Central States Pension Fund: $13.2 billion

The Central States Pension Fund ended 2018 with assets of $13.2 billion, a loss of $1.8 billion for the year, according to the fourth-quarter Financial and Analytical Report.

STOP-THE-RUSH-BANNER_thumb.jpgThe fund paid $2.8 billion in benefits (unchanged from 2017) and collected $1.1 billion in employer contributions and withdrawal liability payments. Thus the fund relies on investment gains to break even, which becomes impossible as the assets dwindle.

Retirees, the union, and our allies are working diligently to get legislation passed to backstop the pensions of millions of Americans – not just Teamsters.

The fourth quarter Independent Special Counsel report notes that the fund lost 2.67% on investments in the fourth quarter, due to the big stock market decline. The fund has lowered its stock holdings to 24% of the $13.2 billion in assets, with the remainder in bond funds.  

The pension fund has 54,000 active participants and 200,000 retirees, both numbers are slightly down from a year earlier.

The Central States Health and Welfare Fund (TeamCare) financial report is completely different: the fund is growing, with huge reserves. The fund has 196,000 active participants and 8,300 retirees. The assets continue to grow and stand at $6.3 billion, which is over two full years of reserves.

The Special Counsel Report states that the 680 employees of the H&W and pension funds will move into their new building this July.  

Earlier this month, the 390 Teamsters employed by the funds went on strike, after rejecting five contract offers, then ratified a contract and returned to work on March 18.

Teamsters for a Democratic Union (TDU) is the only source for the quarterly financial reports on the funds; they were obtained by court-order, and are made available by TDU so that members and retirees can stay informed, and get involved.

Showing 6 reactions

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  • Jim Cochran
    commented 2019-04-02 21:31:13 -0400
    Fred was on the Central states pension fund.
  • Kirk Dys
    commented 2019-03-28 22:05:12 -0400
    All you UPS people need to stop complaining. UPS leaving the fund added to this current problem. Also I told my congreesman, face to face that we wanted him to fix this problem. He said no way cuz we would have to fix everybody’s pension then. I reminded him that since the 70’s our fund has been under government oversight. Which means the government had a role in its failure.
  • Mike Jordan
    commented 2019-03-28 18:56:47 -0400
    Two different story’s ! The fund is under the watch dog of the federal government . How can there be two different stories ? I thought the annual report was watched over and approved by the federal government . If it isn’t in trouble why are so many trying to fix something that isn’t broke ? And why is the Republican representatives wanting the Western Conference to bail out Central States and other Pension funds?
  • David Thayer Sr.
    commented 2019-03-28 16:17:20 -0400
    It’s disgusting that we worked all those years at ups and put up with all the nonsense and harrassment and paid into our pensions being told just look ahead to the day you can leave here knowing you will be taken care of what a lie that was just to keep us working and paying so the ones that retired before us kept getting thier pensions and we are the ones going without,I have friends that didn’t work any where near as hard as we did or the stupid hours or the wear and tear on thier bodies and they are getting thier pensions and a hell of a lot more than we get,the teamsters was a joke,at least under Hoffa it is
  • Scott Kendall
    commented 2019-03-28 13:50:22 -0400
    On its way to ZERO. Poor active members the retiree’s “NO CUT or BUST” have cut your throats. How’s BUST looking?
    The good news is once this goes belly up and the government refuses to bail it out then zero your hero because it means partitioning and at least the active [participants can start to build a pension again.

    Schoolhouse Rocks My Hero’s ZERO!

  • David Thayer Sr.
    commented 2019-03-28 13:27:55 -0400
    When is the Butch Lewis act going to be looked into,nothing is ever heard about it anymore,our pensions in the Northeast that were cut need to be reinstated to the level we paid for ,we didn’t pay into our pensions all these years just to have it takes away as soon as we retired from ups ,no other teamsters had to face the cut to our living expenses like we did
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