Steelworkers Pension Trust

Steelworkers Pension Trust

The Steelworkers Pension Trust was formed in 1953. The Upholsterers’ International Union created the plan; the United Steelworkers assumed sponsorship following the 1985 merger. Employer contributions alone fund benefits. The structure remains a multi-employer defined-benefit arrangement. Allocations include private equity commitments to Blackstone, Goldman Sachs Asset Management, Lexington Partners, and Oaktree. Real estate exposure runs through CBRE Investment Management, Angelo Gordon, and ASB Real Estate funds. Infrastructure positions are held via JP Morgan Asset Management and CBRE. Geographic reach covers the United States and selected global markets. The trust also maintains public equity positions such as TOTVS and Eni. Assets total $7 billion. The Pittsburgh headquarters employs a small operations team. Daniel Bosh serves as chairman and director of operations; Ross McClellan acts as director of operations; W. Bryan Lewis sits on the board of trustees. May 2025: W. Bryan Lewis attended the Essential Utilities Annual Meeting in his capacity as board member. A related VEBA trust provides retiree health coverage. The trust operates under a single-union sponsorship model. United Steelworkers maintains formal oversight while major steel employers such as U.S. Steel and Cleveland-Cliffs supply ongoing contributions. This arrangement fixes governance and contribution flows without external LP capital raises.