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Plasterers' Local 262
The Plasterers' Local 262 Pension Fund was established in 1951 to provide retirement security for members of the Operative Plasterers' and Cement Masons'...
Plasterers' Local 262
The Plasterers' Local 262 Pension Fund was established in 1951 to provide retirement security for members of the Operative Plasterers' and Cement Masons' International Association (OPCMIA) Local 262 in New York City. Angelo Angelone serves as Business Manager, a role that bridges union operations with plan governance. The fund derives its capital from employer contributions negotiated through collective bargaining agreements, a structure common to Taft-Hartley plans serving skilled construction trades in major metropolitan labor markets. The fund's investment strategy is concentrated in private-market allocations, with an emphasis on buyout and mezzanine debt opportunities. Public records indicate its portfolio is heavily tilted toward real estate assets within the New York City metropolitan area, a focus typical of building-trades pension plans that invest in the very projects their members build through Project Labor Agreements. These agreements, often signed alongside the Building and Construction Trades Council of Greater New York and related locals like Cement Masons Local 780, create a direct economic link between plan capital and job-site activity. The pension plan's private-equity commitments tend to favor middle-market general partners with exposure to domestic commercial and residential development. The plan's assets are modest by institutional standards, with a total deployment estimated by Altss to be under $50 million. Operations are centered at the union's administrative hub in the Bronx, with a supplementary office at 30-56 Whitestone Expressway in Flushing, Queens. Beyond the pension fund, the organization operates the Plasterers' Local 262 Scholarship Fund, a separate philanthropic vehicle supporting members' families with educational grants. What structurally distinguishes this plan is its operation as a multi-employer defined-benefit fund in a single metropolitan trade. Unlike large state or single-employer plans, Local 262's capital allocation is closely tied to the health of New York City union construction and the specific collective bargaining cycles that govern employer contribution rates. Its governance rests with a Board of Trustees composed equally of labor and management representatives, a hallmark of Taft-Hartley plans that embeds investment oversight directly within the industrial relations framework of a single skilled trade.
General information
Firm type
Pension Fund
Year founded
1864
Location
Region
North America
Country
United States
City
Bronx
Corporate office
Bronx, NY, United States
Principals
Angelo Angelone
Business Manager
Sector focus
Frequently asked questions
How is the Plasterers' Local 262 Pension Fund structured?
It is a Taft-Hartley multi-employer defined-benefit pension plan, meaning employers contribute to a pooled trust under the terms of collective bargaining agreements. The plan is jointly governed by a Board of Trustees with equal representation from the union and contributing employers, a standard structure designed to insulate plan assets from unilateral control by either party.
What is the relationship between the pension fund and the Building and Construction Trades Council of Greater New York?
Local 262 is a signatory to Project Labor Agreements alongside the BCTC, which functions as the coordinating body for NYC construction unions. This relationship ties the plan's capital to the broad pipeline of large-scale commercial and public works projects across the five boroughs, as labor agreements negotiated by the BCTC determine which contractors must contribute to the plan.
What investment strategies does the fund pursue?
The fund's primary allocations are to private-market buyout and mezzanine debt strategies, with a pronounced geographic concentration in New York City real estate. The fund does not publicly disclose its full portfolio, but its investment posture aligns with the asset-liability needs of a mature multi-employer plan focused on capital preservation while maintaining sufficient returns to meet benefit obligations.
Who governs the pension plan?
The Board of Trustees governs the plan, with Business Manager Angelo Angelone serving as a key union-side officer. Trustees are appointed by both the union and the signatory employer associations, a joint-governance model mandated by the Taft-Hartley Act to ensure fiduciary duties are shared across labor and management.
How is this fund different from a single-employer corporate pension?
Unlike a corporate plan backed by a single sponsor, a Taft-Hartley plan pools contributions from numerous signatory contractors, making the plan's funding dependent on the collective health of unionized plastering and cement masonry in New York City rather than any single company. This structure gives contributing employers portability and members continuous benefit accrual across multiple job sites, but it also exposes the plan to sector-wide construction cycles.
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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