# Pension Fund Local 96-IBEW

Pension Fund Local 96-IBEW is a Pension Fund based in Worcester, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Worcester, United States
- **Region:** North America
- **Address:** Wallingford, CT, United States
- **Founded:** 1900
- **Assets under management:** $50M - $100M (Altss estimate)
- **Website:** ibewlocal96.org

## Regulatory record

- **Reports private funds:** No

## About

The Pension Fund Local 96-IBEW was established in 1965 as a defined-benefit plan jointly administered by IBEW Local 96 and the National Electrical Contractors Association. The fund serves electrical workers in central Connecticut, with employer trustees drawn from union-signatory electrical contracting firms including Ostrow Electric and Coghlin Electrical Contractors. Day-to-day administration is handled by Zenith American Solutions. Investment strategy blends fund commitments with direct co-investments across buyout, real estate, and infrastructure. The plan has historically accessed private markets through a hybrid fund-of-funds model, committing to middle-market buyout funds and real asset vehicles rather than building an in-house direct-investment team. Real estate exposure includes fund investments targeting commercial and industrial properties. The fund custodies assets through Comerica in Wallingford, Connecticut. The fund's trustee board includes employer-side representatives Susan C. Mailman of Coghlin Electrical Contractors and Kevin J. Menard of KM Kelly, alongside union-side trustees led by Secretary-Treasurer Thomas Maloney. Matthew L. Ostrow, president of Ostrow Electric, serves as board chairman. In addition to the pension fund, the union and NECA jointly sponsor the Worcester Joint Apprenticeship & Training Fund, a separate training vehicle based in Worcester, Massachusetts. As a Taft-Hartley multiemployer plan, the fund pools contributions from multiple contributing employers under a collectively bargained agreement with IBEW Local 96 — a structure that centralizes retirement assets across dozens of small electrical contractors, creating a single pool large enough to access institutional private-market funds that would be out of reach individually.

## Sectors

- Real Estate
- Private Credit
- Infrastructure

## People

- Thomas Maloney — Secretary-Treasurer and Trustee
- Matthew L. Ostrow — Board Chairman
- Susan C. Mailman — Employer Trustee
- Kevin J. Menard — Employer Trustee

## Questions

### Who makes the investment decisions at the IBEW Local 96 Pension Fund?

The board of trustees has fiduciary responsibility for investment decisions, with Secretary-Treasurer Thomas Maloney and Board Chairman Matthew L. Ostrow overseeing the process alongside employer trustees. The fund uses external investment consultants and administrators, including Zenith American Solutions, to support day-to-day operations and manager selection.

### How does the fund access private equity and real asset investments?

The fund uses a hybrid fund-of-funds approach, committing capital to pooled vehicles that in turn invest in middle-market buyout funds and real asset strategies. Co-investment rights alongside underlying fund managers allow the plan to deploy additional capital into specific deals without building a large in-house direct-investment team.

### What is a Taft-Hartley multiemployer pension plan?

A Taft-Hartley plan pools contributions from multiple employers — in this case, union-signatory electrical contractors across central Connecticut — under a collectively bargained agreement with IBEW Local 96. The structure allows small and mid-sized contractors to provide retirement benefits jointly, creating an asset pool large enough to access institutional investment strategies.

### Which employers contribute to the IBEW Local 96 plan?

Contributing employers include Ostrow Electric Company, Coghlin Electrical Contractors, and KM Kelly, among other NECA-signatory electrical contractors in IBEW Local 96's jurisdiction. Employer representatives from these firms serve as trustees on the fund's board.

### Is the apprenticeship and training fund related to the pension fund?

The Worcester Joint Apprenticeship & Training Fund is a separate entity from the pension fund, though both are jointly sponsored by IBEW Local 96 and NECA. The training fund supports electrical apprenticeship programs, while the pension fund solely administers retirement and disability benefits.

## Related profiles

- [Olivet Nazarene University](https://altss.com/profile/olivet-nazarene-university)
- [The Louis L. Borick Foundation](https://altss.com/profile/the-louis-l-borick-foundation)

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Last updated: 2026-07-08T22:21:38.401Z

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