Operating Engineers' Local 324, Defined Contribution Pension Plan

Operating Engineers' Local 324, Defined Contribution Pension Plan

The Operating Engineers' Local 324 Defined Contribution Pension Plan provides retirement benefits to members of the International Union of Operating Engineers Local 324, which represents heavy-equipment operators across Michigan. The fund is in critical status and is implementing a rehabilitation plan approved by its Joint Board of Trustees. Employer contributions flow in under collective bargaining agreements negotiated with trade associations including the Michigan Infrastructure & Transportation Association (MITA) and AGC Michigan. The fund allocates capital across multiple external managers and structures. Asset-class exposure includes commercial real estate via vehicle investments such as WaCap - O Real Estate Opportunity Fund VIII Feeder LLC, based in Seattle, and a direct relationship with PGIM Real Estate, based in Newark, New Jersey. In liquid alternatives, the plan has committed to the ABS Long/Short Strategies Fund, run out of Greenwich, Connecticut. The rehabilitation plan may constrain new commitments and shape the fund's risk budget as it aims to improve its funded status. The plan is governed by a Board of Trustees drawn jointly from union and employer representatives. Administration and investment policy sit with the Joint Board of Trustees, Operating Engineers Local 324. The fund does not maintain a separate management company or dedicated internal investment staff listed publicly; instead, it relies on its trustee-governed process to select and oversee external asset managers. No additional offices outside Troy, Michigan, have been identified through public disclosures. The fund's structural posture is shaped by its status as a collectively bargained Taft-Hartley plan under federal rehabilitation requirements. This creates a constraints-driven investment process distinct from a corporate or public defined-benefit plan. Contribution rates and benefit adjustments are subjects of ongoing negotiation, making the fund's asset allocation and liquidity profile responsive to both regulatory oversight and the bargaining cycles of Michigan's heavy-construction industry.