Sheet Metal Workers Local Union No. 28 Pension Fund

Sheet Metal Workers Local Union No. 28 Pension Fund

The Sheet Metal Workers Local Union No. 28 Pension Fund was established in 1979 as a multiemployer defined-benefit plan covering eligible sheet metal workers in the New York metropolitan area. The fund is jointly administered by the union — represented by Plan Administrator Eric Meslin — and contributing contractors affiliated with the Sheet Metal and Air Conditioning Contractors' National Association (SMACNA). Retirement, disability, and death benefits form the core obligations driving the fund's investment program. The portfolio deploys capital through a hybrid strategy emphasizing buyout commitments, fund-of-funds structures, and direct real estate. Identified real assets include a direct interest in 501 Greenwich Street, a commercial property in lower Manhattan, alongside allocations to the AFL-CIO Housing Investment Trust and the AFL-CIO Building Investment Trust. Geographically, the fund's investment footprint is concentrated in the United States, with real estate holdings reflecting a tilt toward Northeast and national targets sourced through labor-affiliated vehicles. The plan's strategy integrates exposure to private markets while maintaining liquidity for benefit payments. Trustees Kevin J. Gillen and Robert J. Rotillo oversee plan governance, while Executive Director Glen Camisa manages administrative operations from the Mineola, New York office. The fund participates within the broader SMART (International Association of Sheet Metal, Air, Rail and Transportation Workers) ecosystem but operates as a distinct local pension vehicle. Altss estimates total plan assets at roughly $357 million. September 2023: Plan leadership continued to embed union-aligned investment vehicles into the core portfolio structure, reflecting a long-standing preference for labor-friendly real estate funds (Altss research). The fund's structural differentiator is its multiemployer, jointly trusteed model — a governance architecture where union and contractor representatives share fiduciary authority. This labor-management partnership dictates an investment strategy that frequently foregrounds vehicles aligned with union employment, such as the AFL-CIO investment trusts, rather than solely maximizing unconstrained returns.