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Pension Fund of Cement Masons Union Local No. 502
The Cement Masons' Local 502 Pension Plan was established on September 20, 1955, through an agreement between the union and several Chicago contractor...
Pension Fund of Cement Masons Union Local No. 502
The Cement Masons' Local 502 Pension Plan was established on September 20, 1955, through an agreement between the union and several Chicago contractor associations, including the Concrete Contractors Association of Greater Chicago and the Builders Association. The plan provides retirement benefits funded by construction-industry contributions under a Taft-Hartley multi-employer structure. Kevin J. Farley serves as Plan Administrator alongside Union Trustee Patrick J. LaCassa and Secretary-Treasurer Lawrence J. Picardi, Jr. The fund pursues a multi-asset strategy spanning real estate, infrastructure, private credit, and venture capital. Direct real estate holdings include their own headquarters and training center at 739 S. 25th Avenue in Bellwood, union wellness centers across the Chicago metropolitan area, and employer real property in the region. The fund also allocates to building-trade-focused pooled vehicles, including the AFL-CIO Housing Investment Trust and the Multi-Employer Property Trust, alongside data center and commercial real estate debt investments. The fund can participate across the capital structure, deploying through buyout, mezzanine, distressed debt, and early-to-late-stage venture strategies. Total estimated assets approach $492 million (Altss estimate). The fund shares administrative resources and legal representation with its sister vehicle, the Cement Masons Institute Local 502 Welfare Trust Fund, and operates from a single office in Bellwood. Farley and the board maintain active memberships in regional labor-management associations, including the Construction Industry Services Corporation, the Mid-America Regional Bargaining Association, and the Chicago & Cook County Building & Construction Trades Council. The fund also supports the Cement Masons Local 502 Apprentice Educational & Training Fund and the Patrick D. Finley Scholarship Fund. The fund exhibits the classic Taft-Hartley structural feature: jointly trusteed by union and contributing employer representatives. This dual-governance model separates it from corporate or public pension peers, creating a defined-constituency investment mandate where job-creating, pro-union real estate projects function as both a return driver and a benefit to the contributing membership base.
General information
Firm type
Pension Fund
Year founded
1955
Location
Region
North America
Country
United States
City
Bellwood
Corporate office
Bellwood, IL, United States
Principals
Kevin J. Farley
President and Business Manager
Patrick J. LaCassa
Union Trustee
Lawrence J. Picardi, Jr.
Secretary-Treasurer
Angelo R. Feola
Fund Administrator
Sector focus
Frequently asked questions
Who runs investment decisions at the Pension Fund of Cement Masons Union Local No. 502?
The plan is trusteed jointly by union and contributing employer representatives. Kevin J. Farley serves as the President, Business Manager, and Plan Administrator. Union Trustee Patrick J. LaCassa and Secretary-Treasurer Lawrence J. Picardi, Jr. are also key officers. Day-to-day administration is handled by Fund Administrator Angelo R. Feola.
How is the plan structured, and what is its relationship to the union?
It is a Taft-Hartley multi-employer pension plan jointly governed by Cement Masons' Union Local No. 502 and the signatory contractor associations. The fund pools contributions from multiple employers in the Chicago-area construction industry. It operates alongside sister funds, including the Local 502 Welfare Fund and Annuity Fund, with which it shares administrative resources.
What is the plan's primary investment focus?
The fund pursues a diversified multi-asset strategy with a significant tilt toward real estate and infrastructure. Holdings include direct commercial property in the Chicago area, union wellness centers, and allocations to building-trade investment vehicles like the AFL-CIO Housing Investment Trust and the Multi-Employer Property Trust. It also deploys capital into private credit, venture capital, and special situations.
How large is the Cement Masons' Local 502 Pension Fund?
The fund does not publicly disclose a current AUM figure. Analysis of available data suggests total assets are approximately $492 million (Altss estimate). Confirmed positions span direct real estate, commercial real estate debt, data center investments, and large allocations to union-focused pooled real estate trusts.
Does the fund invest directly or through external managers?
The fund uses a hybrid model. It directly owns and develops properties such as its headquarters and training center in Bellwood and union wellness centers. It also commits to externally managed pooled funds like the AFL-CIO Housing Investment Trust and Multi-Employer Property Trust. Its strategy documentation lists capabilities including buyout, mezzanine, distressed debt, and venture capital, suggesting additional manager relationships.
What labor and industry organizations does the fund work with?
The plan is embedded in a dense network of Chicago and national labor-management groups. It holds memberships in the Construction Industry Services Corporation, the Mid-America Regional Bargaining Association, the Chicago & Cook County Building & Construction Trades Council, and is affiliated with the Operative Plasterers' and Cement Masons' International Association. These relationships often inform investment priorities tied to union job creation.
Where does the funding for the pension plan come from?
Contributions come from signatory construction employers in the Chicago area under collective bargaining agreements with Cement Masons' Union Local No. 502. The original contributing employer groups include the Concrete Contractors Association of Greater Chicago, the Builders Association of Chicago, and the Illinois Road Builders Association.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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