Plumbers and Steamfitters Local #60

Ronald R. Rosser, the Business Manager, serves as a trustee for the pension plan. John J. Sabathe, President and Field Representative, also shares fiduciary oversight. The plan operates under the governance framework of a Taft-Hartley multiemployer fund, meaning investment decisions rest with a board of trustees split between union and contributing employer representatives. External consultants likely advise on manager selection and portfolio construction, though the fund does not publicly detail these relationships.

The pension plan is heavily oriented toward private equity secondaries, acquiring existing LP interests from other investors in the secondary market. This approach bypasses traditional primary fund commitments and allows the plan to deploy capital into more mature portfolios with vintage diversification. The fund's strategy specifically targets secondaries across multiple vintages rather than committing to new blind-pool fundraises.

The plan's stated strategy indicates a concentration in secondaries, suggesting it primarily buys existing LP stakes rather than making primary fund commitments. Direct co-investments or direct deals are not flagged in available descriptions. The benefit funds also own physical real estate directly, including the union hall, training center, and apprenticeship facilities—these are held as plan assets rather than through commingled real estate funds.

Local 60 is a chartered local of the United Association (UA), the international union representing plumbers, pipefitters, and HVAC technicians across North America. The pension plan is a separate legal trust established under collective bargaining agreements between Local 60 and signatory contractors. While the UA provides the union charter, the pension fund operates independently with its own trustees and fiduciary obligations under ERISA.

The plan's real assets include the Local 60 Union Hall and Training Center at 3515 N. I-10 Service Road West in Metairie, the New Orleans Pipe Trades Apprenticeship Program office on North Arnoult Road, and additional commercial property on Severn Avenue. These properties serve dual purposes as operational facilities for training and union administration while also functioning as pension plan investments.

The pension's secondary-market focus does not preclude co-investment activity, but available descriptions do not indicate direct co-investment programs alongside general partners. The plan appears to access private equity exclusively through secondary acquisitions and does not advertise co-underwriting or direct deal participation. The fund's size and staffing suggest a preference for intermediated exposure rather than resource-intensive co-investment programs.

The union sponsors a Disaster Relief Fund and an Education Trust, both administered from Metairie. These are separate from the pension and welfare funds—the Education Trust focuses on apprenticeship and journeyman training, while the Disaster Relief Fund provides emergency assistance to members. Neither philanthropic vehicle commingles assets with the retirement or health and welfare benefit plans, maintaining ERISA-compliant separation between member benefits and charitable activities.