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National Elevator Industry Pension Plan
The National Elevator Industry Pension Plan launched in 1987 as a multiemployer defined-benefit plan, fully funded by employer contributions from elevator...
National Elevator Industry Pension Plan
The National Elevator Industry Pension Plan launched in 1987 as a multiemployer defined-benefit plan, fully funded by employer contributions from elevator construction and service firms. Its governance reflects the collective-bargaining roots of the industry — the International Union of Elevator Constructors (IUEC) appoints half the board of trustees, while the National Elevator Industry, Inc. (NEII) appoints the other half. The plan serves over 122,000 participants and retirees nationwide and counts Otis Worldwide Corp as a major contributing employer. Strategy spans venture capital, buyout, distressed debt, natural resources, secondaries, and timber, with manager selection executed through a multi-manager framework. The plan accesses direct co-investments alongside external general partners via NEIPF, LP, a limited partnership established with Segal Rogers Casey. Publicly observable allocations include global balanced-risk commingled funds, common and collective trusts, and an alternatives portfolio anchored out of Long Island City, New York. The plan also holds commercial real estate directly — notably 7154 Columbia Gateway Drive in Columbia, Maryland — as part of a real estate portfolio managed through IUEC Real Estate LLC and NEIPP Real Estate Portfolio. The board, co-chaired by labor and management trustees, sets investment policy with Plan Administrator Larry J. McGann serving as the primary fiduciary interface. McGann also holds the post of General Secretary-Treasurer of the IUEC, linking plan governance tightly to union leadership. Professional affiliations include the National Coordinating Committee for Multiemployer Plans and the International Foundation of Employee Benefit Plans, standard networks for Taft-Hartley plans navigating ERISA compliance and multiemployer reform debates. The plan's structural differentiator is its locked-in participant base — elevator constructors are among the highest-wage building-trade workers — and the explicit joint control between IUEC and NEII trustees. That labor-management parity forces consensus on asset allocation and manager selection, producing a deliberate, un-flashy portfolio that has weathered consolidation among contributing employers and the broader decline of multiemployer plans.
General information
Firm type
Pension Fund
Year founded
1987
Location
Region
North America
Country
United States
City
Newtown Square
Corporate office
Newtown Square, PA, United States
Principals
Larry J. McGann
Plan Administrator and Trustee
Robert O. Betts, Jr.
Executive Director, National Elevator Industry Benefit Plans
Sector focus
Frequently asked questions
Who runs investment decisions at the National Elevator Industry Pension Plan?
A board of trustees evenly split between International Union of Elevator Constructors (IUEC) appointees and National Elevator Industry, Inc. (NEII) employer appointees governs the plan. Larry J. McGann serves as Plan Administrator and Trustee while also holding the post of General Secretary-Treasurer of the IUEC. Day-to-day investment execution is supported by external consultant and manager relationships, with co-investment access structured through NEIPF, LP, a limited partnership with Segal Rogers Casey.
How does the plan source deal flow?
Deal flow arrives primarily through a multi-manager framework spanning traditional fund commitments, commingled vehicles, and limited partnership interests. Direct co-investment opportunities are accessed via NEIPF, LP, the plan's dedicated private equity vehicle with Segal Rogers Casey. The plan's trustee network — straddling both labor and employer circles — provides an additional, industry-specific sourcing channel distinct from purely financial intermediaries.
Does the plan invest directly or only through external managers?
The plan blends external fund commitments with direct co-investments. While core allocations flow through global balanced-risk commingled funds, common trusts, and buyout fund commitments, the plan also participates in direct deals through NEIPF, LP. On the real estate side, it holds direct commercial property, including its headquarters at 19 Campus Boulevard in Newtown Square, Pennsylvania, and a building at 7154 Columbia Gateway Drive in Columbia, Maryland.
What investment stages and asset classes does the plan target?
The portfolio covers venture capital from early-stage through expansion and late-stage, alongside buyout, distressed debt, turnaround, secondaries, natural resources, and timber. Within venture, the plan signals appetite for seed and start-up exposure. The CLO and private credit allocations complement distressed and turnaround strategies, broadening the plan's engagement across the capital structure.
Which sectors does the plan explicitly avoid?
No explicit sector exclusions appear in public documents. The portfolio's concentration in elevator-industry employer contributions does not translate into sector-specific investment mandates. The plan's geographic footprint remains predominantly United States-focused, with no observed dedicated emerging-markets or international-only sleeves.
How is the plan related to the International Union of Elevator Constructors?
The IUEC is the founding labor organization behind the plan and appoints half of the board of trustees. The plan covers eligible members of the IUEC, including the Elevator Division of the International Brotherhood of Electrical Workers Local Union No. 3. Plan Administrator Larry J. McGann simultaneously serves as General Secretary-Treasurer of the IUEC, embedding the union's leadership directly into the plan's fiduciary structure.
What is the plan's known posture on co-investments alongside external GPs?
The plan actively pursues co-investments through NEIPF, LP, its limited partnership with Segal Rogers Casey. That vehicle gives the plan the ability to evaluate and commit to direct investments alongside the private equity funds it backs. This hybrid structure is characteristic of larger multiemployer plans seeking to reduce fee drag and gain concentrated exposure to specific deals.
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