focus on institutional-quality credit and real assets rather than early-stage venture, speculative technology, or direct operating-business equity, but no formal exclusion list has been made public.
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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