Northern California Tile Industry Defined Contribution Plan

The Board of Trustees, chaired by Rick Roman, oversees the plan's investment policy and manager selection. Ryan Ruf also serves as a trustee. Taft-Hartley plans require equal representation from labor and management trustees, though the specific composition of this board is not publicly documented.

Taft-Hartley multi-employer plans are jointly governed by labor and management trustees, which tends to produce an investment policy favoring asset managers and vehicles with strong labor affiliations. The plan's allocations to the AFL-CIO Housing Investment Trust and Multi-Employer Property Trust are emblematic of this approach — both are union-built, union-operated real estate platforms that deploy capital into construction projects employing union labor.

The Trowel Trades Index Fund is a proprietary investment vehicle associated with the BAC Save program. Its specific composition is not publicly disclosed, though it appears to be a custom index or separately managed account serving BAC-affiliated pension plans. The fund likely aggregates capital from multiple BAC locals to achieve institutional pricing on passive or factor-based strategies.

The consolidation of the BAC Local 29 Defined Contribution Pension Plan into the Northern California Tile Industry Defined Contribution Plan merged two adjacent regional funds covering tile and bricklayer trades. The resulting entity benefits from a larger participant base and pooled asset base, which can reduce per-participant administrative costs and improve access to institutional investment vehicles with high minimum commitments.

The plan's known real estate exposure flows through commingled vehicles — specifically MEPT, the AFL-CIO Housing and Building Investment Trusts, and Intercontinental Real Estate Corporation. There is no public evidence of direct property ownership or joint-venture equity positions.