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UA Plumbers & Steamfitters Local 267
UA Local 267 operated as a labor union local based in Syracuse, New York, serving journeymen and apprentice plumbers and pipefitters within a specific...
UA Plumbers & Steamfitters Local 267
UA Local 267 operated as a labor union local based in Syracuse, New York, serving journeymen and apprentice plumbers and pipefitters within a specific geographical jurisdiction. The local managed a set of Taft-Hartley benefit funds — pension, insurance, and annuity plans — for its participating members. These funds, governed by a board of trustees equally representing labor and management, invested contributions to secure retirement and health benefits for the region's skilled mechanical trades workforce. The local was a key affiliate of the Central-Northern New York Building & Construction Trades Council, advocating for regional project labor agreements and workforce standards. The pension fund's investment strategy followed a traditional Taft-Hartley allocation model, balancing capital preservation with long-term growth to meet actuarial liabilities. Public records indicate the fund's portfolio spanned public equities, fixed income, and allocations to alternative assets including real estate investment trusts and private credit funds. The local maintained a commercial property at 107 Twin Oaks Drive in Syracuse that housed its union hall and training center — a physical asset that served dual purposes for member skills development and operational headquarters. Geographic investment exposure focused primarily on the United States, with specific attention to economic activity in Upstate New York. In a significant structural event, Local 267 merged with Oswego-based UA Local 73 in 2020 to create UA Local 81, a combined entity representing plumbing and pipefitting professionals across a broader Central New York territory. Greg Lancette, who had served as Business Manager of Local 267, assumed leadership of the merged organization, ensuring continuity in benefit fund administration and investment oversight. This consolidation followed a broader pattern among building trades unions seeking economies of scale in fund management, collective bargaining, and apprenticeship training delivery. The transformation of Local 267 into part of UA Local 81 represents a succession model distinct from corporate entities — the pension liabilities did not disappear but were folded into a larger asset pool under revised trustee governance. For institutional allocators, the successor fund's posture reflects a merged fiduciary structure where legacy Local 267 participants' interests are now administered within the investment policy framework of the consolidated local, a common feature among Taft-Hartley plans navigating demographic shifts in union membership.
General information
Firm type
Pension Fund
Location
Region
North America
Country
United States
City
Syracuse
Corporate office
107 Twin Oaks Dr, Syracuse, NY 13206
Additional offices
701 West State Street, Ithaca, NY 14850
Principals
Greg Lancette
Business Manager
Sector focus
Frequently asked questions
How are the pension assets of UA Local 267 governed now that the local has merged?
Following the 2020 merger with Local 73 to form UA Local 81, the legacy pension fund assets of Local 267 are administered under the governance of the successor entity's board of trustees. These Taft-Hartley boards are structurally required to have equal representation from labor and management. Greg Lancette, the former Business Manager of Local 267, leads the merged local, providing continuity in oversight of the combined benefit funds.
What type of benefit funds did Local 267 maintain?
Local 267 maintained three distinct Taft-Hartley trust funds: a defined-benefit pension fund, an insurance fund providing health and welfare benefits, and an annuity fund serving as a supplemental retirement savings vehicle. All three were based in Syracuse, New York, and were funded through collectively bargained employer contributions on behalf of participating plumbers and pipefitters.
What is the investment mandate of a Taft-Hartley pension fund like Local 267's?
Taft-Hartley pension funds operate under a fiduciary standard defined by ERISA, requiring trustees to invest solely in the interest of plan participants and beneficiaries. The mandate prioritizes capital preservation and actuarial soundness over aggressive growth, typically resulting in diversified allocations across public equities, investment-grade fixed income, and prudently managed allocations to alternatives including real estate and private credit. All investment decisions are subject to collective bargaining agreement parameters and Department of Labor regulatory guidance.
Who were the trustees responsible for investment decisions at Local 267?
Per Taft-Hartley governance requirements, the pension, insurance, and annuity funds of Local 267 were overseen by boards of trustees with equal numbers of union-appointed and employer-appointed members. While specific trustee names from the pre-merger period are not publicly aggregated, the Business Manager — Greg Lancette — typically plays a central role in coordinating labor-side trustee appointments and engaging investment consultants for the funds.
Does the merged entity UA Local 81 maintain the same benefit fund structure as Local 267?
UA Local 81, formed from the 2020 merger of Local 267 and Local 73, operates under its own trust agreements. While the specific fund structures often persist post-merger, consolidation of smaller trust funds into larger pooled vehicles is common in union mergers to achieve lower administrative and investment management costs. The precise architecture of Local 81's current benefit plans would be detailed in the successor local's Summary Plan Descriptions and Form 5500 filings with the Department of Labor.
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