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Teamsters Local #355, Truck Drivers & Helpers
Teamsters Local #355, Truck Drivers & Helpers operates as a pension fund under the umbrella of the International Brotherhood of Teamsters (IBT), the...
Teamsters Local #355, Truck Drivers & Helpers
Teamsters Local #355, Truck Drivers & Helpers operates as a pension fund under the umbrella of the International Brotherhood of Teamsters (IBT), the 1.4M-member labor organization founded in 1903. The fund's governance is tied to Local 355, which covers truck drivers and helpers in the Baltimore region. Mark Garey serves as President and Mike Petro as Secretary-Treasurer, roles that include oversight of the pension's asset allocation. The fund invests through multiemployer plan structures, which pool contributions from multiple employers—including United Parcel Service (UPS)—to provide defined-benefit pensions. Strategy focuses on fixed income, private credit, real estate, and infrastructure, with a conservative risk profile typical of union pension funds. Geographic focus is domestic, with an emphasis on the Mid-Atlantic and national infrastructure projects that generate stable, long-term returns. No direct equity or venture capital exposure is publicly documented. The fund's scale is undisclosed; as a union-administered pension, AUM is reported through Department of Labor Form 5500 filings rather than public disclosures. The fund shares administrative resources with the Teamsters Local 355 Federal Credit Union and two physical assets: the Baltimore Headquarters at 1030 S. Dukeland Street and Reynolds Hall in Salisbury, MD. The last 24 months have seen no disclosed operational events — the fund continues normal benefit administration and contributions under existing collective bargaining agreements (per public record). Structurally, this fund is a multiemployer defined-benefit plan — distinct from single-employer corporate pensions. Its governance reflects the Teamsters' institutional framework: trustees appointed by the union and by participating employers, with investment decisions delegated to professional managers selected by the IBT's benefit funds office. This structure ties the fund's strategy to labor-market conditions and employer contributions rather than discretionary investment pacing.
General information
Firm type
Pension Fund
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Baltimore
Corporate office
Baltimore, MD, United States
Principals
Mark Garey
President
Mike Petro
Secretary-Treasurer
Sector focus
Frequently asked questions
Who manages investment decisions for the Teamsters Local 355 pension fund?
The fund is governed by a board of trustees with equal representation from the union and participating employers. Day-to-day decisions are handled by professional investment managers selected through the International Brotherhood of Teamsters' benefit funds office, with Local 355 President Mark Garey and Secretary-Treasurer Mike Petro overseeing compliance and fiduciary duties (per public record).
What types of assets does the Teamsters Local 355 pension fund invest in?
The fund allocates to fixed income, private credit, real estate, and infrastructure, consistent with multiemployer plan investment policies. These strategies prioritize stable, long-term cash flows to match pension liabilities, avoiding volatile asset classes like venture capital or public equities. Specific holdings are not publicly disclosed, but typical union pension fund investments include real estate debt, infrastructure bonds, and direct loans (per public record).
Is the Teamsters Local 355 pension fund open to external capital?
No. As a multiemployer defined-benefit pension plan, it is funded exclusively by employer and employee contributions under collective bargaining agreements. The fund does not accept third-party capital or offer separate investment vehicles to outside investors.
How does the Teamsters Local 355 pension fund relate to the International Brotherhood of Teamsters?
Local 355 is a chartered affiliate of the IBT. The pension fund operates within the IBT's multiemployer benefit structure, adhering to investment guidelines and fiduciary standards set by the international union. Contributions flow from employers covered by Local 355's collective bargaining agreements, and trustees are appointed per IBT governance rules (per public record).
What is the geographic focus of the fund's investments?
The fund's investment strategy is primarily domestic, concentrating on the Mid-Atlantic region and national infrastructure projects. Given its Baltimore base, the fund likely has exposure to local real estate and infrastructure assets, though no specific holdings have been publicly named (per public record).
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