RWDSU/UFCW Local 338

RWDSU/UFCW Local 338

RWDSU/UFCW Local 338 represents the grocery, pharmacy, and retail workers who anchor Long Island's consumer economy. Its benefits apparatus comprises five distinct trust funds — Retirement, Health and Welfare, Benefits Trust, and Annuity — each stewarded from a single headquarters at 1505 Kellum Place in Mineola. John R. Durso, President of the Local and the Long Island Federation of Labor, has helmed the organization through decades of retail consolidation, shaping a benefits philosophy that emphasizes solvency and steady disbursement over aggressive alpha-seeking. The pension's investment strategy is unusually concentrated: it pursues a dedicated secondaries mandate across the entire portfolio. This approach, which focuses on acquiring existing limited partner interests and providing liquidity solutions to other institutional holders, is the dominant thematic across all five trust vehicles. The fund does not publicly disclose its asset-class mix, but its secondaries posture suggests significant exposure to private equity, private credit, and real asset fund interests acquired at discounts to net asset value. The geographic footprint is firmly anchored in the Northeast, with the plan's membership concentrated across New York's Nassau and Suffolk counties. The Local commands a significant institutional presence on Long Island through its physical assets and political capital. Beyond the estimated $563M in trust fund assets, the organization owns its headquarters outright — a commercial building at 1505 Kellum Place in Mineola — and operates a charitable arm, Local 338 Charities Inc., which separates philanthropic activities from pension governance. Durso's overlapping labor-leadership roles amplify the fund's influence: he serves as President of the Long Island Federation of Labor, Vice President of the New York City Central Labor Council, and sits on the board of the Long Island Association. The fund's structural differentiator is its single-strategy secondaries mandate embedded across a multi-trust benefit system. While most union pension funds allocate across primaries, co-investments, and direct real estate, Local 338 concentrates its firepower in the secondary market — a posture that provides a steady stream of mature, de-risked fund interests. The governance structure, with Durso at the center of both the Local's operations and the broader Long Island labor movement, creates an unusually integrated risk-management framework: the same leadership that negotiates employer contributions also stewards the capital those contributions generate.