Workers United NY NJ Regional Joint Board

Workers United NY NJ Regional Joint Board

The Workers United NY NJ Regional Joint Board, through the Amalgamated Retail Retirement Fund, has provided retirement, disability, and death benefits to members of Local 340 and affiliated workers since 1948. The fund's origins trace to the militant unionism of the Amalgamated Clothing Workers of America, which founded Amalgamated Bank in 1923 as a labor-owned financial institution — a relationship that remains central to the pension's operations today. General Manager Julie Kelly, who also serves as Director of Amalgamated Financial Corp., leads the fund's investment and administrative functions. The pension deploys capital across a deliberately heterogeneous mix of asset classes: private credit, venture capital, buyout funds, distressed debt, mezzanine, and special situations. Direct real estate holdings include the 7th floor at 305 Seventh Avenue in Manhattan. The fund's strategy prioritizes union-constructed projects and investments aligned with Workers United's broader labor objectives. Board trustees work through the AFL-CIO's New York City Central Labor Council network to surface vetted opportunities. Luis Fernando Gomez, the fund's Co-Vice Chair at NYCOSH, connects the pension's fiduciary oversight to occupational health advocacy, reinforcing the union's operational posture. Total assets under management are not publicly disclosed, though Altss estimates the retirement fund holds roughly $37M. The Board also administers a separate Consolidated Retirement Fund from the same headquarters. The fund operates as part of the Service Employees International Union (SEIU) ecosystem — Workers United is an SEIU affiliate — giving trustees indirect access to SEIU's larger capital strategies. Julie Kelly's dual role at Amalgamated Financial Corp. creates structural ties to the bank's institutional investment products. The Board participates in the New York Committee for Occupational Safety and Health, where Gomez serves as Co-Vice Chair, embedding the fund's governance in regulatory advocacy that affects its construction and real-asset portfolio. What distinguishes this pension from generic Taft-Hartley plans is the union's enduring ownership link to Amalgamated Bank — a financial institution explicitly chartered for labor capital. Where most multi-employer plans rely on external consultants, the Regional Joint Board can route investments through a bank whose board and mission align with the union's fiduciary and political interests. This governance architecture means investment committee decisions are filtered through both ERISA compliance and labor-movement strategy, a dual mandate that shapes everything from real estate selection to fund commitments.