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UA Local 421 Pension Plan
Chartered on October 1, 1997, by the United Association of Journeymen and Apprentices of the Plumbing and Pipefitting Industry, Local 421 merged five...
UA Local 421 Pension Plan
Chartered on October 1, 1997, by the United Association of Journeymen and Apprentices of the Plumbing and Pipefitting Industry, Local 421 merged five legacy chapters into a single entity covering North and South Carolina. The union now represents approximately 1,400 plumbers, pipefitters, welders, and HVAC-R technicians. Business Manager Larry K. Batson serves as a key trustee, with the pension plan operating alongside a separate annuity plan and two labor-management funds. Asset-class exposure spans real estate, infrastructure, and private credit, funded by employer contributions negotiated through collective bargaining with the Mechanical Contractors Association of America. The pension directly owns its 2556 Oscar Johnson Drive headquarters in North Charleston and holds a stake in the Mechanical Trades Carolina Training Center, which runs apprenticeship programs at satellite campuses in Concord, Wendell, and Camp Lejeune. While specific fund commitments or co-investor names are not publicly disclosed, the pooled multi-employer structure channels capital into tangible operating assets that support the local building trades. The plan is anchored by roughly 100 lead burners who travel nationally, supplying a specialized labor force that funds the benefit pool. A supplemental annuity plan and the Plumbers and Pipefitters LU 421 Labor Management Fund sit alongside the main pension, forming a benefits triad. In May 2026, the union’s digital footprint highlighted continued recruitment for OSHA-certified instructors across its three regional training hubs, signaling ongoing investment in workforce development infrastructure. What distinguishes the plan is its embedded operating-company structure: rather than functioning as a remote LP, the pension’s assets are intertwined with the union’s physical training facilities and collectively bargained labor supply. This alignment means capital deployment decisions are inseparable from workforce capacity — a closed-loop model uncommon among institutional asset owners.
General information
Firm type
Pension Fund
Year founded
1997
AUM
Undisclosed
Location
Region
North America
Country
United States
City
North Charleston
Corporate office
2556 Oscar Johnson Drive, North Charleston, SC 29405, United States
Additional offices
Raleigh, NC · Charlotte, NC · Concord, NC · Wendell, NC · Camp Lejeune, NC
Principals
Larry K. Batson
Business Manager
Sector focus
Frequently asked questions
Who runs investment decisions at the UA Local 421 Pension Plan?
Business Manager Larry K. Batson acts as a key trustee for the pension plan, overseeing benefit allocations and contributions. The plan is governed by a board of trustees that includes union and employer representatives, consistent with Taft-Hartley multi-employer fund structures. Day-to-day investment management responsibilities are typically outsourced to third-party advisors, though specific mandates are not disclosed.
How does the plan source its investment capital?
Capital flows from hourly employer contributions negotiated through collective bargaining agreements, primarily with members of the Mechanical Contractors Association of America. The fund pools these contributions across roughly 1,400 active journeymen and apprentices in North and South Carolina. This structure means contributions are directly tied to union work hours and project volume.
Is the UA Local 421 Pension Plan structured as a single-employer or multi-employer fund?
It is a Taft-Hartley multi-employer pension fund, jointly sponsored by UA Local 421 and participating mechanical contractors. This structure allows workers to accumulate benefits while moving between signatory employers, and it centralizes retirement assets under a shared trust rather than employer-specific accounts.
Does the plan directly own real estate assets?
Yes. The plan directly owns its 2556 Oscar Johnson Drive headquarters in North Charleston, South Carolina, and holds a stake in the Mechanical Trades Carolina Training Center. These properties serve dual roles as operational union facilities and components of the pension’s real-asset portfolio.
How does the pension plan relate to the union’s other benefit vehicles?
The pension fund is one of three core benefit vehicles. It operates alongside the UA Local 421 Annuity Plan, which provides supplemental retirement income, and the Plumbers and Pipefitters LU 421 Labor Management Fund, which funds industry training and market development. All three are funded through the same collectively bargained contribution streams.
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