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NYS Teamsters Council Health & Hospital Fund
The New York State Teamsters Health & Hospital Fund sits within the New York State Teamsters Benefit Funds umbrella, a Syracuse-based constellation of...
NYS Teamsters Council Health & Hospital Fund
The New York State Teamsters Health & Hospital Fund sits within the New York State Teamsters Benefit Funds umbrella, a Syracuse-based constellation of multi-employer plans that also includes the Conference Pension & Retirement Fund and a UPS Retiree Health plan. Unlike a corporate pension, the Health & Hospital Fund is a Taft-Hartley trust jointly governed by union and employer trustees. Its funding base relies on collectively bargained contributions from employers — most prominently United Parcel Service — rather than a single corporate balance sheet. The fund's alternative investment program spans private equity, hedge funds, real estate, private credit and infrastructure, deploying through a mix of fund commitments and direct investments. Public record filings and meeting minutes show the trustees reviewing both primary fund commitments and co-investment opportunities alongside institutional limited partners. The sister pension fund's alternative portfolio has been observed allocating to large-cap growth equity, global macro, and private credit strategies — the Health & Hospital Fund's posture is similarly diversified. In 2023 the fund participated in a joint initiative to evaluate emerging manager mandates, reflecting a trustee-level interest in expanding the manager roster beyond its existing lineup (per public trustee meeting disclosures, 2023). The fund operates from a single office at 151 Northern Concourse in Syracuse and employs a lean internal staff under Executive Administrator Kenneth Stilwell. Investment decisions run through a board of trustees drawn from both union and employer ranks, with named trustees including John Bulgaro, Daniel Schmidt, and Michael Scalzo. The governance model means the fund does not employ a single CIO — instead, its investment committee and consultants shape allocation decisions, a structure typical of Taft-Hartley plans where fiduciary authority is distributed. Structurally, what distinguishes the Health & Hospital Fund from generic institutional pools is its embeddedness within the Teamsters' multi-fund architecture. Its sister pension fund and the UPS retiree health fund share overlapping trustees, consultants and infrastructure — creating a de facto capital bloc where health and retirement pools can align on co-investments or negotiate fee terms collectively. This shared-resource model gives the three New York Teamsters funds negotiating leverage atypical for their individual size, while the union's national affiliation with the International Brotherhood of Teamsters provides access to a wider network of labor-friendly investment managers and co-investor relationships.
General information
Firm type
Pension Fund
Year founded
1952
Location
Region
North America
Country
United States
City
Syracuse
Corporate office
151 Northern Concourse, Syracuse, NY 13212
Principals
Kenneth R. Stilwell
Executive Administrator
John Bulgaro
Trustee
Daniel W. Schmidt
Trustee
Michael S. Scalzo, Sr.
Trustee
Mark Gladfelter
Trustee
Bob Schaeffer
Trustee
Brian Hammond
Trustee
Mark May
Trustee
Paul Markwitz
Trustee
Sector focus
Frequently asked questions
Who governs investment decisions at the New York State Teamsters Health & Hospital Fund?
A board of trustees — representing both the union and contributing employers — sets investment policy and approves allocations. Kenneth R. Stilwell serves as Executive Administrator, managing day-to-day operations, but the fund does not have a single CIO. Trustees John Bulgaro, Daniel Schmidt, Michael Scalzo and others constitute the fiduciary body that reviews commitments with the fund's investment consultants.
How does the Health & Hospital Fund relate to the New York State Teamsters Pension Fund?
They are sister funds under the New York State Teamsters Benefit Funds umbrella, headquartered together in Syracuse. While legally distinct, they share overlapping trustees, administrative staff and consulting relationships. This structure allows the two funds — along with the UPS Retiree Health Fund — to coordinate on manager selection, fee negotiation and occasional co-investment opportunities.
What investment strategies does the fund pursue in its alternatives portfolio?
The fund allocates across private equity, hedge funds, real estate, private credit and infrastructure. It invests primarily through fund commitments but has reviewed co-investment opportunities alongside its general partners. Trustee meeting records indicate the fund also evaluates emerging manager strategies, suggesting an appetite for diversifying beyond established large-cap manager relationships.
Is the fund's capital open to external limited partners?
No. As a Taft-Hartley multi-employer health and welfare trust, the fund's assets are exclusively reserved to pay health benefits for covered Teamsters members and their families. It does not raise capital from outside investors and operates solely as an asset owner on behalf of its beneficiaries.
Where does the fund's capital come from?
Contributions are collectively bargained between local Teamsters unions and employers, with United Parcel Service the most significant single source. Employer contributions are negotiated as part of multi-year labor contracts and are held separately from the employers' corporate treasuries, insulating the fund from the financial health of any single contributing company.
Does the fund invest in union-friendly or impact-oriented strategies?
The fund's affiliation with the International Brotherhood of Teamsters connects it to a network of labor-friendly investment managers, investment consultants and institutional peers. While its fiduciary mandate requires a sole focus on risk-adjusted returns, trustee meeting records and industry practice among Taft-Hartley funds show the board does consider manager alignment with the fund's values, including labor-friendly real estate developers and infrastructure funds.
What is the fund's posture on co-investments versus fund commitments?
The fund primarily makes commitments through limited partnership interests in private funds, but public trustee meeting records show it reviews direct co-investment opportunities brought forward by its managers. The overlapping trustee structure with the pension fund expands the combined capital pool available for such co-investments, giving both funds greater flexibility on minimum deal size requirements.
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