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SASMI Trust Fund
Kenneth Colombo administers the SASMI Trust Fund, a labor-management vehicle that has paid $1.8B in benefits to sheet metal workers nationally.
SASMI Trust Fund
The National Stabilization Agreement of the Sheet Metal Industry Trust Fund (SASMI) was established through collective bargaining between the SMART union and the SMACNA contractor association. It functions as a multi-employer benefit fund, financed by hourly employer contributions, to provide supplemental unemployment, sick leave, maternity, and travel benefits to sheet metal workers. Fund Administrator Kenneth Colombo and trustees John Daniel and Donald Dunn oversee a trust designed to smooth earnings volatility intrinsic to construction-project cycles. SASMI's asset base is held in a master trust, with investment income deployed alongside employer contributions to cover benefit obligations. The fund participates as a limited partner in private market vehicles co-invested by its sister entity, the Sheet Metal Workers' National Pension Fund. Its primary liquidity demand is funding Active Plan Healthcare Reimbursement Accounts and short-term wage-replacement programs, which keeps the portfolio anchored in strategies that balance yield with the capacity to meet monthly disbursement cycles across the United States. The trust operates from a single office in Falls Church, Virginia, distributing benefits nationally to members of SMART local unions. Its adjacent structural partnership, SMART-SMACNA Partners In Progress, aligns labor and management on workforce development and market-share initiatives, indirectly shaping the contribution base that sustains the trust. As of mid-2025, SASMI had cumulatively disbursed $1.8 billion in member benefits since inception. SASMI's structural differentiator is its dual-purpose architecture: it is neither a defined-benefit pension nor a traditional welfare fund, but a stabilization vehicle that converts industry-wide employer contributions into portable income bridges. This design makes its investment policy a function of benefit-trigger frequency—unemployment claims rise during project gaps—tying portfolio liquidity directly to construction backlogs rather than retiree demographics.
General information
Firm type
Pension Fund
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Fall Church
Corporate office
3180 Fairview Park Drive, Ste. 150, Fall Church, VA 22042, United States
Principals
Kenneth Colombo
Fund Administrator
John Daniel
Trustee
Donald Dunn
Trustee
Frequently asked questions
Who controls investment decisions at SASMI?
Investment strategy is governed by a board of trustees with equal representation from SMART (the sheet metal workers' union) and SMACNA (the contractors' association). Day-to-day administration, including oversight of the trust's master trust interest, falls under Fund Administrator Kenneth Colombo. Specific investment committee structures are not publicly detailed.
Does SASMI co-invest alongside other sheet metal industry funds?
SASMI holds a plan interest in a master trust and is documented as a co-investor alongside the Sheet Metal Workers' National Pension Fund. The two entities participate in the same private market funds, coordinating capital deployment across the industry's jointly trusteed benefit structures.
What is the source of SASMI's capital?
SASMI is funded entirely through hourly employer contributions negotiated in collective bargaining agreements between SMART and SMACNA. It does not receive taxpayer money or member contributions. Investment income on trust assets supplements the contribution stream to meet benefit obligations.
What benefits does SASMI pay, and how does that shape its liquidity needs?
SASMI pays unemployment benefits, sick leave, maternity leave, travel reimbursements, and health care reimbursement account claims to eligible sheet metal workers. Because unemployment claims spike during project gaps between construction jobs, the trust must maintain a liquid portfolio capable of funding unpredictable, short-term disbursement demands.
How is SASMI related to SMART and SMACNA?
SMART, the International Association of Sheet Metal, Air, Rail and Transportation Workers, founded the trust and appoints labor trustees. SMACNA, the Sheet Metal and Air Conditioning Contractors' National Association, appoints management trustees and represents the employers who finance the fund through contributions. The fund is independently trusteed but governed jointly by the two organizations.
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