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Manhattan & Bronx STOA Retirement Fund
The Manhattan & Bronx STOA Retirement Fund provides retirement benefits for non-operating employees of the Manhattan and Bronx Surface Transit Operating...
Manhattan & Bronx STOA Retirement Fund
The Manhattan & Bronx STOA Retirement Fund provides retirement benefits for non-operating employees of the Manhattan and Bronx Surface Transit Operating Authority, a subsidiary of the Metropolitan Transportation Authority. The plan is administered through MTA Headquarters and serves the administrative, maintenance, and support staff who keep the MTA's bus operations running across Manhattan and the Bronx. The fund operates under New York State pension statutes governing Tier 6 members, including defined contribution rates and retirement eligibility formulas that mirror the broader public-sector retirement framework. The fund's investment portfolio spans commingled real estate funds, small-cap real estate investment trusts, a commingled commodities fund, energy investments, infrastructure holdings, and opportunistic credit or private debt allocations, alongside debt securities mutual funds. This asset mix tilts toward hard assets and inflation-sensitive exposures — a posture common among public pension plans managing long-dated liabilities. The portfolio's real estate sleeve includes both mixed-use commingled vehicles and targeted commercial REIT positions, suggesting a dual approach of pooled core exposure with tactical tilts toward small-cap commercial properties. The board includes MTA financial leadership and direct union representation. Transport Workers Union Local 100, which represents the majority of the MTA's workforce, holds two board seats — held by James Whalen and John Chiarello — ensuring labor's voice in investment governance. The investment committee draws from MTA's payroll and benefits comptroller functions: William Vazoulas, Director of Payroll Processing, and Joseph Cornwall, Assistant Comptroller for Benefit Plans, both serve on the committee. Kevin Willens, the MTA's Chief Financial Officer, provides senior financial oversight alongside committee-level investment decision-making. The fund's governance embeds the operational tension of a public transit agency's balance sheet. Unlike independent New York City pension funds with dedicated investment staff — such as NYCRS or TRS — this plan's investment function operates within the MTA's broader financial apparatus, with investment committee decisions flowing through career transit-finance officers and union representatives rather than a standalone investment office. This structure reflects the fund's origin as an occupational plan for a specific transit subsidiary rather than a citywide or statewide retirement system.
General information
Firm type
Pension Fund
Location
Region
North America
Country
United States
City
Brooklyn
Corporate office
Brooklyn, NY, United States
Principals
Kevin Willens
Board Member and Chief Financial Officer of the MTA
William Vazoulas
Board Member, Director of Payroll Processing, and Investment Committee Member
Joseph Cornwall
Board Member, Assistant Comptroller of Benefit Plans, and Investment Committee Member
James Whalen
Board Member and Transport Workers Union Local 100 Representative
John Chiarello
Board Member and Transport Workers Union Local 100 Representative
Sector focus
Frequently asked questions
Who runs investment decisions at the Manhattan & Bronx STOA Retirement Fund?
The fund's investment committee includes William Vazoulas, Director of Payroll Processing at the MTA, and Joseph Cornwall, Assistant Comptroller for Benefit Plans. Kevin Willens, the MTA's Chief Financial Officer, serves as a board member providing senior financial oversight. Investment decisions are made within the MTA's administrative structure rather than through a separate investment office.
Does the STOA fund have labor union oversight on its board?
Yes. Transport Workers Union Local 100 holds two board seats — held by James Whalen and John Chiarello — ensuring direct labor representation in the fund's governance and investment oversight.
How is the STOA fund related to the MTA?
The Manhattan and Bronx Surface Transit Operating Authority is a subsidiary of the Metropolitan Transportation Authority. The pension plan covers non-operating employees of MaBSTOA and is administered by MTA Headquarters. The MTA's CFO sits on the fund's board.
What asset classes does the STOA fund invest in?
The portfolio includes commingled real estate funds, small-cap commercial REITs, a commingled commodities fund, energy investments, infrastructure holdings, opportunistic credit or private debt, and debt securities mutual funds (per public record). This represents a diversified mix with a tilt toward real assets and inflation-sensitive exposures.
What type of employees does this pension plan cover?
The plan covers non-operating employees of the Manhattan and Bronx Surface Transit Operating Authority — the administrative, maintenance, and support staff who support MTA bus operations in Manhattan and the Bronx. The plan operates under New York State Tier 6 pension provisions.
Does the STOA fund make direct investments or use commingled vehicles?
The fund primarily uses commingled vehicles across real estate, commodities, and debt securities. Its real estate exposure includes both commingled mixed-use funds and positions in small-cap REITs, alongside infrastructure and energy commitments.
How large is the STOA pension fund?
The fund does not publicly report total assets under management. It operates as a subsidiary occupational plan within the MTA's broader financial structure, and its asset base is not separately disclosed in public materials.
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