Laborers Local 1298 of Nassau & Suffolk Counties Pension Fund

Laborers Local 1298 of Nassau & Suffolk Counties Pension Fund

The Laborers Local 1298 of Nassau & Suffolk Counties Pension Fund was established in 1961 to provide retirement, disability, and death benefits to eligible members of LIUNA Local 1298 on Long Island. The fund operates from the union's headquarters at 681 Fulton Avenue in Hempstead, New York, with George Truicko Jr. serving as Business Manager and Chairman of the Board of Trustees — a leadership structure that has remained within the Truicko family across two generations, including Assistant Business Manager George S. Truicko and Field Representative Guy Truicko. The plan allocates across a deliberately broad set of asset classes for a Taft-Hartley pension, including direct venture capital commitments spanning seed, start-up, and late-stage companies. The fund also holds direct real estate assets — the union's Hempstead headquarters and its training center in Bohemia, New York — alongside more traditional fixed-income and public-equity allocations typical of multiemployer plans. The fund's direct investment posture, rare among construction-trade union pensions, reflects a board-level conviction that illiquidity premiums and direct origination can improve funded-status outcomes. The fund's operating footprint is concentrated on Long Island, where it maintains deep ties to regional labor, business, and philanthropic networks. The Truicko family's leadership participates actively in the Long Island Association and the Ancient Order of Hibernians, while the fund maintains a donor relationship with Hofstra University through its Pride Club. A separate affiliated entity, the Laborers Local 1298 Joint Apprenticeship and Training Fund, operates the union's workforce development programs out of the Bohemia training center, providing a steady pipeline of skilled labor that underpins the pension's contributing employer base. The most structurally distinctive feature of the plan is its embedded family governance model. Three Truicko family members control the pension fund's board and union leadership, creating an unusually concentrated decision-making structure for a multiemployer plan. This arrangement gives the fund the capacity to act with single-family-office speed on direct investments while remaining legally bound by ERISA fiduciary duties — a hybrid posture that lets the plan pursue venture-stage allocations most Taft-Hartley funds structurally cannot.