Teamsters Local 355

Teamsters Local 355

Teamsters Local 355 operates as a defined-benefit pension fund serving truck drivers, helpers, and warehouse workers in Baltimore and the surrounding Mid-Atlantic region. Its beneficiaries are drawn from bargaining units at UPS, freight carriers, and local logistics employers, making the fund's contribution base highly concentrated in the surface transportation sector. The fund is governed by a board of trustees split between union and employer representatives, a structure standard across Taft-Hartley plans, with President Mark Garey and Secretary-Treasurer Mike Petro serving as senior union-side officers. The fund allocates assets across a conventional institutional mix: public equities, fixed income, real estate, and private market strategies, though specific portfolio holdings are not publicly broken out. Real property owned by the local includes its headquarters at 1030 S. Dukeland Street in Baltimore and a meeting hall in Salisbury, Maryland, which function as operational hubs for membership and may represent directly held real estate on the fund's balance sheet. A related entity, Teamsters Local 355 Federal Credit Union, provides deposit and lending services to members, operating from the same Baltimore address but legally distinct from the pension vehicle. Total assets under management and precise participant counts are not publicly disclosed. Teamster pension funds vary widely in scale; the local's fortunes are structurally linked to the health of UPS, the largest employer in the Teamsters' master freight agreement. The International Brotherhood of Teamsters and regional Joint Council 62 provide governance support and are the local's primary institutional affiliates. The fund also connects to the broader Teamster community through scholarships, including the James R. Hoffa Memorial Scholarship Fund. Its structural differentiator lies in its non-discretionary liability stream: the fund's payout profile is determined by negotiated benefit accrual rates, not market return assumptions alone. This makes asset-liability matching and employer contribution stability the dominant risk factors — more so than for an endowment or family office — tying its long-term solvency to the bargaining cycle and the health of unionized freight in the Baltimore corridor.