Updated:
Iron Workers' Locals No. 15 & 424 Extended Benefit Plan
The Iron Workers' Locals No. 15 & 424 Extended Benefit Plan was established in 1956 by the labor unions Ironworkers Local 15 and Ironworkers Local 424 to...
Iron Workers' Locals No. 15 & 424 Extended Benefit Plan
The Iron Workers' Locals No. 15 & 424 Extended Benefit Plan was established in 1956 by the labor unions Ironworkers Local 15 and Ironworkers Local 424 to deliver retirement, disability, and death benefits to their members. The fund operates alongside an Annuity Fund launched in 1981 and an Extended Benefit Fund providing medical, dental, vision, and hearing coverage, all governed through a trustee board that includes Local 424 Business Manager James Parent and Local 15 officers Peter Reilly and Michael S. Coyne. The plan deploys capital primarily through pooled separate accounts and direct commercial property holdings. Its known real estate exposure includes Ullico J for Jobs, a commercial property investment, and it allocates to natural resources strategies. The fund's investment posture does not involve direct co-investments or club deals; rather, assets are managed through institutional structures tied to multi-employer plan networks. The geographic footprint is concentrated in the United States, with benefit administration and union halls operating out of Cromwell, Hartford, and North Haven, Connecticut. The plan serves members of the International Association of Bridge, Structural, Ornamental and Reinforcing Iron Workers in Connecticut. The contributing employers are represented by the Iron Workers' Employers Association of Connecticut. The fund maintains a lean team structure, relying on trustees and external administrators for day-to-day operations. In May 2024, the plan disclosed operational continuity in its Millstone Nuclear Power Plant temporary permissible employment program, reflecting its ongoing role in supporting specialized regional infrastructure labor. The fund's architecture stands apart as a multi-employer defined-benefit plan, not a family office or insurer-managed pool. Its governance is union-embedded, with investment decisions flowing through a joint labor-management trustee board. This ties asset allocation cycles and risk posture directly to collective bargaining outcomes and the workforce demographics of Connecticut's ironworking locals.
General information
Firm type
Pension Fund
Year founded
1956
AUM
$73M (Altss estimate)
Location
Region
North America
Country
United States
City
Cromwell
Corporate office
162 West Street Building 2, Suite J, Cromwell, CT 06416-4404, United States
Additional offices
Hartford, CT · North Haven, CT
Principals
James Parent
Business Manager of Ironworkers Local 424 and Trustee of the Plan
Altss tracks 2 additional named team members for this firm — including direct investment leads, IR, and operating principals not listed on the public website.
Book a demoFrequently asked questions
Who runs investment decisions at Iron Workers' Locals No. 15 & 424 Extended Benefit Plan?
Investment oversight sits with a joint board of trustees that includes union officers from Ironworkers Local 15 and Ironworkers Local 424. Named fiduciaries include Local 424 Business Manager James Parent and Local 15 Business Manager Peter Reilly, plus Local 15 President Michael S. Coyne. The board sets allocation parameters and selects external vehicles rather than managing a large in-house investment staff.
How large is the pension pool at Iron Workers' Locals No. 15 & 424?
The plan does not publicly disclose its assets under management. Altss estimates the pool at roughly $73M based on available structural data and comparable multi-employer Connecticut plans. This figure should be treated as an external estimate, not a confirmed AUM disclosure.
How does the plan source investment opportunities?
The plan does not engage in proprietary sourcing or venture-style direct deals. Its allocation model relies on pooled separate accounts and institutional real estate vehicles, including a known stake in Ullico J for Jobs, a commercial property investment tied to union labor priorities. External managers and trustee recommendations likely drive manager selection.
What is the relationship between the Extended Benefit Plan and the Annuity Fund?
Both are separate funds serving the same Connecticut ironworker membership. The Pension Fund has provided defined-benefit retirement income since 1956, while the Annuity Fund, established in 1981, provides supplementary retirement benefits through self-directed individual accounts funded by employer contributions. They share administrative oversight and the same trustee board but maintain distinct investment pools.
Does Iron Workers' Locals No. 15 & 424 co-invest with external GPs?
There is no public record of direct co-investment programs alongside external general partners. The plan's investment footprint points to arms-length allocations through pooled funds and property accounts rather than co-underwriting or club-deal participation.
Which sectors or asset classes does the plan explicitly avoid?
The plan has not published a formal exclusion or restricted-sector list. As a Taft-Hartley multi-employer plan with union-trustee governance, practical allocations appear limited to real estate, pooled separate accounts, and natural resources strategies, with no known exposures to venture capital, crypto, or private equity co-investments.
How are philanthropic structures separated from the pension plan?
The plan does not maintain affiliated philanthropic foundations. Its fiduciary duty is exclusively to plan participants and beneficiaries under ERISA, with assets walled off from union general funds or charitable operations.
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: