International Union Reports on Finances, Dropping Membership

April 10, 2009: The LM-2 financial report for the International Union is now available. This report was filed with the U.S. Department of Labor on March 31, and covers the year 2008.

A quick review of the report indicates that:

  • The union had a net loss of 22,000 members in 2008.
  • Hoffa and other IBT officers received a substantial raise in salary.
  • The IBT lost $47 million in assets during 2008. Spending exceeded income, there were losses in investments, and liabilities for officers’ pensions increased.

The Teamster Rank & File Education and Legal Defense Foundation (TRF) will conduct a study of union finances and officers salaries in the coming weeks and months. This will cover the locals and other Teamster affiliates as well as the International Union.

Click here to see the International Union’s 373-page LM-2 report, and for information on how to find out how much your local union spent on salaries and expenses last year.

By the Numbers

  • $22,000 Net number of members the IBT lost in 2008
  • $23,344 Raise given to Ken Hall, UPS Director, in 2008
  • $47 million Assets lost by the IBT in 2008

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