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Sheet Metal Workers' Local 33 Pension Plan
Sheet Metal Workers' Local 33 Pension Plan: a 1963 multiemployer fund investing directly in union-built training real estate across Ohio and West Virginia.
Sheet Metal Workers' Local 33 Pension Plan
The Toledo Area Sheet Metal Workers Pension Plan and Trust, established in 1963, administers retirement, disability, and death benefits for members of Sheet Metal, Air, Rail and Transportation Workers (SMART) Local 33. Business Manager Corey Beaubien leads the union side, while third-party administrator BeneSys handles day-to-day plan operations. The fund draws its contributions from signatory contractors under collective bargaining agreements governed by SMART and the Sheet Metal and Air Conditioning Contractors’ National Association (SMACNA). Asset allocation skews wholly toward real estate, specifically union-built properties that serve a dual purpose: generating plan returns and housing the joint apprenticeship training committee (JATC) facilities that feed the local’s workforce pipeline. Holdings include the Cleveland JATC in Parma, the Toledo Area Sheet Metal Training Center in Rossford, and district JATC properties in Youngstown, Akron, and Wheeling — all industrial or commercial training spaces. The plan does not publicly report liquid securities allocations, private equity commitments, or fund-of-fund structures. With an Altss-estimated AUM band below $50 million, the plan functions less as an institutional allocator and more as a self-dealing real asset steward. Its geographic footprint spans northern Ohio, most of West Virginia, and two counties in Michigan, mirroring the territory of the eight legacy locals merged into SMART 33 in 1988. Adjacent entities include the Akron Canton Builds foundation and corporate partnerships with the United Way of Greater Toledo — neither of which are pooled with pension assets. In September 2023, the plan’s parent union sponsored a financial-literacy seminar for apprentices in Vermilion, Ohio. The plan’s structural differentiator is its property-union nexus: pension capital directly funds the craft-training infrastructure that sustains the local. No external investment consultant is named, and the plan has not disclosed participation in club deals, co-investments, or secondary transactions. This closed-loop model ties retirement security to the physical plants where sheet metal workers learn their trade, making the fund’s performance inseparable from local union density and collectively bargained work hours.
General information
Firm type
Multi Family Office
Year founded
1963
AUM
<$50M (Altss estimate)
Location
Region
North America
Country
United States
City
Troy
Corporate office
Troy, MI, United States
Additional offices
Parma, OH · Rossford, OH · Youngstown, OH · Massillon, OH · Martins Ferry, OH · Charleston, WV
Principals
Corey Beaubien
Business Manager
Sector focus
Frequently asked questions
Who administers the Sheet Metal Workers' Local 33 Pension Plan?
Third-party administrator BeneSys handles day-to-day operations for the Toledo Area Sheet Metal Workers Pension Plan and Trust. The union side is led by Business Manager Corey Beaubien, who serves as the plan’s primary trustee contact. No separate investment committee or CIO has been publicly named, consistent with the fund's scale.
How are contributions funded and governed?
Contributions flow from signatory contractors under collective bargaining agreements between SMART Local 33 and SMACNA. The plan is a multiemployer defined-benefit fund, meaning contributions are negotiated hourly and pooled across employers. This structure ties funding levels to union employment hours in northern Ohio, most of West Virginia, and two Michigan counties.
What assets does the plan hold?
The plan’s known assets are union-built real estate properties housing its joint apprenticeship training committees. These include district JATC facilities in Cleveland, Toledo, Youngstown, Akron, and Wheeling. The plan has not publicly disclosed any liquid securities, private equity funds, or hedge fund allocations.
Does the plan co-invest with other Taft-Hartley funds?
There is no public evidence of co-investment alongside other multiemployer pension funds. The plan’s real-asset exposure is self-directed, focused on properties that serve the local’s own training needs. No club deal participation, secondary transactions, or external fund commitments have been reported.
How are the plan's assets separated from union operating funds?
The pension trust is legally distinct from Local 33's general operating fund, with BeneSys providing independent administration. However, the plan’s real-estate holdings double as union training centers, creating an embedded operational relationship unusual among ERISA plans. The union does not commingle pension capital with its charitable arm, Akron Canton Builds.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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