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Plumbers Local No 98 Defined Benefit Pension Fund
The Plumbers Local No 98 Defined Benefit Pension Fund was established in 1993 to provide retirement benefits for members of United Association Local 98.
Plumbers Local No 98 Defined Benefit Pension Fund
The Plumbers Local No 98 Defined Benefit Pension Fund was established in 1993 to provide retirement benefits for members of United Association Local 98. Local 98, founded in 1893, represents over 1,600 plumbers, welders and metal tradesmen in the Detroit metropolitan area. The fund operates as a multi-employer defined-benefit plan, with contributions from signatory contractors such as Limbach Holdings, and is governed by trustees including Business Manager Gary Glaser and Secretary-Treasurer Mike McIlroy. The fund's strategy is driven by its liability-matching imperatives as a mature multi-employer plan. It maintains exposure to direct commercial real estate holdings in the United States and also allocates to natural resources strategies. The plan is sustained by negotiated employer contributions, creating a direct link between construction activity in the Detroit region and the funded status of the pension. Plan assets are managed from the fund's base in Troy, Michigan. The fund does not publicly disclose its total assets under management or its precise allocation breakdown. It is an affiliate of the United Association of Journeymen and Apprentices of the Plumbing and Pipefitting Industry (UA), which is itself part of the AFL-CIO. The fund's operations are closely intertwined with the union hall on Horace Brown Drive in Madison Heights, where both the pension office and the local union share a physical footprint. This co-location reflects the tight administrative integration between the plan and its sponsoring labor organization. The structural differentiator of the fund is its status as a single, stand-alone multi-employer plan tied to one specific local union in a concentrated geographic region. Unlike large state or national public pension systems, its fortunes are intimately linked to the collective bargaining agreements negotiated between Local 98 and its signatory contractors. This hyper-local governance structure centralizes investment and administrative oversight within a small group of union trustee officials, a model distinct from the commingled national funds that dominate headlines.
General information
Firm type
Pension Fund
Year founded
1993
Location
Region
North America
Country
United States
City
Madison Heights
Corporate office
555 Horace Brown Dr, Madison Heights, MI 48071, United States
Principals
Gary Glaser
Business Manager, Trustee
Mike McIlroy
Secretary-Treasurer, Trustee
Sector focus
Frequently asked questions
Who oversees the investment decisions for the Plumbers Local No. 98 Pension Fund?
The fund is overseen by a board of trustees comprising union and employer representatives. Named trustees include Business Manager Gary Glaser and Secretary-Treasurer Mike McIlroy of Local 98. As a union-administered multi-employer plan, the board holds ultimate fiduciary responsibility for investment policy and manager selection, per ERISA guidelines.
How is this fund related to the Plumbers Local 98 union?
The pension fund is a separate legal entity established to provide retirement benefits specifically for the members of Plumbers Local 98. The union, chartered in 1893 and part of the United Association, sponsors the plan. The fund's trustees include senior officers of the local union, and the fund's office shares the address of the union hall in Madison Heights, Michigan.
What is Limbach Holdings' connection to the pension fund?
Limbach Holdings, Inc. is a building systems solutions firm and a signatory employer with Local 98. As a participating employer, Limbach makes contributions to the multi-employer pension fund based on the hours worked by union members under its collective bargaining agreement, forming a key source of plan inflows.
What asset classes does the Plumbers Local 98 Pension Fund invest in?
The fund is known to hold allocations to commercial real estate within the United States and to natural resources strategies. The specific mix between these assets and other traditional fixed-income or equity holdings is not publicly disclosed.
Does this fund file a public Form 5500 detailing its investments?
Yes, as an ERISA-covered defined-benefit plan, the fund is required to file an annual Form 5500 with the Department of Labor. These filings would disclose detailed asset holdings, actuarial assumptions, and the plan's funded status, making them the primary source for precise allocation data.
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