Steamfitters Local 602

Steamfitters Local 602

The Heating, Piping & Refrigeration Pension Fund was created in 1955 to serve journeymen and apprentice steamfitters and pipefitters represented by Steamfitters Local 602. Sidney Bonilla serves as business manager and financial secretary treasurer. The plan operates from Capitol Heights, Maryland, and covers members across the Washington metropolitan region. The fund holds a 5.46 percent allocation to private equity. Confirmed positions include KRM Development Corporation in real estate and Advantage Portfolio in financial services, both held through the pension plan. It also maintains a long equity position in Adecco Group AG through a Franklin Templeton account. Geographic exposure centers on the United States with primary activity in Maryland and the District of Columbia metro area. The plan owns three operating properties: the union hall and benefits office, the U.A. Mechanical Trade School, and the Family Medical Center operated by Marathon Health. The fund reported $1.063 billion in pension assets and maintains a separate defined contribution plan valued at $293 million. It participates in the Maryland Tech Council and exhibited at the Data Center Summit in August 2025 on workforce development topics. Additional vehicles include the M. Eddie Moore Scholarship Trust, which awarded $771,000 in education grants to dependents of members. Governance ties the pension plan directly to the local union structure under United Association oversight, with investment advice provided by Segal Consulting and legal counsel from O'Donoghue & O'Donoghue LLP.