North Atlantic States Carpenters Guaranteed Annuity Fund

Executive Director Nicola Favorito and Secretary-Treasurer Thomas Steeves are the named officers responsible for the fund's operations. As a Taft-Hartley multi-employer plan, ultimate fiduciary authority rests with a board of trustees composed of union-appointed and employer-appointed representatives, as required by ERISA and the Labor Management Relations Act.

The fund exists as a separate legal trust under the Taft-Hartley Act, independent of both the United Brotherhood of Carpenters and Joiners of America (UBC) and the North Atlantic States Regional Council of Carpenters. Employer contributions are collectively bargained, and governance is split between union and employer trustees — a firewall intended to ensure the pension assets serve exclusively the retirement interests of plan participants.

The fund holds direct mixed-use real estate across the United States and international markets, partnership and joint-venture interests globally, and investments through 103-12 investment entities. These 103-12 vehicles — named for a Department of Labor prohibited-transaction exemption — allow pension plans to pool capital for real estate and operating-company investments alongside other institutional investors while maintaining ERISA compliance.