# Sheet Metal Workers Local #36 (SMART)

Sheet Metal Workers Local #36 (SMART) is a Pension Fund based in St. Louis, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** St. Louis, United States
- **Region:** North America
- **Address:** St. Louis, MO, United States
- **Founded:** 1888
- **Assets under management:** Undisclosed
- **Website:** http://sheetmetal36.org
- **LinkedIn:** https://www.linkedin.com/company/sheetmetal36

## Regulatory record

- **Reports private funds:** No

## About

Local 36 operates as the St. Louis-area affiliate of the International Association of Sheet Metal, Air, Rail and Transportation Workers (SMART), representing skilled labor across eastern Missouri. The pension fund is a defined-benefit plan funded through multi-employer collective bargaining agreements — a structure in which numerous union contractors contribute into a shared retirement trust. Ray Reasons, who serves as both President and Business Manager of the local and as 11th General Vice President of SMART International, oversees the local's labor and investment operations from its Chouteau Avenue headquarters in St. Louis. The fund's investment strategy concentrates on private equity buyout strategies, reflecting a multi-employer pension plan's mandate to seek returns that meet long-term actuarial assumptions. Asset-class exposure extends into commercial real estate and infrastructure — asset categories common among building-trades pension funds that can align with the union's own industry knowledge. The local directly owns and operates training facilities in St. Louis, Fulton, and Springfield, Missouri, alongside union operating assets, blurring the line between pension capital and the physical infrastructure that sustains the workforce. These real assets include a steamboat replica, the SS Admiral, a fixture from the local's community engagement history. The fund's scale and team size are not publicly disclosed, consistent with the opaque reporting norms of multi-employer Taft-Hartley plans. Investment oversight typically falls to a board of trustees with equal representation from union leadership and contributing contractors — a governance model required by law. Local 36 maintains affiliations with the Missouri AFL-CIO and the Saint Louis Construction Cooperative, relationships that reinforce its sourcing and workforce-development pipelines but do not directly expand its investment operations. The Sheet Metal Workers' International Scholarship Foundation serves as the primary philanthropic vehicle, funding educational opportunities for members and their families. What structurally differentiates Local 36 from a single-family office or institutional asset manager is its legal and fiduciary architecture. Every investment decision must satisfy ERISA's exclusive-benefit rule — returns must serve participants and beneficiaries, not a founding patriarch or external shareholders. This creates a governance cadence where labor trustees and contractor trustees must reach consensus on every allocation, making the fund's posture inherently more conservative and relationship-driven than that of a comparably sized private investor.

## Sectors

- Real Estate
- Private Equity
- Infrastructure

## People

- Ray Reasons — President and Business Manager

## Questions

### How is the Local 36 pension fund structured under ERISA?

Local 36 operates as a multi-employer Taft-Hartley defined-benefit plan, governed by a board of trustees with equal representation from union leadership and contributing sheet-metal contractors. All investments must satisfy the exclusive-benefit rule under ERISA, requiring that every allocation decision serve the retirement security of plan participants and beneficiaries. This fiduciary structure prohibits self-dealing and creates a joint governance dynamic that distinguishes it from single-family offices or corporate pension plans.

### What asset classes does Local 36 invest in?

The fund deploys capital primarily across private equity buyout strategies, commercial real estate, and infrastructure — a mix typical of building-trades pension plans that can leverage industry-aligned investment expertise. Identified assets include union training facilities in St. Louis, Fulton and Springfield, Missouri, alongside operating properties that support the local's apprenticeship programs. The concentration on buyout strategies reflects the fund's long-duration liability profile, which can accommodate illiquidity premiums.

### How is Local 36 related to the International Association of SMART?

Local 36 is a chartered affiliate of the International Association of Sheet Metal, Air, Rail and Transportation Workers (SMART), a North American labor union representing 200,000-plus members. The local's president, Ray Reasons, also serves as 11th General Vice President of SMART International, giving St. Louis a seat at the parent union's governance table. While the pension fund is legally separate from the international union, the leadership overlap and shared membership base mean Local 36's investment posture reflects the broader union's priorities.

## Related profiles

- [Sheet Metal Workers Local 265](https://altss.com/profile/sheet-metal-workers-local-265)
- [Sheet Metal Workers Local #36 Welfare Plan](https://altss.com/profile/sheet-metal-workers-local-36-welfare-plan)

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Last updated: 2026-06-03T20:00:00.000Z

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