Local 111 Pension Fund

Local 111 Pension Fund

The Local 111 Pension Fund operates from 2137 Utica Avenue in Brooklyn, New York, as a defined-benefit plan covering employees whose employers have collective bargaining agreements with Teamsters Local 202. The fund was certified as being in critical and declining status due to severe underfunding and adopted a Rehabilitation Plan in April 2019 — a federally mandated schedule of benefit and contribution adjustments designed to forestall insolvency. The Department of Labor maintains this certification's public record, and the fund's fiduciaries, including Authorized Representative Barry Reich, remain formally accountable to the plan's participants and the PBGC. The fund's investment posture is overwhelmingly conservative, a direct consequence of its distressed funding level. In April 2023, the PBGC approved $17.1 million in Special Financial Assistance under the American Rescue Plan Act, shoring up the plan's ability to pay full benefits through at least 2051. This injection effectively removes any immediate liquidity pressure but also imposes ongoing PBGC oversight. The fund's known real asset holdings include a single commercial property at 1308 Pierce Street in Rahway, New Jersey, held through Local 111 Realty Holding Corp. There is no publicly available breakdown of any remaining securities portfolio, fixed-income allocation, or alternative-asset exposure. Teamsters Local 202, the union local that bargains the plan's contributions, shares administrative personnel and the Brooklyn address. The plan operates in tandem with the United Teamster Fund, a related multi-employer plan administered from the same office. Local 202 Secretary-Treasurer Daniel Kane Jr. functions as a primary point of contact for plan operations. The fund has no known direct employees — its administration is handled by union officials and third-party service providers, consistent with the structure of small, distressed multi-employer plans. Board-of-trustee meetings, required under ERISA, are the main governance forum, typically evenly split between union and employer representatives. The fund's structural identity is that of a federally backstopped benefit vehicle rather than an active allocator. It is one of roughly 200 multi-employer plans that received PBGC Special Financial Assistance, placing it in a cohort of plans whose primary mandate is benefit preservation, not return-seeking. The PBGC's financial condition cap means the fund cannot pursue aggressive investment strategies without risking its relief status — making it, in practice, a glide-path to full payout of legacy liabilities rather than a forward-looking institutional investor.