I.B.E.W. Local 139 Pension Plan

I.B.E.W. Local 139 Pension Plan

The plan was established in 1961 as a multiemployer defined-benefit vehicle for electricians represented by IBEW Local 139, a union affiliate covering New York's Southern Tier. Ernest A. Hartman serves as Business Manager and Trustee, while Kristine VanFleet acts as Fund Manager for the Pension, Annuity, and Welfare funds. The employer-side counterpart to the union in plan governance is the National Electrical Contractors Association (NECA). Strategy centers on secondaries and special situations, with additional allocations to a US mutual fund portfolio and North American real estate. The plan's real estate footprint includes its directly owned union hall and fund office at 415 West Second Street in Elmira. A notable historical position was a Madoff Settlement Claim, part of the "Hartman Plaintiffs" recovery effort stemming from exposure to Bernard L. Madoff Investment Securities. Regional investment orientation is concentrated in the Southern Tier of New York and broader North America. The plan operates out of a single location in Elmira, New York. Adjacent governance structures include the IBEW Local 139 Annuity and Welfare funds, also managed by VanFleet. Hartman sits on the Board of Directors for Southern Tier Economic Growth (STEG) and serves on the Southern Tier Regional Economic Development Council (STREDC), embedding the plan in local economic development networks. No recent operational restructurings or mandate changes within the last 24 months are publicly documented. The plan's structural distinction lies in the tight coupling of its investment function with local economic development boards. Unlike many pension funds that outsource investment decisions entirely to consultants, IBEW Local 139's trustee directly participates in regional growth councils, giving its real asset and secondaries allocations an insider's lens on the local economy while maintaining a nationally diversified mutual fund sleeve.