New York State Teamsters Conference Pension and Retirement Fund

A joint board of trustees, co-chaired by labor representative John A. Bulgaro and employer representative Michael S. Scalzo, Sr., oversees all material decisions including asset allocation and manager selection. Kenneth Stilwell serves as the fund's Executive Administrator, handling day-to-day operations. The board engages external investment consultants and managers for specific portfolio mandates.

The approximately $1.4 billion SFA grant from the Pension Benefit Guaranty Corporation — one of the largest awarded under the American Rescue Plan Act — restored the fund's ability to pay full benefits through at least 2051. Previously facing insolvency projections common among multi-employer plans, the injection permitted retention of a long-duration, illiquid allocation strategy across real estate, infrastructure, and private funds without forced selling to meet near-term benefit obligations.

UPS is the single largest contributing employer to the plan, a legacy of the company's history with Teamster-represented workers across New York State and northern New Jersey. Employer contributions, negotiated through collective bargaining, form the fund's primary inflow. The relationship means UPS's operational health and Teamsters contract cycles directly affect the plan's contribution base.

The fund uses a hybrid approach. In real estate, it maintains direct ownership through U.S. Real Estate Investment Fund LLC alongside a core portfolio spanning three continents. For most other alternatives — including energy, venture capital, and distressed debt — it makes fund commitments and co-investments alongside GPs such as Blackstone, Carlyle, ARES, and EnCap.

No formal exclusionary policy is publicly documented, but the portfolio shows no disclosed allocations to cryptocurrency, pure-play commodity trading advisors, or hedge fund strategies that lack a direct co-investment or credit component. The fund's fiduciary orientation under ERISA and its multi-employer structure bias it toward longer-duration, institutionally governed vehicles rather than opportunistic or unregulated structures.

The Health & Hospital Fund is a sister entity serving the same Teamster local unions. While the pension fund focuses on retirement income, the Health & Hospital Fund provides active and retiree health and welfare benefits. They share a common labor-management governance model and overlapping participant populations but maintain separate fiduciary structures, boards, and asset pools.

The fund participates in co-investments, particularly in real estate and venture capital, as part of its strategy to reduce total fee drag while maintaining exposure to institutionally managed platforms. Specific co-investment capacities or minimums are not publicly disclosed, but the listed strategy tags confirm co-investment as an active component of the private-market program.