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Iron Workers' Locals #15 & 424
Iron Workers' Locals #15 and #424 pool their assets under a jointly trusteed Taft-Hartley structure, a defined-benefit plan designed to cover structural...
Iron Workers' Locals #15 & 424
Iron Workers' Locals #15 and #424 pool their assets under a jointly trusteed Taft-Hartley structure, a defined-benefit plan designed to cover structural and reinforcing ironworkers across Connecticut and parts of New York. The partnership between Local 15 (Hartford) and Local 424 (New Haven) consolidates administration for what is operationally a mid-sized union pension fund. The plan is funded by multi-employer contributions — hourly bargained-in increments paid by signatory contractors — with no single corporate sponsor bearing the liability alone. The fund operates a traditional pension allocation ladder, anchored by a core of investment-grade fixed-income and domestic equities. From that base, trustees carve out commitments to private real estate, infrastructure, and direct lending strategies — asset classes where the union's own building-trades membership can recognize physical projects. Target areas include logistics and industrial properties in the Northeast corridor, middle-market infrastructure, and real estate credit. Geographic concentration stays overwhelmingly U.S.-focused, with occasional exposure to Canadian energy partnerships through externally managed vehicles. The pension's governance is set by the Labor-Management Relations Act: half the board sits on the union side and half represents the contractor associations, a structural weight that keeps manager selection deliberate and fee-sensitive. No firm website or dedicated investment team is publicly identified, consistent with a plan that delegates most asset management to outside institutional money managers. Reporting and funding notices are submitted to the Department of Labor via annual Form 5500 filings, which remain the primary public window into the fund's financial position. The structural differentiator for Iron Workers' Locals #15 and #424 is that liability stream. Because the plan covers workers who move between dozens of contributing contractors depending on local project demand, its actuarial assumptions and withdrawal-liability framework create a distinct risk profile — one that makes the board's liquidity and counterparty decisions fundamentally different from those of a single-sponsor corporate plan with a centralized workforce.
General information
Firm type
Pension Fund
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Cromwell
Corporate office
Cromwell, CT, United States
Sector focus
Frequently asked questions
How is the Iron Workers' Locals #15 & 424 pension fund governed?
The fund is governed by a board of trustees split evenly between representatives of the ironworker union locals and representatives of the contributing contractor associations, as required by the Labor-Management Relations Act. This parity structure ensures both labor and management have equal authority over hiring investment consultants, selecting outside money managers, and setting allocation policy. No single trustee or faction can unilaterally direct investment decisions.
What asset classes does this pension fund target?
The asset allocation centers on traditional defined-benefit building blocks — investment-grade fixed-income and domestic public equities — supplemented by allocations to private real estate, infrastructure, and direct lending strategies. The real estate exposure often favors industrial and logistics assets consistent with the trade background of the membership. Public Form 5500 filings show a tendency toward externally managed, institutional comingled funds rather than direct co-investment vehicles.
Who manages the day-to-day investments for the fund?
The fund does not disclose a dedicated in-house investment staff. Investment management is outsourced to external institutional money managers selected by the board, typically with the assistance of a pension consultant. Manager selection and monitoring are overseen by the joint board of trustees.
Is this pension fund open to participants outside of Locals #15 and #424?
No. The plan covers eligible members of Iron Workers' Locals #15 (Hartford) and #424 (New Haven) who work for contributing signatory contractors. Bargained hourly contributions from those contractors fund the plan. It is a closed multi-employer vehicle specific to these two locals' jurisdiction.
What distinguishes this pension's risk profile from a typical corporate single-sponsor plan?
Because multiple unrelated contractors contribute to the plan under collective bargaining agreements and workers frequently move between employers on project-based work, the actuarial funding assumptions must account for withdrawal liability — the obligation a contractor takes on when it stops contributing. This creates a unique liquidity and counterparty-risk calculus that a single-sponsor plan does not face, making the board's emphasis on liquidity and stable valuations more pronounced than in many corporate peers.
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