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Plumbers & Pipefitters, Local #693
Local #693 is a chartered affiliate of the United Association of Journeymen and Apprentices of the Plumbing and Pipe Fitting Industry, representing plumbers...
Plumbers & Pipefitters, Local #693
Local #693 is a chartered affiliate of the United Association of Journeymen and Apprentices of the Plumbing and Pipe Fitting Industry, representing plumbers and pipefitters across Vermont. The union's pension fund, governed jointly by labor and management trustees, draws contributions from signatory contractors in the commercial and industrial construction sectors. Operating from a union hall on Gregory Drive, the plan serves a membership base concentrated in northern New England's infrastructure and building projects. The fund's investment posture is concentrated in private equity, with a stated focus on buyout strategies. This allocation reflects a Taft-Hartley fund's need for long-duration, compounding returns to match actuarial liabilities. While specific fund commitments are not publicly itemized, the plan's alignment with the UA's broader investment network suggests participation in labor-friendly private markets vehicles alongside multi-employer peers. The geographic scope of underlying investments is national, though the contribution base remains rooted in Vermont's construction economy. Administrative oversight for the associated Health & Welfare Fund involves Norman Duprey, with Erin Flanders handling staff-level coordination for the local union. The pension plan operates as part of a broader UA ecosystem that includes affiliated training centers and a nationally pooled investment program for local union assets. The union hall at 3 Gregory Drive functions as the operational hub for both labor representation and benefit-plan governance. A structural differentiator for Local #693's fund is its embeddedness within the Taft-Hartley multi-employer system, where investment decisions must satisfy joint labor-management oversight. This governance model imposes fiduciary checks that can slow deployment but also insulates the plan from the rapid turnover in strategy seen at single-sponsor corporate pensions. The fund's longevity — tied to the UA's century-long institutional presence — provides a stable, albeit opaque, pool of patient capital.
General information
Firm type
Pension Fund
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
South Burlington
Corporate office
3 Gregory Dr, South Burlington, VT, United States
Principals
Norman Duprey
Key Officer/Contact, Health & Welfare Fund
Erin Flanders
Staff Member/Contact
Sector focus
Frequently asked questions
Who jointly oversees the investment decisions for the Local #693 pension plan?
As a Taft-Hartley multi-employer plan, the fund is governed by a board of trustees split evenly between union representatives (appointed by Local #693 and the UA) and management representatives (appointed by contributing contractors). This joint structure requires consensus on asset-allocation policy and investment-manager selection. The board typically retains an investment consultant and delegates day-to-day management to external fund-of-fund operators or specialized OCIO firms.
Why does the plan emphasize buyout strategies over other private equity sub-classes?
Taft-Hartley pension plans often favor buyout funds because they target established companies with steady cash flows — a risk/return profile that aligns with the plan's long-term actuarial obligations. Buyout strategies also frequently embed strong labor-relations components, which can satisfy trustee-level ESG preferences. The fund's focus on buyout reflects this structural preference for durable, mid-market enterprise value over the shorter liquidity cycles of growth or venture capital.
Is the Local #693 plan pooled with other UA local union plans for investment purposes?
Many UA-affiliated local pension plans participate in nationally administered or jointly marketed investment vehicles designed specifically for building-trades funds. While Local #693's specific participation in a pooled UA master trust is not publicly detailed, the union's affiliation with the UA provides access to a network of labor-friendly private markets managers. This collective approach can deliver fee concessions and access to hard-to-access buyout partnerships that a single local plan might not achieve on its own.
What is the contribution base for the Local #693 pension plan?
Contributions flow from signatory plumbing and pipefitting contractors in Vermont, primarily those engaged in commercial, industrial, and infrastructure construction. Contribution rates are set through collective-bargaining agreements negotiated between Local #693 and the contractor associations. The flow of contributions depends on regional construction activity, making the fund's inflows cyclical but tied directly to prevailing-wage project work in northern New England.
How is the Local #693 pension plan legally distinct from the associated Health & Welfare Fund?
The pension plan and the Health & Welfare Fund are legally separate trusts, each with its own board of trustees, plan documents, and fiduciary reporting. Health & Welfare funds cover active-member medical, dental, and disability benefits, while the pension trust exclusively handles retirement assets. Federal law prohibits commingling of assets, ensuring the pension corpus remains insulated from health-benefit liabilities.
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