Plumbers Local Union No. 690 Pension Fund

The fund operates under a joint labor-management board of trustees, a governance structure standard for multi-employer Taft-Hartley plans. George C. Pegram, the current Business Manager and Financial Secretary-Treasurer of Local 690, plays a central administrative role. Day-to-day investment management is largely delegated to external managers — known relationships include GCM Grosvenor for private equity and Corbin Capital for ERISA-focused opportunistic strategies. Trustee decisions are guided by the plan's investment policy statement and actuarial targets.

As a $233M multi-employer plan, the fund does not maintain a direct origination team. It accesses opportunities through established institutional gatekeepers. GCM Grosvenor provides private equity fund-of-funds exposure sourced from its Chicago-based platform, while Corbin Capital Partners in New York manages an ERISA Opportunity Fund mandate. Real estate exposure flows through Mercer Investment Management. This delegated model is typical for mid-sized Taft-Hartley plans that prioritize fiduciary oversight over internal deal sourcing.

Confirmed allocations span private equity, real estate, and infrastructure — the standard alternatives triplet for a mature defined-benefit plan seeking inflation-sensitive, long-duration returns. The plan has disclosed commitments to private equity funds of funds, core real estate portfolios, and secondaries strategies. The specific investment policy statement is not public, but the manager roster — GCM Grosvenor, Corbin Capital, Mercer — suggests a bias toward diversified commingled vehicles rather than direct co-investments.

Plumbers Local 690 does not publicly disclose its funded status or actuarial reports on its website. Most Taft-Hartley multi-employer plans in the building trades operate under zone-status reporting to the Pension Benefit Guaranty Corporation, but the plan's specific zone designation is not publicly indexed. The $233M asset estimate (Altss estimate) reflects a mid-sized plan that likely covers a few thousand active and retired participants in the Philadelphia metropolitan area.

Limbach Holdings, Inc. is a named contributing employer with a direct business-partner relationship to the fund. As a multi-employer plan under collective bargaining agreements, additional contributing employers include signatory mechanical contractors operating in the Greater Philadelphia region. The Mechanical Contractors Association of America and the Mechanical & Service Contractors Association of Eastern Pennsylvania represent many of these employers in labor negotiations.

The pension fund is legally separate from Plumbers Local Union No. 690, as required under ERISA. The plan is administered by the Plumbers Union Local 690 Industry Funds and governed by a board of trustees with equal labor and management representation — the standard Taft-Hartley structure. George C. Pegram's dual role as Business Manager of the union and Financial Secretary-Treasurer of the fund is common in the building trades, where union leadership participates in benefit-plan governance alongside employer trustees.

Yes. The plan supports the Thomas J. McNulty Annual Scholarship Fund, which provides educational assistance. It is also connected to the Allied Trades Assistance Program, a substance-abuse treatment and mental health initiative serving building-trades members and their families in the Philadelphia region. These programs are funded outside the plan's investment portfolio, typically through collectively bargained contributions or separate union-administered trusts.