# Sheet Metal Workers Local 46

Sheet Metal Workers Local 46 is a Pension Fund based in Rochester, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Rochester, United States
- **Region:** North America
- **Address:** Rochester, NY, United States
- **Assets under management:** $99M (Altss estimate)
- **Website:** sheetmetalworkers46.org

## Regulatory record

- **Reports private funds:** No

## About

Local 46 is the Rochester affiliate of the International Association of Sheet Metal, Air, Rail and Transportation Workers (SMART), representing sheet metal craftspeople in the region. Its pension fund is a defined-benefit plan governed by a joint board of trustees drawn from both the union and signatory contractors such as Crosby-Brownlie, Inc. and Leo J. Roth Corp — a classic Taft-Hartley multiemployer structure where labor and management share oversight. The fund's investment committee does not publish a standalone strategy document; decisions flow through the trustee board, often with input from an external consultant. The portfolio is materially tilted toward secondaries, where a sub-$100 million fund can acquire stakes in older-vintage private equity, real estate, and infrastructure funds at discounts to net asset value. This approach helps a small plan manage the J-curve and avoid concentration in any single fund year. The fund also carries direct real estate through its union hall and training center at 244 Paul Road, though it is unclear whether that asset sits inside the pension trust or a separate entity. Rochester-Genesee Valley Area Labor Federation relationships likely provide informal sourcing for regional co-investments, though no named deals are public record. Trustee composition is the operational backbone. Employer-side trustees Gavin Brownlie, Jr. of Crosby-Brownlie and Thomas Roth of Leo J. Roth Corp bring contractor perspective to fiduciary decisions, while union-side trustees represent active and retired sheet metal workers. Total trustee count and professional investment staff are not publicly disclosed — a common profile for funds in this size band. Adjacent benefit structures include a Health Fund and an Annuity Fund, both legally separate from the pension plan. No outside investment vehicle, family office affiliate, or philanthropic foundation operates alongside the fund, though the local has directed community donations to Seneca Park Zoo Society and Open Door Mission. What distinguishes Local 46 structurally is the absence of a professional CIO layer. That governance architecture makes the secondary bias a logical adaptation rather than a tactical bet — it reduces the complexity burden on a part-time board while maintaining exposure to illiquid asset classes.

## Sectors

- Real Estate
- Infrastructure
- Secondaries & Special Situations
- Private Credit

## Questions

### Is the pension fund combined with the health and annuity funds?

No. Local 46 maintains separate legal trusts for its Pension Fund, Health Fund, and Annuity Fund. Each has distinct trustee governance, funding sources, and benefit obligations. The pension fund assets are walled off and subject to ERISA fiduciary standards independent of the other welfare and retirement vehicles.

### How is Local 46 related to SMART?

Local 46 is a chartered affiliate of the International Association of Sheet Metal, Air, Rail and Transportation Workers (SMART), headquartered in Washington, D.C. The international provides bargaining support, training standards, and political representation, but each local union — including Local 46 — negotiates its own collective bargaining agreements and administers its own benefit plans through local trustee boards.

### Does the pension fund hold any direct real estate?

The Local owns its union hall and training center at 244 Paul Road in Rochester, though it is not publicly confirmed whether that property sits inside the pension trust. If it does, it represents a modest direct real estate allocation alongside whatever real asset exposure the secondary positions provide.

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

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