# IUOE Pension Fund of Eastern PA & Delaware

IUOE Pension Fund of Eastern PA & Delaware is a Pension Fund based in Fort Washington, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Fort Washington, United States
- **Region:** North America
- **Address:** Fort Washington, PA, United States
- **Founded:** 1960
- **Assets under management:** Undisclosed
- **Website:** iuoe542funds.com
- **LinkedIn:** https://www.iuoe542funds.com/

## Regulatory record

- **Reports private funds:** No

## About

The IUOE Pension Fund for Eastern Pennsylvania and Delaware was established in 1960 to serve eligible members of International Union of Operating Engineers Local 542. Trustees operate under a Taft-Hartley framework, with the board split evenly between union representatives and employer trustees appointed by the Contractors Association of Eastern Pennsylvania. James Reilley, elected Local 542 Business Manager in 2022, sits as a union trustee alongside Robert Walsh, Thomas Danese, and Charles Priscopo; employer trustees include Sonia Di Valerio, Executive Director of the Contractors Association, Michael J. Driscoll, Jr., James Davis, and Walter P. Palmer 3rd. The fund deploys capital across venture, growth, buyout, and special-situations strategies, with a distinct appetite for secondaries and private credit. Direct co-investments, fund commitments, and a dedicated separate account with real estate manager TGM Associates define the deployment path — the TGM account concentrates on multifamily properties, while fund relationships lean into middle-market buyout and credit vehicles. Confirmed operationally relevant assets also include the IUOE Local 542 headquarters in Fort Washington and a heavy-equipment training center in Philadelphia. With an estimated asset base of $977M, the pension plan runs lean on dedicated investment staff, relying heavily on board oversight and external consultant relationships. The fund maintains ties to broader labor-investment networks through memberships in the International Foundation of Employee Benefit Plans and North America's Building Trades Unions. Adjacent structures include the IUOE Local 542 Scholarship Fund and the IUOE National Charity Fund, which operate separately from the pension portfolio. What distinguishes this fund from a generic Taft-Hartley plan is its dual-board architecture — union and employer trustees share fiduciary responsibility but represent inherently different constituencies — and its reliance on a real estate separate account alongside opportunistic fund commitments. The Local 542-specific nature of the plan also means it does not seek scale through multi-employer pooling beyond its own member base, keeping assets tightly aligned with a single trade jurisdiction.

## Sectors

- Real Estate
- Secondaries & Special Situations
- Private Credit
- Infrastructure

## People

- James Reilley — Business Manager, IUOE Local 542 & Union Trustee
- Robert T. Heenan — Former Business Manager, IUOE Local 542 & Union Trustee
- Thomas Danese — Union Trustee
- Charles Priscopo — Union Trustee
- Robert Walsh — Union Trustee
- Sonia Di Valerio — Employer Trustee; Executive Director, Contractors Association of Eastern Pennsylvania
- Michael J. Driscoll, Jr. — Employer Trustee
- James Davis — Employer Trustee
- Walter P. Palmer 3rd — Employer Trustee

## Questions

### Who runs investment decisions at the fund?

The Board of Trustees holds full fiduciary authority. Trustees are split evenly between IUOE Local 542 union representatives and employer representatives from the Contractors Association of Eastern Pennsylvania. The board relies heavily on external investment consultants and fund-manager relationships for sourcing and due diligence, given the lean internal staffing model.

### How does the plan structure its real estate exposure?

The fund maintains a dedicated separate account managed by TGM Associates, focused on multifamily real estate. It also holds the union's headquarters building in Fort Washington and a heavy-equipment training facility in Philadelphia as operational assets rather than direct portfolio investments.

### Does the fund participate in direct co-investments or only fund commitments?

The fund uses both channels. Its private-markets program includes direct co-investments alongside general partners, traditional limited-partner commitments to buyout, growth, and venture funds, and allocations to secondaries and special-situations strategies.

### Is this a single-employer or multiemployer plan?

It is a multiemployer defined-benefit plan governed by the Taft-Hartley Act. Eligible participants are members of IUOE Local 542, and contributing employers are bound by collective-bargaining agreements negotiated between the union local and the Contractors Association of Eastern Pennsylvania.

## Related profiles

- [Providence Health & Services and Swedish Health Services Master Retirement Trust](https://altss.com/profile/providence-health-services-and-swedish-health-services-master-retirement-trust)
- [UFCW Local One Pension Fund](https://altss.com/profile/ufcw-local-one-pension-fund)

---

Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/international-union-of-operating-engineers-pension-fund-of-eastern-pennsylvania-and-delaware

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology