# Plumbers Local #98

Plumbers Local #98 is a Pension Fund based in Madison Heights, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Madison Heights, United States
- **Region:** North America
- **Address:** 555 Horace Brown Drive, Madison Heights, MI 48071
- **Assets under management:** 247 (Altss estimate)
- **LinkedIn:** https://www.linkedin.com/company/plumbers-union-local-98

## Regulatory record

- **Reports private funds:** No

## About

Plumbers Local #98 operates the defined benefit pension plan for its members. Carlo Castiglione serves as business manager and trustee. The plan was established to provide retirement benefits to plumbers and pipefitters in the Detroit area. The fund allocates across fixed income instruments at 27.8 percent, high-yield debt at 2 percent, real estate investment funds at 8.1 percent ownership, and a 4 percent stake in a private equity portfolio. It also holds natural resources exposure globally. Investments occur through the Plumbers Local 98 Defined Benefit Pension Fund as limited partner positions. Geographic focus remains the United States with secondary exposure outside North America. The organization maintains 58 million dollars in related benefit assets including the Insurance Fund and Sub Trust Fund. It operates the Union Hall in Madison Heights and the Plumbing Industry Training Center in Troy. Carlo Castiglione has directed recent sponsorship of the MiCareerQuest Southeast event in May 2024. Adjacent vehicles include the Plumbers Local 98 Scholarship Fund, which awarded five $2,000 grants in 2025. Governance ties the investment mandate directly to the union's collective bargaining agreements and joint administration with the Mechanical Contractors Association of Detroit.

## Sectors

- Real Estate
- Fixed Income
- Private Equity

## People

- Carlo Castiglione — Business Manager

## Questions

### Who runs investment decisions at Plumbers Local #98?

Carlo Castiglione serves as business manager and trustee with authority over benefit fund allocations.

### Does Plumbers Local #98 participate in fund commitments or only direct deals?

The fund acts as limited partner in private equity and real estate vehicles while holding some direct real estate assets such as the Union Hall.

### What asset classes does Plumbers Local #98 hold?

Holdings include investment-grade debt, high-yield debt, real estate funds, private equity, and natural resources exposure.

### Where does Plumbers Local #98 source its investment opportunities?

Opportunities arise through relationships with Morgan Stanley and Merrill Lynch as investment advisors and through joint programs with the Mechanical Contractors Association.

### How is the Plumbers Local #98 pension fund governed?

The plan operates under joint trusteeship with union and employer representatives and uses BeneSys for administration and The Segal Company as actuary.

## Related profiles

- [Auxin Group Wealth Management](https://altss.com/profile/auxin-group-wealth-management)
- [BlackRock](https://altss.com/profile/blackrock)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/plumbers-local-98

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