UA Local 467 Health & Welfare Trust Fund

UA Local 467 Health & Welfare Trust Fund

Chartered in 1903 alongside the union that bears its name, the UA Local 467 Health & Welfare Trust Fund administers multi-employer benefit plans for members of Plumbers, Steamfitters, and Refrigeration Fitters Local 467. The trust draws employer contributions from signatory contractors bound by collective bargaining agreements with the Mechanical Contractors Association (MCA), a structure that separates the funding source — construction payrolls in San Mateo County — from the union that sponsors the plans. It provides participants with defined benefit, defined contribution, and 401(k) retirement vehicles alongside a slate of PPO and HMO health plan options. The trust’s investment posture is shaped by ERISA fiduciary obligations and the cash-flow dynamics of a mature, geographically concentrated building-trades workforce. While the trust does not publicly disclose its asset allocation, Taft-Hartley plans of this vintage typically maintain diversified portfolios spanning public equities, fixed income, real assets, and private-market exposures — often accessed through external managers or fund-of-funds structures — to meet long-term actuarial obligations. Regional infrastructure and healthcare-facility construction, including medical gas piping, biotech research labs, and water treatment plants, provides the underlying economic activity that sustains employer contributions. The trust operates under the governance of a joint labor-management board of trustees and shares a close administrative nexus with the Pipe Trades Apprentice and Journeymen Training Trust Fund for San Mateo County, which delivers the five-year, 8,000-hour apprenticeship program that supplies the local’s workforce. While total trustee-directed deployment is not publicly reported, the trust is one of several benefit vehicles embedded within UA Local 467, an organization whose contractor database spans heavy industrial, commercial, and residential firms across the San Francisco Peninsula. No dedicated investment staff or outside CIO relationships have been publicly identified. What distinguishes this trust is its integration into the UA International’s oldest continuously operating local on the West Coast, a structure where the benefit fund’s investment portfolio and the union’s training pipeline operate as inseparable halves of a labor-supply bargain. The training trust produces the skilled workforce that generates the hours; the health and welfare trust converts those hours into multi-decade benefit security. That coupling — a Taft-Hartley plan whose asset base is directly tied to the utilization of a single jurisdiction’s unionized piping trades — is the defining structural constraint and differentiator. No family office or corporate pension scheme replicates it.