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 [0] 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