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

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

The Pension Plan of the Welfare & Pension Fund Mid-Jersey Trucking was established in 1958 as a defined-benefit plan covering members of Teamsters Local 701, a union representing truck drivers and warehouse workers across New Jersey. Ronald Lake serves as president of the local and authorized trustee of the fund, with Giancarlo Prezioso as fund manager. The wealth originates from multi-employer contributions, though the fund has navigated complex relationships with major contributors like Yellow Corporation, which has a history of contribution deferrals and withdrawal liability litigation. Unlike most pension funds that allocate heavily to public equities and investment-grade bonds, Mid-Jersey Trucking has concentrated its strategy in mezzanine financing and private credit. This means the fund provides subordinated debt to middle-market companies, often in structured transactions that sit between senior bank loans and equity. It shares back-office infrastructure and personnel with the Bakery Drivers Local 194 Pension Fund and the Teamsters Local 418 Pension Fund, creating an informal co-investment cluster among New Jersey Teamster funds. A known unrelated asset is the fund's own office building at 2003 US Route 130 in North Brunswick. The fund has not publicly disclosed its total professional headcount or full portfolio breakdown. Its estimated $328M asset base (Altss estimate) places it in the small to mid-tier of US multi-employer plans. Related union associations include Teamsters Joint Council 73, where Ronald Lake serves as Recording Secretary, embedding the fund in a broader regional labor governance structure. No new fund launches or structural reorganizations have been publicly reported in the last 24 months. Its structural differentiator is an artificial concentration: rather than diversifying across asset classes like a typical institutional investor, the fund has made a single-strategy bet on mezzanine credit.