# Dairy Farmers of America, Inc. Retirement Plan

Dairy Farmers of America, Inc. Retirement Plan is a Pension Fund based in Kansas City, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Kansas City, United States
- **Region:** North America
- **Address:** Kansas City, KS, United States
- **Founded:** 1998
- **Assets under management:** Undisclosed
- **Website:** dfamilk.com
- **LinkedIn:** https://www.linkedin.com/company/dairy-farmers-of-america

## Regulatory record

- **Reports private funds:** No

## About

The Dairy Farmers of America, Inc. Retirement Plan operates as the defined-contribution vehicle for Dairy Farmers of America, Inc. (DFA), a farmer-owned cooperative that aggregates, processes, and markets raw milk for roughly 10,000 dairy farmer members across the United States. Plan Administrator Christine Mosher oversees administration of the Super Savings Plan, which is recordkept by Fidelity and covers approximately 6,666 employees of the cooperative and its subsidiaries. Beyond its core 401(k) lineup, the plan maintains dedicated allocations to venture capital, private equity, and mixed-use real estate — a relatively uncommon posture for a cooperative-sponsored retirement vehicle. The real estate sleeve includes interests in mixed-use properties, while the private markets allocation spans both fund commitments and direct co-investment structures. The plan sources these exposures through institutional fund relationships rather than building an internal investment staff, reflecting the lean administrative model typical of single-sponsor plans of this size. The plan covers employees across DFA's operational footprint, which includes 78 manufacturing facilities, 26 ingredient facilities, and extensive logistics operations spanning the Midwest, Northeast, and Southwest United States. DFA itself reported $19.3 billion in net sales and 64 billion pounds of milk marketed in 2024 (per Hoard's Dairyman, 2025). The cooperative is a key participant in the Innovation Center for U.S. Dairy, the industry's pre-competitive sustainability consortium, and maintains the DFA Cares Foundation for charitable giving. The plan's structural differentiator is its sponsorship by a farmer cooperative rather than a public corporation, family office, or Taft-Hartley trust. This gives the plan's fiduciaries a dual mandate: standard ERISA obligations to participants, plus alignment with a membership base whose own balance sheets are directly tied to agricultural commodity cycles. How the plan's private-market commitments — illiquid, long-duration assets — interact with a participant pool whose farm-level income already carries volatility risk is an under-observed governance dynamic.

## Sectors

- Real Estate
- Venture Capital
- Private Equity

## People

- Christine Mosher — Plan Administrator

## Questions

### Is Dairy Farmers of America a single company retirement plan or a multi-employer Taft-Hartley plan?

It is a single-sponsor plan covering employees of Dairy Farmers of America, Inc. and its subsidiaries. It is not a Taft-Hartley multi-employer plan negotiated by a union. DFA is a farmer-owned cooperative, but the plan covers corporate and operational employees, not the farmer members themselves.

### What real estate does the plan hold?

The plan holds a general allocation to mixed-use real estate, accessed through institutional fund vehicles. Specific property interests are not publicly disclosed. The real estate sleeve sits alongside diversified 401(k) core menu options and the venture capital and private equity allocations.

### Does the DFA Cares Foundation share fiduciary governance with the retirement plan?

No. DFA Cares Foundation is a separate charitable entity funded by DFA and its members for hunger relief, disaster response, and dairy community support. It has no fiduciary or investment relationship with the retirement plan.

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Last updated: 2026-06-03T20:00:00.000Z

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