Plumbers & Steamfitters Local 21 Pension Fund

Plumbers & Steamfitters Local 21 Pension Fund

The Plumbers & Steamfitters Local 21 Pension Fund was established in 1959 to provide retirement security for members of the Hudson Valley local, which traces its lineage back to 1896 and now counts over 1,200 active journeymen. Trustees drawn from both the union — Business Manager Thomas O'Brien and President Nick Cassetta — and contributing contractors like C&B Plumbing and Heating co-govern the plan. The fund shares administrative infrastructure with the Local 21 Welfare Fund and Annuity Fund, all based at the union's McKinley Street headquarters in Peekskill. The fund casts a deliberately broad net across the capital structure. Altss-captured strategy tags indicate credit-oriented positions in distressed debt and mezzanine lending alongside direct venture exposure spanning seed, early-stage, and late-stage private companies. Core holdings are concentrated in common and collective trusts and registered investment companies, a structure that allows access to private markets without the operational burden of running a direct investment program. The real asset footprint is visible closer to home — the plan lists a direct interest in the 1024 McKinley Street union hall and benefits office, a commercial property that doubles as the fund's physical anchor. Estimated assets stand at $253 million, a figure that anchors the plan among the smaller but durable multiemployer funds in New York's union pension landscape. The trustee bench includes Vice President Joseph Forintos and employer-side representative Robert Courtien, providing the balanced oversight mandated by ERISA for Taft-Hartley plans. The fund maintains active ties to the Hudson Valley Regional Workforce Development Institute, where Local 21 representatives hold board seats, signaling a broader commitment to the region's construction-trade pipeline. No recent closed fund commitments or spin-out vehicles are publicly documented. Its structural fingerprint is distinct: a jointly trusteed multiemployer plan where every investment decision must clear a labor-management divide. That design prevents rapid strategy pivots but creates built-in accountability to two constituencies — working plumbers and the contractors who employ them. The resulting portfolio defaults to liquidity and credit quality, with private-market exposures routed through intermediaries rather than captured in dedicated direct-investment teams.