Locals 302 and 612 of the International Union of Operating Engineers Trust Funds

Locals 302 and 612 of the International Union of Operating Engineers Trust Funds

The Locals 302 and 612 IUOE Trust Funds was formed in 1957 to deliver retirement, disability, and death benefits to eligible members of the two operating engineers locals. IUOE Local 302 and IUOE Local 612 act as the primary sponsoring unions, with the Associated General Contractors of Washington representing employer trustees. The plan maintains an 11.88 percent allocation to private equity and holds a position in Siguler Guff Small Buyout Opportunities Fund V. Public markets exposure includes 45.5 percent in equities, 10.6 percent in investment-grade debt, and 2.6 percent in high-yield debt, with an additional 22.3 percent in diversified commodities. Geographic reach centers on the Pacific Northwest and Alaska, where the plan maintains offices and preferred medical facilities for participants. Assets total $3.031 billion. Welfare & Pension Administration Service, Inc. has served as third-party administrator since 1957. Meketa Investment Group acts as investment consultant and Mercer serves as actuary. A 2020 series of membership meetings in Juneau and Boise addressed plan funding and benefit updates. Governance rests on a joint board of union and employer trustees drawn from IUOE Locals 302 and 612 and the AGC of Washington. This structure ties investment decisions directly to collective-bargaining parties rather than to a single family or corporate sponsor.