Warehouse Employees Local No. 570 Pension Fund

A board of trustees drawn from Teamsters Local 570 leadership and participating employers governs the fund. Named trustees include Secretary-Treasurer Sean Cedenio and President Richard Brown, who serve alongside other union-appointed and employer-appointed fiduciaries. The board operates under ERISA standards and the funding requirements of the Pension Protection Act.

A Taft-Hartley plan pools contributions from multiple employers within an industry — in this case, Baltimore-area warehouses — so that a worker's benefit does not depend on any single employer's survival. If one contributing company fails, the remaining employers continue funding the plan, and the federal Pension Benefit Guaranty Corporation provides a backstop. This structure gives the fund a different risk profile from a single-employer corporate pension.

The board of trustees holds fiduciary authority over investment policy. As is typical for union pension plans, the trustees likely delegate day-to-day manager selection and monitoring to an external investment consultant — though the specific consultant is not publicly disclosed. No dedicated in-house investment staff appears on public records.

The fund accesses venture capital, distressed debt, and mezzanine strategies through limited-partner commitments to external fund managers. There is no evidence of direct co-investments, SPVs, or an internal investment team making direct deals — the plan's size and governance structure point to a fund-of-funds or consultant-advised manager-selection model.

Public records tag the fund's venture exposure across seed, start-up, and late-stage categories, indicating a multi-stage approach rather than a narrow early-stage or growth-only mandate. Individual manager allocations and specific portfolio company names are not publicly disclosed.

The plan was established through collective bargaining between Teamsters Local 570 and warehouse employers. It covers employees of companies that have signed contracts with the local. The fund is affiliated with the International Brotherhood of Teamsters, the national union body, but investment and benefit decisions rest with the local plan's board of trustees, not the international.

Multiemployer plans may accept new contributing employers if they sign a participation agreement and a collective bargaining contract with Local 570. The plan's ability to admit new employers depends on current funded status and trustee discretion — neither of which is publicly disclosed.