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IBEW Local 353 Pension Plan
Lee Caprio chairs the $1.88 billion IBEW Local 353 Pension Plan, a Toronto-based construction pension jointly governed by union and employer trustees.
IBEW Local 353 Pension Plan
The IBEW Local 353 Pension Plan serves the retirement needs of members of the International Brotherhood of Electrical Workers Local 353, a union representing roughly 11,000 electricians across central Ontario. The union itself was established in 1903, and the pension plan's governance reflects a bilateral foundation: four trustees are appointed by IBEW Local 353, and four by the Greater Toronto Electrical Contractors Association. This negotiation-room architecture means asset allocation priorities are always balanced between labor and management interests. The plan spreads its capital across a mix of asset classes. Real estate holdings are concentrated in Ontario, alongside dedicated portfolios for private debt, infrastructure, and commercial mortgages. The fund's structure avoids a rigid single-manager configuration; instead it maintains direct exposure to these tangible, income-producing assets. Its investment posture appears anchored in private markets — lining up long-duration liability management with hard-asset cash flows within the province itself. With an Altss-estimated asset base near $1.88 billion, the plan is a mid-sized Canadian construction pension fund, but its operational scope extends beyond core retirement benefits. The union and its trustees also oversee a separate Supplemental Unemployment Benefit plan, providing additional security for members during work stoppages. This sibling vehicle, while distinct from the pension fund, illustrates the broader financial apparatus governed by the same trustee-level leadership. A distinguishing feature of the plan is its co-governance model. While many union pension funds tilt toward member-only trustee boards, the Local 353 plan's equal split with the contractors' association embeds a structural check that few Ontario building-trades pensions replicate. This joint-trustee architecture shapes everything from contribution-rate negotiations to the plan's evident preference for provincial real assets — a governance footprint you can see directly in the portfolio map.
General information
Firm type
Pension Fund
Year founded
—
AUM
Approximately $1.88 billion (Altss estimate)
Location
Region
North America
Country
Canada
City
Toronto
Corporate office
Toronto, Ontario, Canada
Principals
Lee Caprio
Chair of the Board of Trustees and Business Manager of IBEW Local 353
Sector focus
Frequently asked questions
Who actually controls investment decisions at the IBEW Local 353 Pension Plan?
Investment decisions ultimately rest with the Board of Trustees. The board includes four members appointed by IBEW Local 353 and four appointed by the Greater Toronto Electrical Contractors Association. Lee Caprio, Business Manager of IBEW Local 353, serves as Chair. Because governance is evenly split, any asset allocation or manager-selection move requires consensus between labor and employer representatives.
How large is the plan, and is that number public?
The plan does not publicly disclose a current AUM figure. Altss estimates total assets in the range of $1.88 billion based on available structural indicators (Altss estimate). This places it among the mid-sized construction-industry pension funds in Ontario.
Does the pension fund have an allocation to private markets?
Yes. The fund maintains dedicated portfolios for real estate, private debt, infrastructure, and mortgages. Its real estate holdings are concentrated in Ontario. This private-markets posture is consistent with a long-dated liability stream that benefits from the yield premiums and duration-matching characteristics of direct property and infrastructure investments.
What is the relationship between the pension plan and the union's other benefit structures?
The pension plan is a distinct legal entity, but it functions within a broader financial ecosystem. A separate Supplemental Unemployment Benefit Plan sits alongside the pension fund. Both are overseen by the IBEW Local 353 leadership and the joint trustee structure, but their funding pools and statutory obligations remain separate.
Does the fund invest outside of Ontario or Canada?
Public sourcing does not specify whether allocations extend beyond Canada. The confirmed real estate portfolio is Ontario-based, and the union's membership is entirely within central Ontario. Without explicit disclosure of international or other provincial mandates, the known investment footprint appears provincial. Further direct due diligence would be required to confirm any cross-border exposure.
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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