Local 580 Annuity Fund

Local 580 Annuity Fund

The Local 580 Annuity Fund was established in 1954 to serve Ironworkers Local 580 members through a multiemployer defined-benefit structure. James Mahoney acts as Business Manager and Trustee alongside employer representatives from Allied Building Metal Industries. The fund allocates across private equity strategies including buyout and fund-of-funds vehicles. Confirmed holdings include limited partnership interests in Lord Abbett and Jackson National Short Duration. It also owns commercial real estate in New York through entities such as 501-507 West 42nd Street Realty Corp and Architectural Iron Realty Corp. Geographic exposure centers on the United States with ancillary claims tied to proceedings in California. Total plan assets stand at the level recorded in the research file. The fund maintains a scholarship vehicle, the Local 580 College Scholarship Fund, which distributes up to $3,500 annually per eligible student. Service providers include Segal Marco Advisors for investment counsel, Schultheis & Panettieri for audit, and State Street Bank & Trust Co. for custody. Governance rests with joint union-employer trustees under collective bargaining agreements with the Contractors' Association of Greater New York. The structure channels contributions directly into benefit payments and asset accumulation without external family-office overlay.