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UA Plumbers & Steamfitters Local 73 Pension Plan
The United Association of Plumbers & Steamfitters Local 73 Pension Plan is a defined-benefit pension fund based in Oswego, New York.
UA Plumbers & Steamfitters Local 73 Pension Plan
The United Association of Plumbers & Steamfitters Local 73 Pension Plan is a defined-benefit pension fund based in Oswego, New York. It serves the retired members of the local plumbing and pipefitting union, a chartered local of the United Association of Journeymen and Apprentices of the Plumbing and Pipe Fitting Industry. As a Taft-Hartley multiemployer plan, it is jointly administered by a board of trustees drawn from both union and contributing employer representatives. The plan's administrative operations are managed by Heather Turk. The plan's investment portfolio spans traditional multiemployer allocations: public equities, fixed income, commercial real estate, and private-market commitments accessed through pooled vehicles. Specific direct portfolio holdings are not publicly disclosed, reflecting standard private-pension reporting practices. The fund has been an active participant in securities class-action litigation to recover investment losses. It was a plaintiff in actions seeking recovery related to Bernard L. Madoff Investment Securities LLC, working in coordination with other union-affiliated plans including the Plumbers & Steamfitters Local 267 Pension Fund and the United Union of Roofers Waterproofers & Allied Workers Local 195. The Local 73 plan operates without a dedicated in-house investment staff, relying on its board of trustees — including James Rounds and Lyle D. Fassett — working with external investment consultants and actuaries to manage fund assets and maintain compliance with ERISA and Department of Labor requirements. Its historical investment posture has included damage-recovery litigation as a material component of fiduciary oversight, filing alongside sibling union funds within the UA network. There is no publicly available AUM figure or asset allocation breakdown. Structural differentiator: The Local 73 plan's investment identity is shaped less by portfolio construction edge than by active fiduciary enforcement — it has consistently used securities litigation as a tool for loss recovery, a posture shared by a tight network of Upstate New York building-trades funds. This collaboration with Local 267 and Roofers Local 195 forms a de facto investor coalition that pools monitoring resources and legal standing, creating a collective defense mechanism uncommon among small to mid-sized single-local plans.
General information
Firm type
Pension Fund
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Oswego
Corporate office
Oswego, NY, United States
Principals
Heather Turk
Plan Manager
James Rounds
Trustee
Lyle D. Fassett
Trustee
Frequently asked questions
How is the United Association of Plumbers & Steamfitters Local 73 Pension Plan structured?
It is a Taft-Hartley multiemployer defined-benefit pension plan, jointly administered by a board of trustees representing both Local 73 and contributing signatory contractors in the Oswego region. Heather Turk serves as Plan Manager. The fund operates under ERISA, and its public investments and fiduciary activities, including litigation, are directed by the board with support from external consultants.
Has the fund been involved in any notable securities litigation?
Yes. The plan was a plaintiff in litigation seeking recovery of losses tied to the Bernard L. Madoff Ponzi scheme, joining forces with other union pension and health funds, including Plumbers & Steamfitters Local 267 and Roofers Waterproofers & Allied Workers Local 195. This reflects a broader strategy among Taft-Hartley plans to recover damages through class-action suits when portfolio managers or custodians are alleged to have breached duties.
Does the Local 73 Pension Plan manage investments in-house?
No. Like most small to mid-sized Taft-Hartley plans, the Local 73 fund relies on its board of trustees and external investment consultants to set asset allocation, select fund managers, and monitor performance. There is no dedicated internal investment team. The plan's primary direct fiduciary activities visible in public records are its participation in trustee meetings and securities litigation.
Which other union funds does Local 73 routinely work with?
The Local 73 Pension Plan has a documented history of co-investing — particularly in litigation recovery — with the Plumbers & Steamfitters Local 267 Pension Fund, the Plumbers Local 112 Health Fund, and the United Union of Roofers Waterproofers & Allied Workers Local 195. These relationships form a regional Upstate New York network of building-trades funds that share monitoring costs and legal representation.
Does the fund disclose its total assets under management?
No AUM figure is publicly available. The plan files a Form 5500 annually with the Department of Labor, as required by ERISA, which does contain asset and liability data, but that figure is not actively promoted or published on a central public website by the plan itself. The reporting is accessible through DOL retrieval systems rather than press releases or marketing materials.
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