Central States Pension Fund: Update

September 17, 2010: The Central States Pension Fund had $18 billion in assets as of June 30, 2010, according to their quarterly Financial and Analytical Report.

This is down from $19.5 billion at the beginning of the year.

The loss is due to two factors: the poor stock market performance in the second quarter, and the temporary withdrawal of YRCW, the fund’s largest employer.

The fund lost 6.8 percent on its investments in the second quarter. The Central States Fund is more heavily invested in stock (67 percent of assets) than most other pension funds.

As reported by Teamsters for a Democratic Union last quarter, Goldman Sachs resigned as asset manager, effective August 2. The fund transferred the assets formerly managed by Goldman Sachs to Northern Trust, and some of it to passive investment (index funds).

George Westley, who long ago retired as head of New Orleans Local 270, was re-appointed for another five years as a union trustee. These union appointments appear to be for life.

The Fund’s quarterly Independent Special Counsel Report devotes three pages to the critical issue of YRCW’s participation, but provides no guidance or new information on the topic.

The reports do not indicate that any changes in benefits are planned. Like all pension funds which are in the “red zone,” Central States will produce an updated 2010 rehabilitation plan.

A copy of the Central States Financial and Analytic Information is available here.

An additional report from the Special Counsel to the fund is also available here.


Showing 3 reactions

Please check your e-mail for a link to activate your account.
  • Stephanie McAllister
    followed this page 2016-10-31 15:18:41 -0400
  • Dennis Ramey
    commented 2016-04-30 12:15:29 -0400
    Why are they waiting until july 1 to make the cuts when they are going more broke every week I do not get it.
  • donnie jenkins
    commented 2015-10-27 16:10:32 -0400
    Somebody was asleep that was paid to take care of my retirement. Or was they?
    .
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