Millwrights' Local 1102 Supplemental Pension Fund

Millwrights' Local 1102 Supplemental Pension Fund

The Millwrights' Local 1102 Supplemental Pension Fund operates as a Taft-Hartley defined contribution money purchase plan for members of the Michigan-based millwrights union. Plan Administrator Michael Barnwell oversees the fund, which is subject to ERISA regulation. Unlike traditional defined-benefit union pensions, this fund establishes individual accounts for each participant, with employers making fixed contributions. As of April 30, 1999, the plan reported 4,407 participants and $107.3 million in total assets. The fund's disclosed asset mix includes a direct Mortgage Investment Loan Program focused on residential properties. This program places capital within Michigan, aligning the fund's investment posture with the geography of its membership. The plan's structure as a money purchase plan means contributions are mandatory and fixed by formula, shifting investment risk to participants rather than the union or contributing employers. Publicly available details on other asset classes are limited, leaving the full scope of the fund's manager relationships and additional allocations undocumented in open filings. The fund operates under the broader umbrella of the Michigan Regional Council of Carpenters, which provides affiliate oversight. No separate management company, institutional consultant, or external CIO has been publicly identified for the day-to-day investment function, suggesting a lean, trustee-directed operating model. The fund's website provides a portal for participants, but does not publish detailed quarterly holdings reports or disclose a formal investment policy statement online. The fund's primary structural differentiator is its status as a supplemental, participant-directed retirement vehicle rather than a traditional pooled-benefit pension. This architecture gives each member visibility into a discrete account balance, a feature that makes the plan's investment performance directly and transparently felt by its membership. The direct in-state mortgage program reflects a tangible, localized deployment model uncommon among larger, pooled institutional investors.