United Association of Plumbers & Steamfitters Local 73 Pension Plan

United Association of Plumbers & Steamfitters Local 73 Pension Plan

The United Association of Plumbers & Steamfitters Local 73 Pension Plan serves the retirement needs of union plumbers and pipefitters across Central New York. The plan operates under the Taft-Hartley framework, governed by a board of trustees with equal representation from labor and management. Authorized trustees James Rounds and Lyle D. Fassett oversee asset allocation and fiduciary oversight alongside Plan Manager Heather Turk. The fund's investment program spans public equities, fixed income, real estate, and private market alternatives. Like many multi-employer plans of its size, Local 73 has historically participated in pooled real estate funds and private equity vehicles alongside sister union plans. The plan has also engaged in securities litigation to recover losses, joining with peer funds such as the Plumbers & Steamfitters Local 267 Pension Fund in actions related to Madoff-related losses and other investment claims. Local 73 operates from a single office in Oswego, New York, and reports its financial position annually through Form 5500 filings with the Department of Labor. The plan's funded status and actuarial assumptions are reviewed regularly to meet ERISA-mandated obligations. In recent years, Taft-Hartley plans of this profile have increasingly allocated to private credit and infrastructure strategies to match long-duration liabilities. The plan maintains its affiliation with the United Association of Journeymen and Apprentices of the Plumbing and Pipe Fitting Industry, the parent international union. The plan's governance structure — a joint labor-management board — is its defining feature. This architecture requires consensus between union trustees and contributing-employer trustees for every investment decision, which typically results in a measured pace of allocation but broad institutional buy-in once commitments are made.