Plumbers & Pipefitters, Local #525

Plumbers & Pipefitters, Local #525

Plumbers & Pipefitters Local 525 operates as the pension and benefits administrative entity for union plumbers, pipefitters, and HVAC service technicians in the Las Vegas metropolitan area. The organization itself is the local chapter, while its affiliated trust funds — including a defined-benefit pension plan — serve as the investment vehicles. Leadership rests with Business Manager Matthew Lydon, with David Wood acting as Plan Administrator and Business Agent. The trusts are jointly administered with the Mechanical Contractors Association of Las Vegas, a governance structure typical of Taft-Hartley multiemployer plans. While precise allocation targets are not public, typical union building-trades pension funds run 60-70% in equities and alternatives, with real estate often held directly through the trust or its associated union hall and training center properties. Local 525 holds real assets including its union hall on North Lamb Boulevard and a JATC Pipe Trades Training Center on Legion Way. The fund's concentration on secondaries implies a liquidity-aware posture — buying seasoned LP positions at discounts to net asset value — which fits a mature plan with near-term beneficiary payouts. Team size and total assets under management are not publicly disclosed. The pension operates alongside health and welfare funds and a grantmaking arm that channels resources into community initiatives. Two Collective Union Health Clinic facilities in Henderson and Northwest Las Vegas serve the membership directly. A PAC aligned with the local participates in Nevada electoral politics. The fund's affiliation with the Southern Nevada Building & Construction Trades Council places it within the broader regional labor investment ecosystem, though co-investment specifics are not documented. Local 525's structural distinction is its apparent singular focus on secondaries. The joint administration with the MCA of Las Vegas creates a built-in check on allocation decisions, requiring contractor and union trustee alignment for any capital call.