Pension Plan of the Welfare & Pension Fund Mid-Jersey Trucking

Fund Manager Giancarlo Prezioso manages the benefit funds for Teamsters Local 701. The authorized trustee for the pension plan is Ronald Lake, who is also President of Teamsters Local 701 and Recording Secretary for Joint Council 73. Day-to-day investment execution falls under Prezioso's purview while Lake holds ultimate fiduciary authority over plan assets.

It is a multi-employer defined-benefit plan directly covering the members of Teamsters Local 701, a labor union representing truck drivers, warehouse workers, sanitation workers and municipal employees in New Jersey. The union and the fund share leadership: Ronald Lake is both union president and an authorized plan trustee, and the plan operates from the same facility as the union's benefit fund office, creating an integrated administrative structure.

Specific funded-status ratios are not publicly disclosed. The plan's primary risk is employer concentration: a major contributing employer, Yellow Corporation, filed for bankruptcy in 2023, a development that directly threatens the plan's contribution stream through legacy contribution deferrals and withdrawal-liability litigation. Its secondary risk is the strategy-concentration of holding a near-pure mezzanine portfolio without broad diversification across asset classes.

The plan's strategy is categorized exclusively as mezzanine, which typically involves direct lending and subordinated debt investments in middle-market companies. There is no disclosed allocation to third-party private equity funds, fund-of-funds, or traditional public market instruments, indicating a direct-only investment posture designed to maximize current income.

The fund does not publicly disclose a detailed portfolio listing. Its known economic relationships are with the contributing employers to the multi-employer plan, most notably the freight carrier Yellow Corporation. Because the fund operates a direct mezzanine strategy, its assets consist of private credit instruments rather than marked-to-market public equities, but the individual borrowers are not named in public documents.

The Mid-Jersey Trucking fund shares common office facilities and personnel with the Bakery Drivers Local 194 Pension Fund and the Teamsters Local 418 Pension Fund. This arrangement creates an operational cluster where administrative resources are pooled. Ronald Lake's role as Recording Secretary for Joint Council 73 further ties the governance of the Mid-Jersey plan into the broader network of Teamster-affiliated benefit funds in the region.

Given the plan's concentrated mezzanine mandate and the absence of any disclosed fund-of-funds or GP relationships, it does not appear to operate a co-investment program alongside external sponsors. The strategy is structured as a direct lending book rather than a commingled-fund allocation model, allowing the internal investment team to retain full discretion over credit selection without reliance on outside general partners.