July 9, 2013. The Central States Pension Fund ended 2012 with $17.8 billion in assets, according to the Fund’s financial and analytical report, which we just obtained, per a lawsuit we won to make this information available to Teamsters and retirees.
The fund made 13.6% on investments for 2012, due to a booming stock market, but still was only able to tread water: assets went up less than 1%, from $17.7 to $17.8 billion. This is because the fund took in only $765 million in employer contributions, and paid $2.8 billion in benefits, so had to draw $2.1 billion from assets for benefits.
The Hoffa administration allowed UPS to leave the fund in 2008; their contribution to the fund in 2012 would have been an additional $885 million.
There are 65,000 active participants and 211,000 retirees; both figures are rather stable at present. The average monthly benefit paid to a Teamster or surviving spouse is $1,109 per month.
You can read the full Independent Special Counsel Report for the fourth quarter of 2012 as well as the more detailed financial and analytical report.
If you have questions about these issues, contact TDU at info [at] tdu.org or call 313-842-2600. If you are concerned about the future of Teamster pensions, consider joining TDU to be a part of the organization working to protect pensions for all Teamsters.
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Richard Hanke replied on Permalink
central states