USW Benefit Funds

USW Benefit Funds

USW Benefit Funds traces to the 1963 creation of the PACE Industry Union-Management Pension Fund as a Taft-Hartley trust. The structure pairs United Steelworkers representation with contributing employers such as WestRock Company and Clearwater Paper Corp. The fund allocates 3.29 percent of assets to private equity and holds interests in Blackstone Real Estate Special Situations, a MassMutual general investment account and a hedge fund vehicle with defined redemption terms. Geographic exposure centers on North American issuers. The Pension Benefit Guaranty Corporation approved $1.3 billion in special financial assistance for the plan in 2023. Staff participate in the International Foundation of Employee Benefit Plans and the Center for Nonprofit Management. The fund attended the PPSA Conference in 2024. Service providers include First Horizon Bank as custodian and Dana Investment Advisors as investment advisor. Governance rests with a Board of Trustees that includes labor and management appointees, a structure required by the Taft-Hartley Act and distinct from single-family or corporate pension administration.