Central States Pension: $15.3 billion

The latest quarterly financial report of the Central States Pension Fund (CSPF) shows that the fund has treaded water during 2017, due to the continued run-up in the stock market. But the underlying problems have only worsened.


As of June 30, 2017, the fund had $15.3 billion in assets, the same amount it had at the end of 2016. But the number of working participants declined slightly in the past year, to 58,080. The number of retirees also declined slightly, to 202,222.

The fund would have made more money in the stock market upturn, but has moved out of stocks, in a defensive move to protect declining assets. Only 42% of CSPF assets are in stocks, half of that in index funds, down from 65% stocks as recently as a year ago.

The Independent Special Counsel Report for the second quarter reviews the problems facing the fund and its projected insolvency, without federal assistance to protect the earned pensions of Teamsters and other workers.

The financial and analytical report of the health and welfare fund shows a completely different picture: the fund continues to pile up assets. 

The quarterly financial and analytical reports of the pension fund and H&W fund are available only through Teamsters for a Democratic Union. Neither the fund nor the IBT make them available to members.

Central States Updates

Other material in the Special Counsel report...

Construction on the new building being built by the Central States H & W Fund, which will also house the pension fund, is slated to begin within weeks.

The report states that the Pension Benefit Guaranty Corporation (PBGC) multiemployer fund is presently slated to run out of money by 2025, approximately when Central States is projected to go insolvent, unless there is federal assistance to both, and raising premiums to support the PBGC.

The report contains (on page 6) a bitter complaint that the Treasury Department approved a plan for MPRA pension cuts to save the New York State Teamster Fund, but disallowed the Central States proposed cuts, due to the broad opposition to those cuts generated by the pension protection movement.

The report explains why the fund supports the UPS-backed plan to save the fund with federal assistance. They state the IBT/Brown proposal will not gain Republican support and thus has little chance to pass, and may distract and delay consideration of a proposal which can pass. The report states that time is short as the fund could reach the point of no return (pages 6-7).

The Government Accounting Office (GAO) report on the fund, in the works for nearly two years, may issue by the end of the year or early in 2018 (pages 9-10).

Showing 5 reactions

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  • Brandon Dentino
    commented 2017-11-22 22:35:49 -0500
    You stole your overpriced pensions by buying crooked politicians with your organized crime gang you call the union. I will die laughing when you all lose your pensions.😂😂😂😂
  • Bob Maley
    commented 2017-11-21 14:55:45 -0500
    Why does the Central States H and W fund and pension need a new building when they( we) can’t afford one. Retired carhauler local 25 Jack Cooper driver.Bob Maley
  • Lowell Weber
    commented 2017-11-20 19:54:40 -0500
    I want to express my deepest thanks and gratitude to Bob Amsden, Mike Walden, and the entire NUCPP committee for all of their hard work and effort in helping to get this bill drafted and introduced. It is now up to each of us, as active and retired Teamsters, to call and write our Representatives and Senators and ask them to support this bill and the pension all of us have earned.
  • Tim Vermillion
    commented 2017-11-20 19:30:19 -0500
    Pete you need to update the truth in this report. The Butch Lewis Bill will work and are now in Bill forum. Senate bill 2147 and House bill 4444. Also, there is letter that CSPF put out the day before the press conference and said it would work. Now it’s time for TDU to get behind this bill and the voice of the retirees.
  • Bob Amsden
    commented 2017-11-20 16:42:55 -0500
    That report was written In June. An incredible amount of changes have taken place in support of the Butch Lewis Act of 2017. Also know as the Brown /Neal proposal. Tom Nyhan has recently released a letter from CSPF saying the Brown/ Neal proposal would in fact keep Central States from going insolvent. And the fact is that we have had several biPartisan work shops being held by Senator Rob Portman of Ohio and Senator Ron Johnson of Wisconsin. Not to mention the incredible amount of lobbying efforts done by hundreds of NUCPP members who have been in Washington DC weekly since the middle of October meeting with all of the Republican Representatives in both the Senate and Congressional houses. The press conference of the roll out of the Butch Lewis Act of 2017 last Thursday and the issue of the bill numbers are S2147 and HR4444 is in fact getting great consideration from our Republican Representatives. It’s up to us to make this happen. And please be aware that the UPS proposal is only that a proposal. To this day they can’t find one Representative either Democrat or Republican to Co-sponsor their plan with a 20% cut to all participants. The only thing that proposal helps is UPS and the Union Officials who have turned there backs on the retirees and active members all for the benefit of UPS.
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