Laborers Local 1298 of Nassau & Suffolk Counties Pension Fund

The Board of Trustees, chaired by George Truicko Jr., holds investment authority. The Truicko family occupies three key leadership roles — Business Manager, Assistant Business Manager, and Field Representative/CIO of the Training Fund — giving them concentrated influence over both union operations and pension investment strategy. This family-governance model is atypical among multiemployer Taft-Hartley plans, which more commonly distribute board seats across multiple union and contributing-employer representatives.

The fund allocates directly to venture capital across the full spectrum of startup maturities — seed, start-up, and late-stage rounds — a strategy more commonly associated with endowments, foundations, and family offices than with union pension plans. This appetite for direct, early-stage company investments sets it apart from peer Taft-Hartley funds, which typically gain venture exposure through fund-of-funds vehicles or avoid it entirely due to liquidity requirements and fiduciary conservatism.

The pension fund is the defined-benefit retirement plan for eligible members of Laborers Local 1298, a Long Island affiliate of the Laborers' International Union of North America. The union's leadership — specifically the Truicko family — also governs the pension fund's board. A separate affiliated entity, the Laborers Local 1298 Joint Apprenticeship and Training Fund, handles workforce training and is run out of the union's Bohemia training center.

Yes. The fund owns the union's headquarters at 681 Fulton Avenue in Hempstead, New York, and the training center at 1611 Locust Avenue in Bohemia. These are on-balance-sheet commercial and industrial properties serving dual functions as union operating facilities and pension fund investments, a structure that generates in-kind returns alongside any appreciation in property value.

Altss estimates the fund holds approximately $379 million in total assets, placing it in the $300 million to $500 million band for union pension plans. The fund does not publicly disclose its audited asset figures on its website or through regulatory filings readily accessible to non-participants, so this figure should be treated as an informed estimate based on available plan data and peer benchmarking.

The Truicko family's control over both union operations and pension investment decisions creates succession and key-person risk — the fund's distinctive venture-capital strategy is closely tied to the judgment and risk appetite of a single family. ERISA's fiduciary standards require impartial service to plan participants, so any transaction presenting a conflict between union interests and beneficiary interests would draw regulatory scrutiny from the Department of Labor's Employee Benefits Security Administration.

While no co-investment partners are documented in publicly available records, the fund's venture-capital posture and the Truicko family's extensive Long Island business network — including membership in the Long Island Association and Hofstra University's Pride Club — suggest that deal flow likely originates through regional relationships rather than formal institutional co-investment clubs or fund-of-funds gatekeepers.