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Teamsters Local 301 Pension Plan
The Teamsters Local 301 Pension Plan operates as a multi-employer defined-benefit fund for members of Teamsters Local 301, which has represented workers across...
Teamsters Local 301 Pension Plan
The Teamsters Local 301 Pension Plan operates as a multi-employer defined-benefit fund for members of Teamsters Local 301, which has represented workers across Lake and McHenry counties for over a century. The plan draws contributions through collective bargaining agreements, with Waste Management, Inc. and Waste Connections, Inc. named as participating employers. The fund's investment posture reflects the long-duration liabilities of a mature Taft-Hartley plan, prioritizing stable, income-producing assets. The portfolio is anchored by direct commercial real estate holdings in North America, concentrated in two distinct mandates. The Core Real Estate Portfolio targets traditional commercial properties, while a dedicated Healthcare Real Estate Portfolio focuses on medical office and related facilities. This bifurcated real estate strategy suggests a preference for tangible, hard assets over liquid public-market securities for a material portion of the trust. The plan also maintains a reciprocal co-investment arrangement with the Teamsters Local 705 Pension Plan, allowing for shared exposure and potentially reduced administrative burden on select investments. The fund is administered from the union hall in Waukegan, Illinois, and its governance follows the joint board of trustees model standard for Taft-Hartley plans, with equal representation from union and employer appointees. While total asset and deployment figures are not publicly disclosed by the plan, its construction aligns with regional mid-size pension funds that prioritize direct property ownership and inter-plan relationships over external fund commitments. No separate foundation or adjacent investment vehicles are known to operate alongside the plan. The plan's structural differentiator lies in its hyper-local asset base paired with reciprocal multi-plan co-investment. Rather than competing for institutional mandates, Local 301 pools resources with Local 705, creating an alliance between two distinct Northern Illinois Teamsters plans that can share due diligence and achieve scale in property acquisitions neither could support individually.
General information
Firm type
Pension Fund
Year founded
1958
Location
Region
North America
Country
United States
City
Waukegan
Corporate office
Waukegan, IL, United States
Sector focus
Frequently asked questions
What employers contribute to the Teamsters Local 301 Pension Plan?
The two named contributing employers are Waste Management, Inc. and Waste Connections, Inc., both major waste-hauling and environmental-services companies with operations in Northern Illinois. Contributions are determined through collective bargaining agreements between Local 301 and these employers. Additional contributing employers may exist under the plan's standard Taft-Hartley multi-employer framework.
How does the reciprocal agreement with Teamsters Local 705's pension plan work?
The reciprocity arrangement allows members who move between jurisdictions of Local 301 and Local 705 to consolidate their credited service and pension accruals. On the asset side, the plans function as co-investors on certain property acquisitions, enabling pooled due diligence and potentially larger real estate purchases than either could execute independently. This structure is a hallmark of the Teamsters' collaborative approach to multi-employer pension management in the region.
What is the plan's primary investment focus?
The plan maintains a heavy allocation to direct real estate, divided between a Core Real Estate Portfolio of general commercial properties and a Healthcare Real Estate Portfolio targeting medical office and related facilities. Both portfolios are concentrated in North America. The emphasis on direct property ownership aligns with the fund's long-dated liability stream and a preference for tangible, income-generating hard assets.
How is the plan governed?
Governance follows the joint board of trustees model required for Taft-Hartley multi-employer plans. Trustees are appointed in equal number by the union (Teamsters Local 301) and the contributing employers. This structure ensures fiduciary decisions are made with both labor and management representation, consistent with ERISA regulations governing collectively bargained pension funds.
Does the plan commit to external private equity or hedge fund vehicles?
Known allocations center on direct real estate ownership and the reciprocal agreement with the Local 705 plan. There is no public evidence of commitments to external private equity, venture capital, or hedge fund vehicles. The fund's investment posture appears to favor internally directed or co-invested hard-asset strategies rather than blind-pool limited-partnership commitments.
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