# Sheet Metal Workers Local 28

Sheet Metal Workers Local 28 is a Pension Fund based in New York, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** 500 Greenwich Street, Suite 502, New York, NY 10013, United States
- **Assets under management:** $289M (Altss estimate)
- **Website:** smartlu28.org

## Regulatory record

- **Reports private funds:** No

## About

Sheet Metal Workers Local #28 administers defined-benefit pension assets for sheet metal workers in the New York metropolitan area. The fund operates as part of the International Association of Sheet Metal, Air, Rail and Transportation Workers (SMART), drawing its capital base from multi-employer contributions negotiated through collective bargaining agreements. Managing the fund alongside affiliated welfare, education, and labor-management trust vehicles — with physical offices in Manhattan, Mineola, and Queens — creates a consolidated benefits apparatus that serves both active members and retirees. Investment strategy centers on buyout private equity, targeting controlling-stake acquisitions in companies tied to the building and construction trades. The fund maintains direct ownership of significant commercial and industrial real estate, including the Nicholas Maldarelli Training Center in Queens and a welfare fund headquarters in Mineola, operating these assets both as portfolio holdings and functional union infrastructure. Geographic concentration remains heavily weighted toward New York, reflecting the local membership base and the jurisdictional reach of its collective bargaining agreements. Affiliation with the Building and Construction Trades Council of Greater New York and North America's Building Trades Unions (NABTU) provides policy advocacy and co-investment visibility across large-scale regional infrastructure and development projects. The fund does not publicly disclose precise deployment figures, though Altss estimates total assets at approximately $289 million based on regulatory filings and Form 5500 data. Structurally, the fund differs from public pensions through its Taft-Hartley multi-employer architecture: contribution rates are bargained collectively, benefit obligations are pooled across multiple signatory employers, and governance rests with a board evenly split between labor and management trustees. This shared-governance model influences investment pacing and liquidity preferences, favoring longer-duration private-market commitments that match the union's stable, multi-decade demographic profile.

## Sectors

- Real Estate
- Infrastructure

## Offices

- Mineola, NY
- Jamaica, Queens, NY
- Brooklyn, NY

## People

- Eric Meslin — President and Business Manager

## Questions

### How is the Local 28 pension fund structured relative to other union benefit plans?

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.

### What investment strategy does the fund pursue?

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.

### How does Local 28's relationship with the Building Trades Council influence its portfolio?

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.

### How is the fund's asset base financed?

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.

### What distinguishes Taft-Hartley pension funds from corporate or public pensions?

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.

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Last updated: 2026-08-11T02:43:31.692Z

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