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Sheet Metal Workers Local 15
Sheet Metal Workers Local 15 Medical Fund was created in 1965 as a defined benefit pension plan for members of the Sheet Metal Workers International...
Sheet Metal Workers Local 15
Sheet Metal Workers Local 15 Medical Fund was created in 1965 as a defined benefit pension plan for members of the Sheet Metal Workers International Association's Local Union 15, serving Central Florida. The fund operates alongside a companion Joint Apprenticeship and Training Committee Trust Fund, forming part of the collectively bargained benefits package negotiated between Local 15 and participating employers. Patrick O'Leary and Brian A. McCord serve as key union-side fiduciaries under the joint trusteeship model typical of Taft-Hartley plans. The fund maintains a conservative, balance-sheet-focused investment posture common to multi-employer pension plans. Its portfolio includes commercial real estate holdings — notably the union's training center at 5619 North 50th Street in Tampa and a union hall property on George Road — as well as cash and short-term investment accounts administered from Goodlettsville, Tennessee. The plan participates in the broader Sheet Metal Workers' National Pension Fund, which pools assets from locals nationwide to achieve institutional scale in public equity, fixed income, and real asset allocations managed by third-party investment advisors. Governance rests with a board of trustees evenly split between union representatives and contributing contractors organized through Florida SMACNA, the Sheet Metal and Air Conditioning Contractors' National Association's state chapter. This parity structure, codified under ERISA, requires joint approval for asset allocation decisions, manager selection, and benefit modifications. The fund maintains active accounts with labor-aligned financial institutions, including PowerNet Credit Union, a credit union serving union families. Affiliations with SMART, the international parent union, and the AFL-CIO provide additional fiduciary resources and peer benchmarking for the plan's investment committee. The fund's structural distinction lies in its position within a layered benefit architecture: Local 15's medical and pension trusts operate alongside the national pension fund and the apprenticeship training trust, each with separate asset pools and governance mandates. This creates a compartmentalized design where a member's retirement security depends on coordinated performance across several independent fiduciary entities — a deliberate feature of collectively bargained multi-employer plans that isolates specific benefit obligations from others.
General information
Firm type
Pension Fund
Year founded
1965
Location
Region
North America
Country
United States
City
Tampa
Corporate office
Tampa, FL, United States
Principals
Patrick O'Leary
Business Manager
Brian A. McCord
Trustee, Medical Fund
Sector focus
Frequently asked questions
Who makes investment decisions for Sheet Metal Workers Local 15's pension assets?
Investment decisions rest with a joint board of trustees composed equally of union representatives from Local 15 and employer representatives from Florida SMACNA-affiliated contractors. This board determines asset allocation, hires third-party investment managers, and monitors performance. Day-to-day administration is handled by fund staff, while the plan's participation in the Sheet Metal Workers' National Pension Fund delegates a portion of investment authority to that entity's professional managers.
How is the Local 15 Medical Fund related to the national Sheet Metal Workers Pension Fund?
The two entities are separate but complementary. Local 15's Medical Fund is a locally administered defined benefit plan serving Central Florida members. The Sheet Metal Workers' National Pension Fund is a pooled national plan that many local unions participate in, providing an additional layer of retirement income beyond what the local fund supplies. Assets are distinct, and each fund has its own trustee board and investment policy.
What role does Florida SMACNA play in the fund's governance?
Florida SMACNA, the state chapter of the Sheet Metal and Air Conditioning Contractors' National Association, appoints employer-side trustees to the fund's board. This creates the 50-50 union-and-management governance structure required by the Taft-Hartley Act for multi-employer benefit plans. The association also negotiates contribution rates with Local 15 during collective bargaining, which directly determines the funding stream available to the pension and medical plans.
Does the fund invest directly, or does it use external managers?
The Local 15 plan uses external third-party investment managers for the majority of its marketable securities portfolio, a standard practice among Taft-Hartley funds of this size. It also holds direct real estate assets, including the union hall and training center properties in Tampa. Cash and short-term investment accounts, administered from Tennessee, suggest the use of a trust or custodial banking relationship for liquidity management.
What is the union's training trust fund, and how does it relate to the pension plan?
The Sheet Metal Workers Local 15 Joint Apprenticeship and Training Committee Trust Fund is a separate legal entity from the Medical Fund. It finances the apprenticeship and continuing education programs that train sheet metal workers in Central Florida, owning the training facility on North 50th Street. While it does not pay retirement benefits, its health is tied to the same collective bargaining agreement and the same local union leadership that governs the pension plan.
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