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Laborers' International Union of North America Local 157
Laborers' International Union of North America Local 157 Pension Fund was established in 1963 as a defined-benefit plan serving construction laborers in New...
Laborers' International Union of North America Local 157
Laborers' International Union of North America Local 157 Pension Fund was established in 1963 as a defined-benefit plan serving construction laborers in New York's Capital Region. The fund covers eligible members of LIUNA Local 157, a chartered affiliate of the international union. Contributions flow from signatory employers including Precision Pipeline LLC and firms represented by the Eastern Contractors Association. Fund Administrator Michael P. Brady oversees day-to-day operations of the pension, health, and annuity funds, while Josh Shaul serves as Business Manager and Secretary Treasurer of the local. The fund pursues a multi-asset strategy spanning real estate, infrastructure, private credit, and hedge funds, typically accessed through fund-of-funds structures and direct manager relationships rather than direct deal-by-deal investing. Its venture exposure leans toward growth-stage and special-situations mandates. As a Taft-Hartley plan, the fund emphasizes capital preservation and steady actuarial performance over aggressive return-seeking, consistent with its obligation to maintain funded status for current and future retirees. Geographic focus remains national in scope, with manager selection reflecting the fund's relationships cultivated through the International Foundation of Employee Benefit Plans and LIUNA's broader network. Total assets are not publicly disclosed, but research places the pension portfolio in the $50–$150 million range. The fund operates alongside affiliated benefit vehicles — an annuity fund, health benefits fund, and welfare fund — each with distinct assets and obligations. The benefit funds office at 348 Duanesburg Road in Schenectady anchors operations, while the local's headquarters sits at 105 Clinton Street. Fund representatives participate regularly in IFEBP conferences and educational programs, consistent with the professionalization trend among mid-sized multiemployer plans. Structurally, Local 157's pension is distinct from a single-family office or endowment: it is a collectively bargained multiemployer plan governed jointly by union and employer trustees. This governance model imposes fiduciary duties under ERISA and creates a deliberate, committee-driven decision process. The plan's long-duration liability profile supports illiquid allocations, but the trustee board typically favors established manager relationships over new or emerging strategies — a posture that prioritizes steady, defensible returns.
General information
Firm type
Pension Fund
Year founded
1963
Location
Region
North America
Country
United States
City
Schenectady
Corporate office
Schenectady, NY, United States
Principals
Michael P. Brady
Fund Administrator
Josh Shaul
Business Manager and Secretary Treasurer
Sector focus
Frequently asked questions
Who runs investment decisions at Laborers' Local 157?
Investment decisions are overseen by a joint board of trustees — composed of union and employer representatives — as required under Taft-Hartley plan governance and ERISA. Day-to-day fund administration is managed by Michael P. Brady, who also administers the local's health and annuity funds. Josh Shaul, Business Manager and Secretary Treasurer, represents the union's interests in plan matters.
How does funding flow into the Local 157 pension plan?
Contributions are negotiated through collective bargaining agreements with signatory construction employers in New York's Capital Region. Precision Pipeline LLC is one publicly identified contributing employer, and the Eastern Contractors Association represents additional participating firms. These hourly contributions are pooled into the multiemployer trust, which invests them to meet future benefit obligations.
Does Local 157 invest directly in companies or through fund managers?
The plan allocates primarily through fund commitments and manager relationships rather than direct company investments. Its strategy spans fund-of-funds, growth-stage venture, special situations, and real estate mandates. The trustee board typically selects managers with established track records and often maintains relationships that last decades.
How is the pension fund related to Laborers' International Union of North America?
Local 157 is a chartered affiliate of LIUNA, the international union headquartered in Washington, DC. The pension fund is a separate legal trust, governed by its own board of trustees and subject to ERISA, but draws its contributing employers from the local's collective bargaining agreements. The international union provides resources and training but does not control investment decisions.
What investment stages and sectors does the fund target?
The plan's documented strategy includes buyout, growth, mezzanine, special situations, and venture capital — spanning early-stage seed through expansion. Sector allocations favor real estate and infrastructure, consistent with a construction-labor plan's familiarity with built-environment assets. Hedge fund and private credit commitments round out the portfolio.
Are there other benefit funds affiliated with Local 157?
Yes. In addition to the pension fund, Local 157 operates an annuity fund, a health benefits fund, and a welfare fund, each with separate assets and distinct fiduciary obligations. These are managed from the same benefits office at 348 Duanesburg Road in Schenectady but are legally distinct trusts.
How does the fund's Taft-Hartley structure affect investment strategy?
As a jointly trusteed multiemployer plan, the fund is governed by a board split between union and employer representatives, which typically produces conservative, consensus-driven investment decisions. ERISA fiduciary standards apply, and the plan's liability stream — monthly benefits to retired construction laborers — favors predictable, income-generating assets over speculative strategies.
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