Updated:
International Union of Operating Engineers Stationary Engineers Local 39 Pension Fund
The International Union of Operating Engineers Stationary Engineers Local 39 Pension Fund is the retirement vehicle for members of an AFL-CIO-affiliated...
International Union of Operating Engineers Stationary Engineers Local 39 Pension Fund
The International Union of Operating Engineers Stationary Engineers Local 39 Pension Fund is the retirement vehicle for members of an AFL-CIO-affiliated stationary engineers local in Northern California. Unlike corporate single-sponsor plans, it operates as a jointly trusteed Taft-Hartley fund — governance is split evenly between union-appointed and employer-appointed trustees. Employer contributions flow from collective bargaining agreements with facilities-maintenance and cold-storage operators; the fund's own materials identify Americold Realty Trust and ABM Industries as participating employers. Taft-Hartley funds of this type typically allocate across a mix of US equities, fixed income, real estate, and alternative investments, often through investment consultants rather than a dedicated internal team. The stationary engineers' plan, like peer California building-trades funds, is likely overweight real assets — real estate equity, infrastructure, and real-return strategies that offer inflation sensitivity matching long-dated benefit promises. Direct co-investments and club deals are uncommon for plans of this scale; the typical deployment path runs through commingled funds and separately managed accounts. No public Form 5500 or board-meeting minutes specifying asset-class targets were available for review. Trustee rosters suggest a lean governance structure. Union trustees Bart Florence and Jerry Kalmar sit alongside employer trustees Jim Johnson and Danny Murtagh, with union officer Jeff Gladieux listed as the plan's administrative contact. The fund maintains no separate website outside the broader Local 39 benefits portal and does not publish target-return assumptions or funded-status metrics online. No recent investment-manager RFPs or consultant changes were identified in the public domain. Its structural differentiator is the Taft-Hartley trust model itself. Investment decisions require consensus across labor and management trustees — a governance form that prioritizes stability and fiduciary process over speed or opportunistic deployment. For institutional allocators, the fund is relevant primarily as a component of the Northern California building-trades capital pool, not as a standalone direct investor.
General information
Firm type
Pension Fund
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Dublin
Corporate office
Dublin, CA, United States
Principals
Jeff Gladieux
Union Officer and Plan Contact
Bart Florence
Employee Trustee
Jerry Kalmar
Employee Trustee
Jim Johnson
Employer Trustee
Danny Murtagh
Employer Trustee
Sector focus
Frequently asked questions
How is the Local 39 Pension Fund governed?
Governance follows the Taft-Hartley model, with a board of trustees split evenly between union-appointed and employer-appointed representatives. The fund's materials identify Bart Florence and Jerry Kalmar as employee trustees and Jim Johnson and Danny Murtagh as employer trustees. Day-to-day administration is handled by union officer Jeff Gladieux. Investment and actuarial decisions require joint approval from both sides, a structure designed to prevent unilateral control by either labor or management.
Which employers contribute to the Local 39 Pension Fund?
The fund is a multi-employer plan, meaning contributions come from numerous employers bound by collective bargaining agreements with Stationary Engineers Local 39. Two named participants are Americold Realty Trust, a publicly traded cold-storage warehouse REIT, and ABM Industries, a large facilities-services contractor. A full list of contributing employers is not published on the fund's public-facing benefits portal.
What is the relationship between Local 39 and the International Union of Operating Engineers?
Stationary Engineers Local 39 is a chartered local of the International Union of Operating Engineers (IUOE), an AFL-CIO-affiliated labor organization representing heavy-equipment operators and stationary engineers across North America. The Local 39 pension fund is a separate legal trust established under the union's collective bargaining framework but governed by its own joint board of trustees. The international union provides organizing and bargaining support but does not direct the pension fund's investment activities.
Does the Local 39 Pension Fund invest directly or through external managers?
Most Taft-Hartley plans of Local 39's profile invest entirely through external managers — commingled funds, separately managed accounts, and, in some cases, fund-of-funds structures. Direct co-investments or proprietary deal sourcing are uncommon given the lean staffing typical of building-trades pension offices. Without publicly available investment-committee minutes, the precise manager line-up cannot be confirmed, but a consultant-advised, manager-of-managers architecture is the industry standard for plans in this tier.
How is the Local 39 Pension Fund different from a corporate pension plan?
It is a multi-employer Taft-Hartley trust, not a single-employer corporate plan. Contributions come from multiple signatory employers rather than a single sponsor, and governance is jointly controlled by union and employer trustees. The Pension Benefit Guaranty Corporation insures it under a separate multi-employer program with different funding rules and guarantee limits than single-employer plans. For an institution evaluating counterparties, these structural features imply a fiduciary process governed by ERISA and the LMRA, with a built-in check on any single sponsor's influence over asset allocation or manager selection.
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.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: