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Will County Local 174 Carpenters Pension Fund
The fund operated as a defined-benefit pension plan for union carpenters in Will County, Illinois, under the Taft-Hartley multiemployer structure.
Will County Local 174 Carpenters Pension Fund
The fund operated as a defined-benefit pension plan for union carpenters in Will County, Illinois, under the Taft-Hartley multiemployer structure. Its sponsors were the Contractors Association of Will and Grundy Counties and Carpenters Local 174, a model where multiple employers contribute to a single plan for a mobile workforce. The fund maintained an investment portfolio based in Joliet, though its asset allocation and external manager roster were not publicly disclosed. Before the merger, the fund's investment approach reflected the conservative posture typical of mature multiemployer pension plans. These plans generally allocate across domestic equities, fixed income, and real estate to meet actuarial return assumptions, often with a growing private-markets sleeve. The Will County plan's specific positions remain undisclosed, though its membership in the National Coordinating Committee for Multiemployer Plans (NCCMP) suggests engagement with industry-wide investment and regulatory practices. Effective January 1, 2025, the fund merged into the Mid-America Carpenters Regional Council Pension Fund (MACRC), a larger multi-state plan covering carpenters across the Midwest (per the fund's official communications, 2024). The merger rationale explicitly cited reduced aggregate fees, improved administrative efficiencies, and economies of scale in professional services. The MACRC successor entity now administers the combined participant base, diluting the standalone identity of the former Local 174 fund. The structural distinguishing feature of the Local 174 fund was its embeddedness in a local collective bargaining ecosystem. Unlike single-employer corporate pensions, its fate was tied to local union density, construction activity in Will and Grundy Counties, and the health of contributing contractors. The 2025 merger into a regional council fund represents a broader multiemployer trend of consolidation to preserve benefit security as smaller plans face demographic and funding pressures.
General information
Firm type
Pension Fund
Year founded
1961
Location
Region
North America
Country
United States
City
Joliet
Corporate office
Joliet, IL, United States
Frequently asked questions
Why did the Will County Local 174 Carpenters Pension Fund merge into MACRC?
The merger, effective January 1, 2025, aimed to increase efficiencies in plan administration and professional services. The fund stated the consolidation would reduce aggregate fees and costs through improved economies of scale. This follows a broader pattern of multiemployer plan consolidation to strengthen bargaining power with asset managers and stabilize funding ratios for smaller local plans.
What is the Mid-America Carpenters Regional Council Pension Fund?
The MACRC Pension Fund is the successor entity that absorbed the Local 174 plan and other regional carpenter pension funds. It is a multiemployer defined-benefit plan covering union carpenters across the Midwest, operating under the same Taft-Hartley framework as the predecessor Local 174 fund but with a larger participant and asset base. The merged entity assumes all liabilities and investment management responsibilities previously held by the Will County fund.
Who sponsored the Local 174 pension fund?
The plan was jointly sponsored by the Contractors Association of Will and Grundy Counties and Carpenters Local 174. This is the standard Taft-Hartley structure, where a labor union and a group of contributing employers jointly administer the plan. Board seats were typically split evenly between union-appointed and employer-appointed trustees.
Does the Local 174 fund still have a standalone investment portfolio?
No. The merger into MACRC means the standalone Local 174 portfolio has been commingled with the MACRC Pension Fund's assets. The MACRC investment committee now has fiduciary authority over the combined pool. Individual asset-level decisions previously made by Local 174 trustees are no longer independent of MACRC governance.
What is the NCCMP and why was the Local 174 fund a member?
The National Coordinating Committee for Multiemployer Plans is a Washington, D.C.-based trade association advocating for multiemployer pension and health plans. Membership typically gives plan trustees access to regulatory updates, fiduciary education, and collective benchmarking on industry practices. The Local 174 fund's membership indicates active trustee engagement with the broader Taft-Hartley community.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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