Plumbers & Pipefitters UA Local 13

The pension fund is governed by a joint board of trustees, with equal representation from union leadership and contributing signatory contractors. John Carpenter, as Business Manager and Financial Secretary, sits on the union side of that governance structure alongside President Dan O'Neil. Day-to-day fund administration falls to Nate Burdick. The board typically hires an investment consultant to recommend asset allocation and conduct manager searches, then retains discretion on all allocation decisions.

Like most Taft-Hartley plans of its size, UA Local 13 likely relies on an investment consultant for manager sourcing and due-diligence support, supplemented by relationships through the national United Association and the New York State Pipe Trades association. Peer building-trades funds in upstate New York frequently share manager references, and the union's contractor relationships occasionally surface co-investment opportunities in local real estate or infrastructure projects.

The fund is structured primarily as a fund-of-funds and separate-account investor rather than a direct deal shop. Its alternatives exposure — private real estate, private credit, infrastructure — is almost certainly accessed through commingled fund commitments managed by external GPs. Direct co-investments are possible but would be rare given the fund's size and the trustee board's preference for diversified, professionally managed vehicles.

The pension fund is part of a broader benefits complex that includes a separate annuity fund and an employer-group insurance fund, each with its own trust and board. These funds share administrative oversight through the union's benefit office under Nate Burdick, but maintain separate asset pools and investment policies. The union also operates a joint labor-management training center at 1850 Mt. Read Boulevard that is funded through collective-bargaining contributions and is not part of the pension portfolio.

Taft-Hartley plans of this scale occasionally participate in co-investment opportunities when offered by their existing GP relationships, typically on a no-fee, no-carry basis. Given Local 13's estimated $357 million portfolio, any co-investment would likely fall in the $5 million to $15 million range. The joint-trustee structure means both labor and management must agree on individual co-investments, which tends to limit participation to opportunities clearly within the fund's existing manager relationships.

As a union pension fund, Local 13 is unlikely to invest in strategies that conflict with organized-labor principles — meaning avoidance of explicitly anti-union operating companies and heavily outsourced manufacturing. The fund also tends to steer clear of highly speculative venture capital, distressed debt with operational turnaround components requiring direct control, and any strategy that could trigger UBTI (Unrelated Business Taxable Income) complications for the tax-exempt trust.

Yes. The union runs an Industry Advancement Program Scholarship and a separate HVAC-specific scholarship, both funded through negotiated contributions rather than investment returns. These are administered outside the pension fund's asset pool and serve the children of union members pursuing post-secondary education, particularly in skilled-trades pathways.