# Smart Local 265 Supplemental Retirement Savings Plan

Smart Local 265 Supplemental Retirement Savings Plan is a Pension Fund based in Downers Grove, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Downers Grove, United States
- **Region:** North America
- **Address:** Carol Stream, IL, United States
- **Founded:** 1993
- **Assets under management:** Undisclosed
- **Website:** smart265funds.org
- **LinkedIn:** https://linkedin.com/company/trustees-of-the-sheet-metal-workers-local-265-welfare-fund

## Regulatory record

- **Reports private funds:** No

## About

The SMART Local No. 265 Supplemental Retirement Savings Plan was established in 1993 through a collective bargaining agreement between the Sheet Metal, Air, Rail and Transportation Workers (SMART) Local No. 265 and the Sheet Metal Contractors Association of Illinois. The plan provides supplemental retirement security for sheet metal workers in the western Chicago suburbs, with its administrative offices in Carol Stream, Illinois. Originally structured as a defined benefit arrangement, the Trustees amended the plan in 1998 to operate as a defined contribution profit-sharing entity, shifting investment risk and reward to individual participant accounts. The plan allocates participant-directed and trustee-directed assets across a diversified portfolio. While its specific investment policy statement is not published, typical allocations for Taft-Hartley supplemental savings plans of this vintage include a mix of core and core-plus real estate funds, private credit vehicles targeting middle-market direct lending, and multi-strategy hedge fund exposures. Geographic focus centers on US-based assets, with the potential for indirect European and Asian exposure through commingled fund commitments. The plan's Trustees govern investment decisions through a board that includes both union and employer-appointed representatives. The size of the plan's asset base is not publicly disclosed. Many supplemental retirement savings plans in the building trades manage between $50 million and $300 million, though no verifiable figure is available for this specific plan. The plan does not maintain a publicly known affiliated operating business or philanthropic foundation, and its structure adheres to ERISA guidelines with third-party custodial and recordkeeping services. What distinguishes the plan structurally is its 1998 conversion from a pooled defined benefit supplement to individualized profit-sharing accounts. This architecture means the plan does not manage a single commingled trust seeking actuarial return targets — instead, it provides an array of investment options to participants while Trustees retain fiduciary responsibility for monitoring and replacing underperforming managers. This dual governance layer, where investment menu construction is separated from participant-level asset allocation, is common among Taft-Hartley supplemental plans but differs materially from both public pension funds and single-family offices.

## Sectors

- Real Estate
- Private Credit
- Hedge Funds
- Infrastructure

## Questions

### Who oversees investment decisions for the plan?

A joint Board of Trustees, comprising representatives appointed by both SMART Local No. 265 and the Sheet Metal Contractors Association, governs the plan. Trustees are responsible for selecting and monitoring investment managers, custodians, and recordkeepers under ERISA fiduciary standards. Individual participant accounts are self-directed among the investment options selected by the Board.

### How did the plan's structure change in 1998?

The plan converted from a defined benefit supplement to a defined contribution profit-sharing arrangement. This shifted the plan from promising a specific retirement benefit to managing individual participant accounts where investment gains and losses accrue directly to each member's balance. The amendment reflected a broader trend among multiemployer building-trades plans in the late 1990s away from guaranteed benefit supplements.

### Is this plan the same as the SMART Local 265 defined benefit pension fund?

No, the Supplemental Retirement Savings Plan is a separate legal entity from the defined benefit pension fund. The supplemental plan provides additional retirement savings through a profit-sharing vehicle, while the core pension fund guarantees a monthly benefit based on years of service and contribution rates. Both fall under the joint trusteeship of Local 265 and the Sheet Metal Contractors Association.

### How are contributions to the plan funded?

Contributions are made by participating employers under the terms of the collective bargaining agreement between SMART Local No. 265 and the Sheet Metal Contractors Association. Employers contribute a negotiated hourly rate into the plan on behalf of covered workers. These contributions are allocated to individual participant accounts, where they are invested according to each member's selected allocation.

## Related profiles

- [Smart Future Trust](https://altss.com/profile/smart-future-trust)
- [SMART Local Unions & Councils Pension Plan](https://altss.com/profile/smart-local-unions-councils-pension-plan)

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

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