Trucking Employees of North Jersey Pension Fund

The fund was projected to reach insolvency before receiving Special Financial Assistance (SFA) from the Pension Benefit Guaranty Corporation (PBGC) under the American Rescue Plan Act. The PBGC disbursed over $750 million to fully restore the fund's ability to pay benefits through at least 2051. The precise funded ratio after the SFA injection is embedded in the fund's annual filings, but the plan is now classified as restored pending the resolution of its Yellow Corporation creditor claims.

Yellow Corporation, formerly one of the largest less-than-truckload carriers in the United States, was a major contributing employer to the fund prior to its Chapter 11 filing in August 2023. The fund is a creditor in those proceedings, asserting claims for unpaid withdrawal liability and employer contributions. Recovery on those claims will represent incremental assets beyond the PBGC SFA and is contingent on the outcome of the bankruptcy estate liquidation in the District of Delaware.

The fund is administered by Marvin Zalk, its long-term Administrator. Day-to-day investment management is typically outsourced to external institutional managers, though the specific roster is not publicly disclosed. The stated asset allocation, concentrated in U.S. Government Securities, preferred Corporate Debt, and Common/Collective Trusts, suggests a conservative posture overseen by the Board of Trustees with PBGC regulatory oversight.

Under the PBGC's SFA program rules, recipient plans must invest the grant proceeds in investment-grade fixed-income assets, primarily U.S. Government and high-quality corporate obligations. Equity exposure is heavily restricted. The fund's published holding types — U.S. Government Securities, Corporate Debt Instruments (Preferred), and Collective Trusts — conform precisely to this conservative framework, and the plan is prohibited from re-entering higher-risk allocations with the SFA capital.

As a multiemployer Taft-Hartley plan, the fund's benefit accrual rates are determined through collective bargaining between Teamsters Local Union No. 560 and participating employers. The fund remains active, but the continuing consolidation and distress in the unionized LTL trucking sector has contracted its contribution base. No statutory freeze has been reported, though the fund's annual Form 5500 would detail any amendments to benefit accrual.