IBEW Local 351

Trustees of the IBEW Local 351 Pension Plan, led by Business Manager and Financial Secretary Daniel Cosner, oversee investment decisions. Cosner and fellow trustees — drawn from union leadership and electrical industry representatives — set allocation policy and select fund managers. Day-to-day portfolio implementation may involve external consultants, as is customary for multiemployer plans of this scale. Exact delegation between trustees and consultants is not publicly detailed.

The plan does not publicly disclose its assets under management. Altss estimates the fund at roughly $500M, a figure typical for mid-sized regional multiemployer defined-benefit plans covering several thousand active and retired members. This estimate is derived from plan filings, member counts, and benchmarking against comparable electrical workers' pension funds.

The plan pursues a diversified multi-asset strategy. Known allocations include a mix of public equities, fixed income, and private-market investments — namely private equity (fund-of-funds, growth equity, secondaries, and co-investments) and real assets. The real-asset exposure includes a timberland portfolio and direct ownership of the union hall and pension office properties in Folsom and West Trenton, New Jersey.

The plan's private equity allocation spans growth equity, secondaries, and co-investments, accessed primarily through a fund-of-funds approach. This structure, common in Taft-Hartley plans, provides diversified manager access and built-in secondary exposure without requiring a large internal investment team. Local 351's plan has not disclosed individual direct investments or specific fund commitments.

The plan makes both fund commitments and co-investments. Its private equity strategy includes dedicated co-investment exposure, typically alongside primary fund commitments managed through external general partners. Co-investments allow the plan to increase exposure to specific assets without paying additional management fees — a capital-efficiency tactic widely adopted by institutional limited partners.

The pension is a multiemployer defined-benefit plan funded by employer contributions negotiated through collective bargaining agreements between signatory electrical contractors and IBEW Local 351. These hourly contributions are set per the union's master labor agreements. Employee contributions may supplement employer payments depending on the specific plan design, though the primary obligation falls on participating contractors.

The pension plan is legally distinct from the union itself but governed by overlapping leadership. The union's Business Manager, Daniel Cosner, serves as a trustee alongside other union and employer representatives. The plan's assets — including the Folsom union hall — are held for the exclusive benefit of participants. A separate political action committee, the IBEW Local 351 State PAC Fund, operates independently from pension assets.