Central States Fund: $17. 7 Billion

November 5, 2012: The Central States Pension Fund's mid-year financial report indicates that the fund's assets stand at $17.7 billion, just about exactly where they stood at the beginning of 2012.

The fund lost money on investment during the second quarter, after making a lot in the first quarter when the stock market zoomed upward. The fund has 68% of assets in stocks; half of the stock portfolio is managed by the Northern Trust Company, and half of the stock portfolio is in funds pegged to stock indexes.

The pension fund projects that it will take in about $648 million in employer contributions during 2012, and pay about $2.82 billion in benefits. Thus the fund needs to make about $2.2 billion on investments to break even. That is over 12% return on investment.

The Teamsters appointed a new Trustee to the Central States Board: Marvin Kropp replaced Fred Gegare as a union trustee. Kropp is the head of St. Louis Local 618 and Joint Council 13.

The Central States Health and Welfare Fund continues to run in the black and increase its reserves.

Available for download here are the Financial and Analytical Report and the Independent Special Counsel Report for the second quarter of 2012.

Concerned about pensions? Contact Teamsters for a Democratic Union at 313-842-2600 or click here to send us a message. You can join TDU, the movement fighting to protect our pensions, online by clicking here.

Read TDU's report Could the Central States Pension Fund Go Insolvent? here.
 


Be the first to comment

Please check your e-mail for a link to activate your account.
Get Advice Join TDU Donate

Recent News

Five Things the IBT Can Do to Fix the UPS Contract Disaster

Denis Taylor has repeatedly promised local unions and members that he will return to the bargaining table with UPS. But no date has been set. Here are 5 things the IBT can do fix the disaster at UPS. They will only happen if UPSers keep the pressure on.

Put Our Issues on the Table at UPS

Despite declaring the contract ratified, Denis Taylor says he will “return to the bargaining table to address a number of member concerns with the National Master UPS Agreement.” When bargaining resumes, UPSers expect our issues to be addressed.

View More News Posts