Central States Financial Update Available

June 12, 2009: The first-quarter 2009 Financial and Analytical Report on the Central States Pension Fund is finally out; it details the fund’s problems due to the stock market collapse. The report is available to members only through Teamsters for a Democratic Union.

The Central States Fund had $15.7 billion as of March 31, 2009, down from $17.3 billion at the start of 2009. The fund lost about 6.8% on its investment portfolio during the quarter, as the stock market continued to tumble.

The fund has undoubtedly benefited from the stock market run-up in April and May, and probably has assets topping $18 billion at this point, because the CSPF has 68% of its assets in US and foreign stocks.

While the number of retirees is holding steady at 212,000, the number of active participants is now down to 82,000. That is due to Hoffa’s disastrous plan of allowing UPS out of the fund, which has deprived the fund of a huge source of employer contributions. The number has slipped a little since the end of 2008 due to lay-offs.

The bulk of employers have agreed to contracts that meet the CSPF rule of 8% increases in contributions per year. The fund reports that only 23 small employers, with 290 Teamster employees, have had the default benefit schedule imposed on them because of continued non-compliance with the rule.

The report makes a small reference to the serious problem that YRC is seeking to defer its pension contributions.

The financials on the Central States Health and Welfare Fund continue to be strong.

Click here for the Central States Financial and Analytical Report.

Click here for the Report of the Special Counsel.

Click here to give us your views on what our union should be doing to protect good Teamster pensions.

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