Teamsters Employers Local 945 Pension Fund

Teamsters Employers Local 945 Pension Fund

The Teamsters Employers Local 945 Pension Fund is a New Jersey-based defined-benefit plan covering workers across a consortium of employers — most notably waste-management giants Waste Management, Inc. and Republic Services, Inc., whose contributions historically represent a material share of plan inflows. Other participating employers include Sensus USA Inc. and Sentry Insurance. The fund operates within the International Brotherhood of Teamsters network, making its governance jointly shaped by union trustees and contributing employers. Investment strategy centers on secondaries, favoring fund stakes and structured liquidity solutions over primary fund commitments. The plan also holds direct exposure to North American mixed-use real estate through American Realty Advisors and a Hong Kong/Global credit mandate with Tor Investment Management. This mix — secondaries dominance plus niche real-asset and credit sleeves — implies a preference for acquiring seasoned, cash-flowing positions at discounts to net asset value rather than blind-pool risk. Geographic exposure spans the United States and select Asia-Pacific credit markets. The fund is administered from a single office in Wayne, New Jersey, with governance resting in part with authorized trustee David Baumann. While headcount and total AUM are not publicly reported, the narrowness of the strategy set — no disclosed venture, no infrastructure sleeves, no public-equity carve-out — signals a lean operation focused on a few high-conviction relationships. Structurally, Local 945 belongs to a class of mid-sized multi-employer pension plans that outsource most investment governance to trustees while relying on a handful of external managers. That architecture differs meaningfully from large state plans with internal CIOs and sprawling staffs. For a union-negotiated plan, the fund's secondary-market emphasis is unusually concentrated — most peers spread allocations more evenly across asset classes — and may reflect an explicit liquidity management requirement tied to the contributing employers' business cycles.