July 9, 2013. The Central States Pension Fund ended 2012 with $17.8 billion in assets, according to the Fund’s financial and analytical report, which we just obtained, per a lawsuit we won to make this information available to Teamsters and retirees.
The fund made 13.6% on investments for 2012, due to a booming stock market, but still was only able to tread water: assets went up less than 1%, from $17.7 to $17.8 billion. This is because the fund took in only $765 million in employer contributions, and paid $2.8 billion in benefits, so had to draw $2.1 billion from assets for benefits.
The Hoffa administration allowed UPS to leave the fund in 2008; their contribution to the fund in 2012 would have been an additional $885 million.
There are 65,000 active participants and 211,000 retirees; both figures are rather stable at present. The average monthly benefit paid to a Teamster or surviving spouse is $1,109 per month.
If you have questions about these issues, contact TDU at info [at] tdu.org or call 313-842-2600. If you are concerned about the future of Teamster pensions, consider joining TDU to be a part of the organization working to protect pensions for all Teamsters.