# International Brotherhood of Boilermakers Officers and Employees' Pension Plan International Brotherhood of Boilermakers Officers and Employees' Pension Plan is a Pension Fund based in Kansas City, United States. ## Overview - **Organization type:** Pension Fund - **Headquarters:** Kansas City, United States - **Region:** North America - **Address:** Kansas City, MO, United States - **Founded:** 1951 - **Assets under management:** Undisclosed - **Website:** boilermakers.org ## Regulatory record - **Reports private funds:** No ## About The International Brotherhood of Boilermakers Officers and Employees' Pension Plan is a multiemployer defined benefit plan founded in 1951 to serve officers and staff of the Boilermakers union and its affiliated lodges, based in Kansas City, Missouri. The plan is a distinct legal entity governed by a board of trustees, though its operations and strategy have historically been shaped by the union's top elected leaders — most notably former International President Newton Jones, who controlled the plan's investment committee until his 2024 federal indictment alongside former Secretary-Treasurer William Creeden. The plan's assets are funded through employer contributions negotiated in collective bargaining agreements across the construction, shipbuilding, and industrial maintenance sectors. The plan's reported asset mix spans real estate, private credit, and infrastructure. Known holdings include the Bank of Labor, a Kansas City community bank the plan controls through an investment vehicle — a rare instance of a Taft-Hartley plan owning a regulated financial institution. The plan also holds direct commercial real estate, including its longtime headquarters at 753 State Avenue in Kansas City, Kansas, and a newer office complex at 12200 North Ambassador Drive in Kansas City, Missouri. Additional assets include industrial training facilities in Arizona and Ontario, and a fractional interest in private aviation. The plan's strategy encompasses co-investment, buyout, distressed debt, and venture-stage allocations, though specific fund commitments or portfolio company names aside from the Bank of Labor are not publicly documented. Geographic concentration is heavily weighted toward the Midwest and industrial union strongholds. Headcount and total AUM are not publicly disclosed. The plan's governance came under extraordinary public scrutiny in March 2024 when a federal grand jury in the Eastern District of New York indicted five individuals — including Newton Jones, his wife Kateryna Jones, his son Cullen Jones, former Secretary-Treasurer William Creeden, and then-Secretary-Treasurer Kathy Stapp — on charges including RICO conspiracy, embezzlement, and wire fraud. The indictment alleges that over $20 million in plan assets was diverted through no-show jobs for family members and other improper disbursements. The Department of Labor appointed an independent fiduciary to take over plan operations shortly thereafter. Timothy Simmons was elected International President of the union in 2024, with Clint Penny assuming the Secretary-Treasurer role. Structurally, this plan stands apart from the broader Taft-Hartley universe because allegations of corruption triggered a rare active takeover — a DOL-appointed independent fiduciary now runs the investment committee, creating an unusual governance layer. The plan's control of the Bank of Labor also marks it as an outlier, mixing ERISA fiduciary duties with the complexities of bank ownership. Whether the plan will divest the Bank of Labor as part of the ongoing receivership process remains an open question that institutional counterparties are watching closely. ## Sectors - Real Estate - Private Credit - Infrastructure ## People - Timothy Simmons — International President - Clint Penny — International Secretary-Treasurer - Kathy Stapp — Former International Secretary-Treasurer ## Questions ### Who currently controls the investment decisions for this pension plan? Since March 2024, investment and plan administration authority has been held by an independent fiduciary appointed by the U.S. Department of Labor. This action followed the unsealing of a federal indictment against the plan's former chairman, Newton Jones, and other union officials. The independent fiduciary replaced the prior board of trustees and holds temporary control over all plan assets, manager selection, and disbursements. ### What charges were brought against the plan's former leadership? In March 2024, the U.S. Attorney's Office for the Eastern District of New York indicted Newton Jones, William Creeden, Kathy Stapp, and two family members of Jones on charges including RICO conspiracy, embezzlement of union and plan assets, wire fraud, and money laundering. The indictment alleges more than $20 million in losses to the plan through no-show jobs, improper loans, and unauthorized use of plan assets. ### Does the plan participate in co-investments or direct deals alongside external GPs? The plan's stated strategy includes co-investment and direct deal participation, though the extent of current co-investment activity with external general partners is unclear given the change in plan governance. Prior to the indictment, the plan's investment committee — then controlled by union officers — had authority to approve direct investments, including the Bank of Labor position. ### What is the plan's current regulatory status? The plan remains an ongoing defined benefit pension plan subject to ERISA and the jurisdiction of the U.S. Department of Labor's Employee Benefits Security Administration. The independent fiduciary appointment is a temporary remedial measure under ERISA Section 502, not a termination of the plan. The duration of the independent fiduciary's tenure has not been publicly specified. ## Related profiles - [Illinois College Endowment](https://altss.com/profile/illinois-college-endowment) - [Washington & Jefferson College Endowment](https://altss.com/profile/washington-jefferson-college-endowment) --- Last updated: 2026-06-03T20:00:00.000Z Canonical page: https://altss.com/profile/international-brotherhood-of-boilermakers-officers-and-employees-pension-plan Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology