# Local No. 1 Pension Trust Fund

Local No. 1 Pension Trust Fund is a Pension Fund based in Downers Grove, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Downers Grove, United States
- **Region:** North America
- **Address:** Downers Grove, IL, United States
- **Founded:** 1967
- **Assets under management:** Undisclosed
- **Website:** seiu1benfunds.org

## Regulatory record

- **Reports private funds:** No

## About

The Local No. 1 Pension Trust Fund was established through collective bargaining by the Service Employees International Union (SEIU) Local 1 to provide monthly retirement and disability benefits. Its participant base historically includes janitorial staff, security officers, and elevator operators working in commercial office buildings and Chicago Public Schools, with approximately 6,000 retirees and beneficiaries relying on the fund's payouts. The fund maintains a diversified investment portfolio spanning public equities, fixed income, and real estate assets. Its direct real estate holdings include a residential property in Calumet City and Illinois. The pension trust operates alongside two sister benefit funds — the Local No. 1 Health Fund and the Local No. The fund is governed by a board of trustees that includes union leadership. Genie Kastrup, President of SEIU Local 1, and Thomas Balanoff, former President of SEIU Local 1, serve as trustees overseeing investment policy and benefit administration. The fund's headquarters is located in Downers Grove, Illinois, a western suburb of Chicago, where it administers monthly benefit distributions to its participant pool. As a Taft-Hartley multi-employer pension plan, the fund operates under a joint labor-management governance structure — a structural differentiator from single-employer corporate plans. This architecture gives both the union and contributing employers a fiduciary seat at the table, and it ties the fund's health directly to the collective bargaining strength and employment levels of SEIU Local 1's membership base.

## Sectors

- Real Estate
- Private Credit
- Infrastructure

## People

- Genie Kastrup — President of SEIU Local 1 and Trustee
- Thomas Balanoff — Former President of SEIU Local 1 and Trustee

## Questions

### Who runs investment decisions at the Local No. 1 Pension Trust Fund?

Investment decisions are overseen by a board of trustees that includes key SEIU Local 1 leadership. Genie Kastrup, the current President of SEIU Local 1, serves as a trustee, as does Thomas Balanoff, the former union president. The fund's Taft-Hartley multi-employer structure mandates joint labor-management governance, meaning contributing employers also hold trustee seats alongside union representatives.

### How is the Local No. 1 Pension Trust Fund's participant base composed?

The fund provides monthly retirement and disability benefits to approximately 6,000 retirees and beneficiaries. These participants historically come from SEIU Local 1's membership ranks — primarily janitorial staff, security officers, and elevator operators working in commercial office buildings and Chicago Public Schools across the Chicago metropolitan area.

### What is the relationship between the Local No. 1 Pension Trust Fund and SEIU Local 1?

The pension fund was established through collective bargaining by SEIU Local 1 and operates as a separate legal trust for the exclusive benefit of participants and beneficiaries. SEIU Local 1 leadership holds trustee positions — including the union's president — but the fund maintains fiduciary independence. Its asset base is built from employer contributions negotiated through union contracts, not from union dues.

### Does the Local No. 1 Pension Trust Fund hold direct real estate investments?

Yes. This sits within a broader diversified portfolio that includes public equities and fixed income, making the fund a direct real asset owner in addition to its traditional portfolio allocations.

### How is the Local No. 1 Pension Trust Fund related to other SEIU Local 1 benefit funds?

The pension fund operates alongside two sister benefit funds — the Local No. 1 Health Fund and the Local No. 1 Training Fund. These three entities share administrative resources and office space, functioning as a coordinated benefits ecosystem for SEIU Local 1 members. Each fund maintains separate fiduciary obligations and asset pools.

## Related profiles

- [Local Government Employees' Pension Fund](https://altss.com/profile/local-government-employees-pension-fund)
- [Local Union 1710 IBEW Pension Trust Fund](https://altss.com/profile/local-union-1710-ibew-pension-trust-fund)

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Last updated: 2026-08-11T02:43:31.692Z

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