Heavy & General Laborers' Local Unions 472 & 172 of NJ Annuity 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.