Central States 2nd Quarter Financial Report

The Central States Pension second quarter Financial Report and Independent Special Counsel Report show very little new information. 

financial_report_2_thumb.jpg

Much of it is lifted from previous reports, and there is little information regarding the application to the Treasury Department to slash members’ pensions. It repeats (without explanation) the fictional figure of an average 22% pension cut (page 5), and repeats the claim that Sue Mauren is working to represent retirees.

The number of retirees is down to 206,000. The declining number in pay status should be a help to the fund. The number of active Teamster participants is holding at 60,735. The Hoffa administration is trying to allow Kroger to exit the fund, which would drive that number (and fund income) down.

Total assets are $17.3 billion; this is down due to the bad quarter in the stock market. The fund lost 0.23% overall on investments in the second quarter. 

YRC owes $80 million to the Fund from the non-payment period in 2010, and is making interest payments of $500,000 per month on that debt.

The Health & Welfare Fund Financial Report is completely different. It continues to grow rapidly in assets (reserves), and now has 187,467 active participants. Participants cannot understand why benefits cannot be improved, given this rosy picture.


Showing 11 reactions

Please check your e-mail for a link to activate your account.
  • followed this page 2016-10-31 15:11:29 -0400
  • commented 2015-11-21 01:21:33 -0500
    If they could control administrative expenses we might even make money in the fund. The fund is only down less than 2 % from 2011 ending level. I guess Mr. Nyham needs the 30k raise to compensate for his efforts to play on both sides of the fence.
  • commented 2015-11-11 10:32:26 -0500
    take a look at what scott walker did in wisconsin to the unions. Dont expect help from his party.
  • commented 2015-11-11 10:12:25 -0500
    While you guys argue over democrats and republicans both parties are putting it to us.
  • followed this page 2015-11-09 00:43:51 -0500
  • commented 2015-11-05 15:41:37 -0500
    otmer No they werent. The bill was sponsored by Rep John Kline of Mn. a republican. Not disputing the bill just saying republicans are not union friendly. Just look at the voting records.
  • commented 2015-11-03 11:37:52 -0500
    Otmer, what are you talking about the bill was tuck in to the last December budget bill, what even worse is that member of congress did not read that BILL. Both house congress was control by republican.
  • commented 2015-11-03 07:44:35 -0500
    Ronald, remember the democrats were in charge when the bill was passed so that changes could be made to the pension fund.
  • commented 2015-10-31 11:41:39 -0400
    Got news for ya. Paul ryan and the rest of the republican congress could care less about a union pension fund. They are anti-union to began with.
  • commented 2015-10-31 10:29:22 -0400
    The health and welfare for retirees still being at $100 thousand max a year is a complete joke.
  • commented 2015-10-29 18:49:07 -0400
    They, Hoffa & Teamsters Leadership want this a done deal before the next president is sworn in! The new Speaker of the House needs to be looking into this travesty before it’s too late for We retirees and those still paying into the Central States Pension Fund! God Help Us!
Get Advice Join TDU Donate

Recent News

UPS Bargaining Proposals Set

The Teamster bargaining demands for the UPS contract were approved by representatives from UPS locals today at the Two-Person meeting held near Washington, DC. (reprinted from www.TeamstersUnited.org)

Teamster Rail Affiliates Divided Over Tentative Rail Contract

The two Teamster affiliates of rail workers are taking a different stance on the tentative contract negotiated by one of the coalitions of rail unions.

View More News Posts