# U.A. Plumbers 63 & Steamfitters 353 Joint Pension U.A. Plumbers 63 & Steamfitters 353 Joint Pension is a Pension Fund based in Indianapolis, United States. ## Overview - **Organization type:** Pension Fund - **Headquarters:** Indianapolis, United States - **Region:** North America - **Address:** Indianapolis, IN, United States - **Founded:** 1979 - **Assets under management:** Undisclosed - **Website:** steamfitters353.com - **LinkedIn:** https://www.linkedin.com/company/steamfitters-local-no-353 ## Regulatory record - **Reports private funds:** No ## About The U.A. Plumbers 63 & Steamfitters 353 Joint Pension Fund was established in 1979 to provide retirement security to members of two United Association local unions serving the Peoria, Illinois, region. Plumbers Local 63 and Steamfitters Local 353 jointly sponsor the plan, pooling employer contributions negotiated through their collective bargaining agreements. The fund's governance rests with a board of trustees drawn equally from union and employer representatives, a hallmark of the Taft-Hartley multiemployer plan structure that distributes fiduciary responsibility across both sides of the negotiating table. The pension deploys capital across a diversified institutional portfolio typical of mid-sized building-trades plans. The fund constructs its return stream through allocations to domestic and international equities, fixed income, and a growing commitment to private markets. Real estate and infrastructure investments appear as natural fits given the members' own expertise in the built environment. Private credit allocations serve as a yield enhancer within the fixed-income sleeve, while secondary and special situations strategies offer the smoothing characteristics valued by liability-aware trustees. The geographic focus follows a national US footprint, though the plan's board has historically demonstrated comfort evaluating fund commitments from managers based in major institutional hubs including Chicago, New York, and beyond. Total plan assets remain undisclosed. Public filings and industry databases tracking the building trades put the fund's asset base below $1 billion, positioning it within the large-but-not-jumbo tier of Midwestern Taft-Hartley plans. The fund maintains administrative offices in East Peoria, Illinois, where the sponsoring locals are headquartered, and holds investment assets through a custodial structure based in Indianapolis, Indiana. Related union entities include the Plumbers 63 Educational Trust Fund and Steamfitters 353 Educational Trust Fund, vehicles that operate separately from the pension plan to fund apprenticeship and journeyman training. What distinguishes the plan structurally is its dual-union sponsorship — a configuration that consolidates the retirement obligations of two distinct bargaining units under a single trust. The arrangement places a premium on trustee coordination, as investment decisions must balance the workforce demographics, contribution schedules, and funding ratios of both participating locals. For external allocators seeking a Midwestern Taft-Hartley mandate, the fund's board is the sole point of entry to the union construction workforce retirement capital across the Illinois River Valley. ## Sectors - Real Estate - Infrastructure - Private Credit - Hedge Funds - Private Equity ## People - Tommy O'Brien — Business Manager of Steamfitters Local 353 and Pension Trustee - David M. Maroon Jr. — Business Manager of Plumbers Local 63 and Pension Trustee - Patrick O'Brien — Plan Sponsor for the Joint Pension Fund ## Questions ### How is this pension related to the United Association international union? Both Plumbers Local 63 and Steamfitters Local 353 are chartered locals of the United Association of Journeymen and Apprentices of the Plumbing and Pipe Fitting Industry (UA), the international union. The UA provides training standards, charter oversight, and some administrative support, but the pension fund is a separate legal trust governed by its own board of trustees. The international does not control the plan's assets or investment decisions. ### What asset classes does the fund invest in? The fund constructs a diversified institutional portfolio. Core holdings include public equities and fixed income, supplemented by allocations to private-market strategies. Real estate and infrastructure are natural fits given the membership's construction-trade profile. Private credit and secondary/special-situations strategies round out the alternatives bucket, offering the yield and smoothing characteristics that multi-employer plans seek when managing liability-hedging portfolios. ### Are the educational trust funds consolidated with the pension assets? No. The Plumbers 63 Educational Trust Fund and Steamfitters 353 Educational Trust Fund are legally separate vehicles. They fund apprenticeship training, journeyman upgrade classes, and instructor salaries rather than retirement benefits. Each operates under its own board and investment policy, distinct from the joint pension plan's governance structure. ### How does the dual-union structure affect the fund's investment strategy? The joint sponsorship means two separate bargaining units' contribution streams and participant demographics feed into a single trust. The investment policy must accommodate both locals' funding ratios, workforce age profiles, and projected benefit payout schedules. This dual-mandate tension often produces a slightly more conservative glidepath than a single-employer plan of comparable size, as trustees must satisfy the fiduciary obligations to two distinct sets of beneficiaries. ## Related profiles - [U.A. Local Union Officers & Employees Pension Plan](https://altss.com/profile/u-a-local-union-officers-employees-pension-plan) - [U.A. Union Local No. 290 Plumber Steamfitter and Shipfitter Industry Retiree Health and Welfare Plan](https://altss.com/profile/u-a-union-local-no-290-plumber-steamfitter-and-shipfitter-industry-retiree-health-and-welfare-plan) --- Last updated: 2026-08-11T02:43:31.692Z Canonical page: https://altss.com/profile/u-a-plumbers-63-steamfitters-353-joint-pension Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology