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Northern California Plasterers Trust Funds
The Northern California Plasterers Trust Funds, anchored by its Pension Plan, was established in 1965 as a Taft-Hartley multiemployer defined-benefit plan.
Northern California Plasterers Trust Funds
The Northern California Plasterers Trust Funds, anchored by its Pension Plan, was established in 1965 as a Taft-Hartley multiemployer defined-benefit plan. The trust is jointly governed by a board representing both labor and management: Chairman Chet Murphy represents Plasterers' Local Union No. 66, while Trustee Kristen Meiswinkel — CFO of signatory contractor RFJ Meiswinkel Company — represents contributing employers. Operative Plasterers' & Cement Masons' Local Union No. 300 is a participating local, channeling hourly contributions into the plan. The plan's investment portfolio operates with the specific constraints of a mature defined-benefit fund. Asset classes include publicly traded common stocks, mutual funds, registered investment companies, and real estate. A known direct property holding is a stake in the RREEF America REIT II, a diversified US mixed-use real estate vehicle. The trust also pursues a secondaries strategy, a common liquidity-management and rebalancing tool among Taft-Hartley plans of this size. Geographic focus is concentrated in the United States. Total assets are not publicly disclosed by the fund; Altss estimates plan assets at approximately $155 million. The board includes fiduciary representation from the Wall and Ceiling Alliance (WACA), where Trustee Meiswinkel also serves on the board of directors. She is a member of the executive peer network Vistage Group and previously served as Vice President of the Bay Area Subcontractors Association, connecting the trust's governance to a wider network of industry and professional peers in the region. No dedicated internal investment staff has been disclosed; a plan of this size typically relies on an external consultant-advised trustee-governed model. The trust's structural differentiator is its Taft-Hartley design, which legally bakes equal labor-management representation into every investment policy decision. The board's fiduciary duty is jointly held by union and contractor trustees — a governance architecture that fundamentally shapes acceptable risk, manager selection, and the use of industry-adjacent real estate vehicles like the RREEF REIT. All investment decisions are made through a lens of preserving collectively bargained retirement security for a specific, localized building-trades workforce in the Bay Area.
General information
Firm type
Pension Fund
Year founded
1965
Location
Region
North America
Country
United States
City
Dublin
Corporate office
Dublin, CA, United States
Principals
Chet Murphy
Chairman of the Board of Trustees
Kristen Meiswinkel
Trustee
Sector focus
Frequently asked questions
Who runs investment decisions at the Northern California Plasterers Trust Funds?
Investment governance rests with a joint board of trustees composed of both union and employer representatives. Chet Murphy of Plasterers' Local Union No. 66 chairs the board. Trustee Kristen Meiswinkel, CFO of contributing contractor RFJ Meiswinkel Company, sits on the employer side. The plan likely uses an external investment consultant for manager selection and monitoring, a standard practice among Taft-Hartley plans of this asset size.
How is the Northern California Plasterers Trust Funds structured?
It is a Taft-Hartley multiemployer defined-benefit pension plan. Contributions are negotiated through collective bargaining agreements between the participating union locals — including Plasterers' Local Union No. 66 and Operative Plasterers' & Cement Masons' Local Union No. 300 — and signatory contractors such as RFJ Meiswinkel Company. Governance is split evenly between labor and management trustees.
What is the investment strategy of the Plasterers Pension Plan?
The plan allocates across common stocks, mutual funds, registered investment companies, and direct real estate. A known real estate holding is a stake in RREEF America REIT II. The trust also engages in a secondaries strategy, which is typically used for managing illiquid legacy exposures or rebalancing private-market holdings within a mature pension portfolio.
What is the plan's known posture on real estate investments?
Real estate is a deliberately chosen core asset class for the trust. The plan holds an interest in the RREEF America REIT II, a diversified mixed-use property fund. For Taft-Hartley construction-trade pension plans, real estate investments often carry the additional benefit of being an asset class the trustees — many of whom come from contracting backgrounds — understand deeply.
Which labor unions participate in the Northern California Plasterers Trust Funds?
Two participating locals are confirmed: Plasterers' Local Union No. 66, of which Chairman Chet Murphy is a representative, and Operative Plasterers' & Cement Masons' Local Union No. 300. These locals, along with contributing signatory employers, form the contribution base that funds the pension plan.
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