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Plumbers & Pipefitters, Locals #502 & #633
Plumbers & Pipefitters Locals 502 & 633 pension and benefit funds manage retirement assets for Kentucky union members under Scott Lewis and Neal Hurm.
Plumbers & Pipefitters, Locals #502 & #633
Plumbers & Pipefitters Locals 502 and 633 operate a joint pension plan and separate benefit trust funds for union members in Kentucky. Local 502, based in Louisville, covers Jefferson County and surrounding areas, while Local 633 serves Owensboro and western Kentucky. Scott Lewis serves as Business Manager and Financial Secretary-Treasurer for Local 502, and Neal Hurm holds the same role for Local 633. The funds deploy capital across a mix of fixed-income, real estate, and private-credit assets, with a focus on income-generating investments that match long-term benefit obligations. The pension plan administers benefits from a Troy, Michigan-based custodian. The funds have not publicly disclosed allocations to venture capital, hedge funds, or direct equity. Primary asset holdings include union hall properties and training centers. Total assets under management are not publicly disclosed; estimates based on membership size and typical union fund profiles suggest a range under $500 million. The funds maintain training trusts with Ivy Tech Community College for apprenticeship programs and partner with the United Association, the international union for plumbers and pipefitters. Both locals are members of the AFL-CIO. A distinguishing structural feature of this fund is its demographic profile: with a membership heavily concentrated in a single craft union across two contiguous Kentucky regions, the fund faces concentrated risk from local construction cycles and membership attrition. The absence of a diversified multi-employer or multi-state base makes it smaller and more geographically constrained than national union funds.
General information
Firm type
Union Pension Plan
Year founded
—
AUM
Undisclosed (Altss estimate under $500M)
Location
Region
North America
Country
United States
City
Louisville
Corporate office
4330 Crittenden Drive, Suite A, Louisville, KY 40209, United States
Additional offices
3128 Alvey Park Drive West, Owensboro, KY 42303
Principals
Scott Lewis
Business Manager and Financial Secretary-Treasurer, Local 502
Neal Hurm
Business Manager, Local 633
Sector focus
Frequently asked questions
Who manages investment decisions at Plumbers & Pipefitters Locals 502 & 633?
Scott Lewis (Business Manager and Financial Secretary-Treasurer of Local 502) and Neal Hurm (Business Manager of Local 633) oversee the funds. The pension plan is administered professionally through a third-party custodian based in Troy, Michigan, though the fund does not publicly name an external investment consultant or CIO.
How is the pension fund structured between the two locals?
The two locals jointly sponsor a combined pension plan, the Plumbers & Pipefitters Local No. 502 & 633 Pension Plan, alongside separate health and welfare benefit trusts. Local 502 operates a larger training center and additional benefit plans, while Local 633's union hall in Owensboro serves as the primary asset for its regional membership.
What investment strategy does the union pension fund follow?
The fund follows a liability-driven approach typical of small-to-mid-size union pension plans, prioritizing income-generating assets such as fixed income, real estate, and private credit to match benefit obligations. It does not maintain public-facing allocations to venture capital, hedge funds, or direct equity strategies.
Where does the underlying wealth come from?
The funds are capitalized by employer contributions negotiated through collective bargaining agreements with plumbing and pipefitting contractors in the Louisville and Owensboro areas. Contribution rates, benefit formulas, and investment strategy are governed by joint labor-management trustee boards.
What training and education programs do the locals operate?
Both Locals 502 and 633 maintain Education & Training Trust Funds that support apprenticeship programs serving new entrants. The training programs partner with Ivy Tech Community College to offer technical degrees in plumbing and pipefitting, alongside hands-on shop training at dedicated centers in Louisville and Owensboro.
Does the fund invest in alternatives or direct deals?
The fund does not publicly disclose allocations to alternative assets such as venture capital, private equity, or hedge funds. Its portfolio is likely concentrated in investment-grade fixed income and income-producing real estate, consistent with the small pension plan profile and the absence of a reported CIO or in-house alternatives team.
How is the fund related to the United Association?
The United Association (UA) is the international parent union for plumbers and pipefitters. Locals 502 and 633 are affiliated chapters of the UA. The pension fund operates independently from the UA's central funds; the UA provides technical assistance and training standards but does not manage the locals' benefit plans directly.
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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