Pipefitters Local Union 274

Pipefitters Local Union 274

The Pension Fund of Local Union No. 274 was established in 1959 as the defined-benefit retirement vehicle for members of the United Association of Plumbers and Steamfitters Local 274. Based in Parsippany, New Jersey, the plan is a Taft-Hartley multiemployer fund jointly administered by union and contributing employer trustees. Business Manager Edward F. Driscoll serves as the key executive overseeing the union's financial operations and the pension fund, operating from the union hall and training center at 205 Jefferson Road. The plan deploys capital across a notably broad set of private market strategies for a union pension of its size. While specific manager relationships remain private, the plan's geographic focus centers on New Jersey and the broader Mid-Atlantic region, aligned with the local union's membership base and the project pipeline coordinated through the NJ State Building & Construction Trades Council. The fund maintains additional assets beyond its investment portfolio, including the Pipefitters Local 274 Union Hall & Training Center in Parsippany, a commercial property that serves as both administrative headquarters and an apprentice training facility. The union also operates a separate Pipefitters Education Fund Local Union 274 for apprenticeship and journeyman continuing education, and a Political Action Committee fund for industry advocacy. These adjacent structures create an integrated financial ecosystem supporting both current members and retirees. Pipefitters Local 274 operates as a subordinate local of the international United Association, which provides umbrella governance and standardized training curricula. The plan's structural differentiator within the labor pension landscape is its mix of distressed debt and mezzanine allocations alongside conventional buyout exposure — a posture more commonly associated with larger public plans. The fund's engagement with community organizations, including the Friendly Sons of St. Patrick of Morris County and the Irish American Association of Northwest Jersey, reflects a localized operational culture distinct from remote institutional allocators.