National Retirement Fund

The 18-member Board of Trustees holds ultimate fiduciary authority over investment policy. Nine trustees represent Workers United and nine represent contributing employers. The board meets several times per year to review investment strategy, financial reports, and legal matters. Day-to-day administration — including benefit calculations and record-keeping — is delegated to Amalgamated Employee Benefits Administrators, in which the fund holds a common stock position.

Governance follows a joint labor-management model under ERISA. The board splits evenly between union-appointed and employer-appointed trustees who serve without pay. This structure gives Workers United and contributing businesses equal voting power over investments, actuarial assumptions, and plan design. Chairperson Lynne Fox simultaneously leads Workers United as International President, concentrating significant influence at the intersection of labor leadership and fiduciary duty.

Workers United is the primary union whose members participate in the fund; the union appoints half the board. UNITE HERE is a related labor organization with historical ties to the fund's participant base. Workers United operates as an affiliate of SEIU. The fund's governance explicitly reserves nine trustee seats for Workers United, embedding the union in investment oversight rather than treating it as an external stakeholder.

No. The fund does not publicly disclose AUM or detailed deployment figures. As a private-sector multi-employer ERISA plan, it files Form 5500 annually, which includes limited financial data, but does not proactively publish AUM figures through its website or public statements.

The Sidney Hillman Foundation operates as a separate philanthropic entity with labor-movement ties; the National Retirement Fund does not direct pension assets to it. The foundation honors journalism and public service work and maintains historical connections to Workers United. No evidence suggests commingling of pension liabilities with foundation activities.

Multi-employer plans face distinct insolvency provisions under the Pension Protection Act. If a plan enters critical status, trustees must adopt a rehabilitation plan that may reduce adjustable benefits. Employers withdrawing from the fund may face withdrawal liability. The Pension Benefit Guaranty Corporation provides backstop coverage but with multi-employer limits that are meaningfully lower than single-employer guarantees. The fund's diverse employer base across multiple industries partially mitigates single-industry concentration risk.

Two entities are documented: Local 169 Realty Corporation, a commercial property vehicle based in New York, NY, and ALICO Services Corporation in White Plains, NY. The fund holds common stock in the parent company of Amalgamated Employee Benefits Administrators, creating an additional equity holding linked to its third-party administrator. Beyond these disclosed interests, specific real estate allocations or performance figures are not publicly available.