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Local 68 Engineers Union Annuity Plan
The plan serves as a supplemental retirement account for members of the International Union of Operating Engineers Local 68, based in West Caldwell, New...
Local 68 Engineers Union Annuity Plan
The plan serves as a supplemental retirement account for members of the International Union of Operating Engineers Local 68, based in West Caldwell, New Jersey. Unlike a defined-benefit pension, it is structured as an annuity fund where employer contributions are credited to individual member accounts and accrue interest over time. The fund's investment posture is shaped by the construction and facility-services cycle in the New York–New Jersey metro area. Its real estate commitments include the Penn Square Real Estate Group, a commercial property investment with an asset in Steamboat Springs, Colorado. Asset-class exposure clusters around public-market fixed income, which anchors the interest-crediting mechanism for member accounts, and direct real estate equity. The Steamboat Springs commitment suggests a willingness to own stabilized commercial property outside the union's core geographic footprint, though the concentration within a single named real estate group implies a targeted, relationship-driven approach rather than broad programmatic deployment. The fund does not publicly disclose its managers or any co-investment partners. Union fleet vehicles listed among its assets indicate an operating-company layer that supports the local's building-trades work, separate from the annuity portfolio. Governance rests with the union's elected leadership: Business Manager Thomas P. Giblin, President Edward P. Boylan, and Recording Secretary Kevin P. Frey. The same officers also oversee the Local 68 Engineers Union Education Fund and the Local 68 Engineers Union Welfare Fund, linking the annuity plan to a constellation of member-benefit vehicles. The affiliated Local 68 Political Action Committee adds a public-policy dimension, though its treasury is distinct from the annuity assets. No recent mandate changes or consultant hires have been publicly reported. The plan's structural distinction is its dual character as both a retirement trust and an owner of hard assets. Unlike many Taft-Hartley plans that outsource all investment management to OCIO providers, Local 68 retains direct real estate exposure, giving union trustees a hands-on role in property-level decisions. That architecture embeds the plan in the operating rhythm of the local itself, making it a creature of labor agreements and trustee governance rather than a standalone allocator.
General information
Firm type
Pension Fund
Year founded
1956
Location
Region
North America
Country
United States
City
West Caldwell
Corporate office
West Caldwell, NJ, United States
Principals
Thomas P. Giblin
Plan Administrator and Business Manager
Edward P. Boylan
President
Kevin P. Frey
Recording Secretary
Sector focus
Frequently asked questions
Who oversees investment decisions for the Local 68 Annuity Plan?
The plan is governed by the union's senior officers, who act as trustees. Thomas P. Giblin serves as Plan Administrator and Business Manager. Edward P. Boylan and Kevin P. Frey complete the leadership trio as President and Recording Secretary, respectively. Investment decisions, including the direct real estate commitment to Penn Square Real Estate Group, rest with this trustee group.
How is the annuity funded, and what does the underlying wealth represent?
Contributions come from private-sector members of I.U.O.E Local 68 through collectively bargained employer payments. Each member has an individual annuity account that credits a fixed or variable interest rate. The pool of contributions forms the plan's core asset base, and it is not derived from a single family fortune or an endowment.
Does the plan invest directly in real estate, or does it use fund structures?
The plan holds a direct commercial real estate commitment through Penn Square Real Estate Group, with an underlying property in Steamboat Springs, Colorado. This is a direct equity stake, not a fund-of-funds or REIT position. The plan's other named hard assets are union fleet vehicles, which serve an operational rather than investment purpose.
How does the Annuity Plan relate to other Local 68 benefit funds?
The Annuity Plan is one of three member-benefit vehicles under the same union leadership. The Local 68 Engineers Union Education Fund and the Local 68 Engineers Union Welfare Fund operate alongside it. The same officers administer all three, creating a unified governance structure across retirement, training, and health benefits.
What is the plan's geographic investment focus?
The union's membership base is concentrated in New Jersey, and the fund itself is administered from West Caldwell. Despite this local orientation, its known real estate commitment is in Steamboat Springs, Colorado, which lies well outside the New York–New Jersey region. This suggests a willingness to invest nationally when an opportunity aligns with trustee priorities.
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