# Steamfitters Local 475 Pension Plan

Steamfitters Local 475 Pension Plan is a Pension Fund based in Warren, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Warren, United States
- **Region:** North America
- **Address:** Warren, NJ, United States
- **Founded:** 1904
- **Assets under management:** $179M (Altss estimate)
- **Website:** ualocal475.org
- **LinkedIn:** https://ualocal475.org/

## Regulatory record

- **Reports private funds:** No

## About

The Plan was established in 1953 to provide retirement, disability, and death benefits for members of Steamfitters Local 475, a New Jersey union representing plumbers, pipefitters, and steamfitters. It operates as a multiemployer defined-benefit plan, jointly governed by the union — the United Association of Journeymen and Apprentices of the Plumbing and Pipe Fitting Industry — and the Mechanical Contractors Association of New Jersey (MCANJ), which represents the signatory employers. Shaun P. Sullivan, the Business Manager and Financial Secretary-Treasurer of Local 475, serves as Co-Chairman of the Board of Trustees, paired with an employer-side Co-Chairman from MCANJ. The fund deploys capital across a notably broad mandate for a mid-sized Taft-Hartley plan. Strategy tags attached to the plan include venture capital across early-stage, seed, startup, and expansion stages, as well as fund-of-funds commitments, mezzanine lending, and distressed debt. While the plan does not publicly disclose its individual holdings, this combination points to a liquid-illiquid barbell intended to meet actuarial return targets while supporting the plan's long-duration liabilities to active and retired tradespeople in northern New Jersey. The plan's administrative operations run through a union hall and training center on Mt. Bethel Road in Warren, New Jersey, with Kim DeVizio serving as Fund Administrator. The plan does not maintain a standalone investment staff; investment decisions are typically guided by a board of trustees with input from an external investment consultant, a common structure for funds of this size. Adjacent union-affiliated vehicles include a Steamfitters Surety Fund, also domiciled in Warren, though the pension plan's assets are legally walled off from these entities. What distinguishes the Local 475 plan structurally is the explicit presence of large life-science employers — Merck, Johnson & Johnson, and Pfizer — among its signatory contractors. For a plan of its scale, this employer base creates a concentrated credit-tenant anchor and an unusual local labor ecosystem where union steamfitters build and maintain complex pharmaceutical manufacturing and research infrastructure, giving the trustees a direct, boots-on-the-ground view into a critical industrial sector that most institutional investors only encounter from the outside.

## Sectors

- Real Estate
- Distressed Debt
- Venture (General)
- Fund of Funds
- Mezzanine
- Private Credit

## People

- Shaun P. Sullivan — Co-Chairman of the Board of Trustees
- Kim DeVizio — Fund Administrator

## Questions

### Is this a single-employer or multiemployer pension plan?

It is a multiemployer defined-benefit plan governed under the Taft-Hartley Act. The contributing employers are signatory to a collective bargaining agreement with Steamfitters Local 475, and include major life-science companies with New Jersey facilities such as Merck, Johnson & Johnson, and Pfizer, along with numerous mechanical contracting firms affiliated with MCANJ.

### What is the relationship between the pension plan and the other Local 475 benefit funds?

The pension plan is legally separate from the union's other benefit vehicles, such as the Steamfitters Surety Fund. While they share administrative infrastructure and oversight from the Local 475 leadership, each fund maintains its own trust, board, and assets. The pension plan's assets are held exclusively to pay retirement, disability, and death benefits to plan participants.

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Last updated: 2026-07-08T22:36:22.320Z

Canonical page: https://altss.com/profile/united-association-of-plumbers-steamfitters-local-475-pension-plan

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