United Association of Plumbers & Steamfitters Local 60 Pension Plan

United Association of Plumbers & Steamfitters Local 60 Pension Plan

The plan was established in 1959 to serve members of Plumbers and Steamfitters Local Union No. 60, the New Orleans-area local of the United Association of Journeymen and Apprentices of the Plumbing and Pipefitting Industry. It is a multiemployer defined-benefit plan, meaning contributions come from multiple signatory employers under collectively bargained agreements. The plan is administered by a joint board of union and management trustees — a governance model common to Taft-Hartley plans. Union trustees include Ronald R. Rosser, Michael A. Eilers, and Curtis L. Mezzic, while management trustees include Chester A. Cabirac, Patrick L. Gootee, and Henry G. Heier. The fund's sole office operates from 3515 I-10 Service Road in Metairie, Louisiana. The plan's investment strategy centers on secondary-market positions in private equity and other alternative assets. This approach allows a comparatively small fund to gain exposure to mature, de-risked private assets at a discount to net asset value, sidestepping the J-curve and illiquidity premiums that can strain smaller pension budgets. The plan does not publicly disclose its specific fund commitments or co-investments, a common posture for plans of this scale. The strategy likely includes exposure to buyout, growth equity, and possibly real asset secondaries, sourced through specialized secondaries managers. The fund's geographic focus is inherently tied to the Gulf South economy, as its beneficiary base works in Louisiana's petrochemical, shipbuilding, and commercial construction sectors. Total plan assets are estimated at roughly $78 million (Altss estimate), placing it among the smaller multiemployer plans nationally. The fund is affiliated with the AFL-CIO through its parent union and maintains ties to the International Foundation of Employee Benefit Plans, a key educational and networking body for multiemployer trustees. The plan operates alongside the Plumbers and Steamfitters Local 60 Educational Fund, a separate entity that provides training support. The UA Local 60 Fund Office manages day-to-day administration, and the New Orleans Pipe Trades Training Center provides apprenticeship training, ensuring the pipeline of skilled labor that ultimately funds the plan. The plan's defining structural trait is its Taft-Hartley joint-trustee governance, which legally requires equal representation from labor and management, creating a built-in check on investment decisions. This distinguishes it from corporate or public pension plans. The secondary-market strategy further sets it apart from the typical small-plan approach of relying exclusively on mutual funds or insurance-company general accounts. The plan's small size and conservative secondaries posture suggest a focus on capital preservation with moderate growth rather than aggressive return-seeking.