Sheet Metal Workers Local 28

Investment governance follows the Taft-Hartley trust model: a board of trustees evenly divided between labor representatives (appointed by Local 28) and management representatives (appointed by contributing employers) makes allocation and manager-selection decisions. Eric Meslin, as President and Business Manager, serves as a key fiduciary. Day-to-day portfolio management is typically outsourced to external investment consultants and fund managers, though no named CIO or internal investment staff is publicly identified.

Local 28 operates multiple benefit trusts alongside the pension fund, including a welfare fund (Mineola, NY), an education fund linked to the Nicholas Maldarelli Training Center (Queens), and a labor-management cooperation trust (Brooklyn). Each is separately administered under ERISA, though they share union governance and draw from the same collective bargaining contribution base. This siloed trust structure is standard Taft-Hartley practice and prevents cross-subsidization between benefit categories.

The fund executes a buyout-focused private equity strategy, targeting controlling stakes in companies within or adjacent to the building and construction ecosystem. This extends to direct real estate ownership of union halls, training centers, and commercial properties that generate income while supporting operational needs. Publicly filed Form 5500 data confirms a multi-asset portfolio with significant allocations to private equity, real estate, and traditional fixed-income and equity mandates.

Through its affiliation with the Building and Construction Trades Council of Greater New York and North America's Building Trades Unions (NABTU), the fund gains visibility into large-scale regional development projects and infrastructure spending priorities. These relationships can surface co-investment opportunities in real assets and construction-linked private equity deals, though the fund primarily deploys capital through commingled institutional funds rather than direct project-level co-investments.

Yes. The Sheet Metal Workers Local Union No 28 Scholarship Fund, recognized as a separate charitable entity, provides educational grants to members and their dependents. This foundation is distinct from the pension trust and is funded through contributions and union allocations rather than pension assets. The education fund that supports the Nicholas Maldarelli Training Center is a separate Taft-Hartley trust.

Contributions are negotiated through collective bargaining agreements between Local 28 and signatory sheet metal contractors across the New York metropolitan area. Employer contribution rates — set per hour worked — flow into the pension trust and affiliated benefit funds. This multi-employer structure pools risk across numerous small and mid-sized contractors, insulating the fund from any single employer's insolvency.

Taft-Hartley funds are jointly trusteed by labor and management, created under Section 302(c)(5) of the Labor Management Relations Act. Investment decisions require consensus between both trustee blocs, which can favor conservative, liability-matching allocations over aggressive growth strategies. Contribution rates adjust through bargaining cycles rather than legislative appropriation, giving these funds a distinct liquidity profile compared to taxpayer-backed public plans.