H.F.I.A.W. Local No. 32 - Pension Trust Fund

The Board of Trustees, co-chaired by John Dwyer as Fund Chairman, governs investment policy. The board comprises union trustees from Local 32 and employer trustees from signatory contracting firms. Day-to-day investment management is delegated to external institutional managers and consultants, whose selection and monitoring the trustees oversee.

It is a jointly trusteed pension fund established under Section 302 of the Taft-Hartley Act. Multiple employers who are party to a collective bargaining agreement contribute to a single pooled fund. A board of trustees, evenly split between labor and management representatives, administers the plan. This structure creates portable retirement benefits for workers who may move between contributing employers and spreads funding risk across the contributing employer base.

Contributing employers are signatories to the collective bargaining agreement between Local 32 and the North Jersey Insulation and Asbestos Abatement Contractors Association. Employer trustees on the board represent specific firms — Woolsulate Corp, 3-D Insulation, and New States Contracting, LLC — indicating active participation by those companies.

Local 32 is an affiliated local union of the International Association of Heat and Frost Insulators and Allied Workers, a national labor organization headquartered in Lanham, Maryland. The pension fund is one of multiple local plans operating under the International's umbrella. Each local fund is independently governed by its own board of trustees.

The fund does not publicly disclose its investment structure. As with most Taft-Hartley plans of this size, investment execution is typically handled by third-party investment consultants and institutional asset managers selected by the trustees, rather than through an in-house investment team making direct investments.