# Plumbers Local Union No. 690 Pension Fund

Plumbers Local Union No. 690 Pension Fund is a Pension Fund based in Philadelphia, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Philadelphia, United States
- **Region:** North America
- **Address:** 2791 Southampton Road, Philadelphia, PA 19154
- **Founded:** 1962
- **Assets under management:** $233M (Altss estimate)
- **Website:** plumbers690.org

## Regulatory record

- **Reports private funds:** No

## About

Plumbers Local Union No. 690 Pension Fund was established in 1962 to provide retirement security for members of the Philadelphia plumbers union. The plan covers active and retired plumbers in the Greater Philadelphia area, with contributing employers that include mechanical contractor Limbach Holdings. George C. Pegram serves as Business Manager and Financial Secretary-Treasurer, overseeing fund administration alongside the Plumbers Union Local 690 Industry Funds. The fund's investment strategy centers on a diversified alternatives program. Known commitments include private equity funds of funds through GCM Grosvenor in Chicago and the Corbin ERISA Opportunity Fund in New York. Real estate exposure runs through the Mercer US Core Real Estate Portfolio, while infrastructure allocations round out the long-duration bucket. The portfolio tilts toward secondaries and special-situations strategies that suit a mature defined-benefit plan managing roughly $233 million in assets (Altss estimate). Governance traces through the plan's joint labor-management trustee structure, a hallmark of Taft-Hartley multi-employer plans. The fund maintains deep operational ties to the Mechanical Contractors Association of America and the United Association, the parent international union. Recent observable activity includes ongoing administration of the Thomas J. McNulty Annual Scholarship Fund and support for the Allied Trades Assistance Program, a substance-abuse treatment initiative serving Philadelphia building-trades members. The structural differentiator is the plan's embedded position within a localized labor ecosystem. Unlike corporate pension plans that answer to shareholders, Plumbers 690's trustees answer to union membership and contributing contractors — a governance model that keeps the portfolio anchored to the long-dated liability profile of a skilled-trades workforce.

## Sectors

- Private Equity
- Real Estate
- Secondaries & Special Situations
- Infrastructure

## People

- George C. Pegram — Business Manager and Financial Secretary-Treasurer

## Questions

### Who runs investment decisions at the 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.

### How does the fund source its investment opportunities?

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.

### Who are the contributing employers to this pension plan?

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.

### How is the Plumbers 690 pension fund related to the union itself?

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.

## Related profiles

- [International Brotherhood of Electrical Workers Local No. 150 Fringe Benefit Funds](https://altss.com/profile/international-brotherhood-of-electrical-workers-local-no-150-fringe-benefit-funds)
- [The George Foundation](https://altss.com/profile/the-george-foundation)

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

Canonical page: https://altss.com/profile/plumbers-local-union-no-690-pension-fund

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