Central States 2nd Quarter Financial Report

The Central States Pension second quarter Financial Report and Independent Special Counsel Report show very little new information. 

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Much of it is lifted from previous reports, and there is little information regarding the application to the Treasury Department to slash members’ pensions. It repeats (without explanation) the fictional figure of an average 22% pension cut (page 5), and repeats the claim that Sue Mauren is working to represent retirees.

The number of retirees is down to 206,000. The declining number in pay status should be a help to the fund. The number of active Teamster participants is holding at 60,735. The Hoffa administration is trying to allow Kroger to exit the fund, which would drive that number (and fund income) down.

Total assets are $17.3 billion; this is down due to the bad quarter in the stock market. The fund lost 0.23% overall on investments in the second quarter. 

YRC owes $80 million to the Fund from the non-payment period in 2010, and is making interest payments of $500,000 per month on that debt.

The Health & Welfare Fund Financial Report is completely different. It continues to grow rapidly in assets (reserves), and now has 187,467 active participants. Participants cannot understand why benefits cannot be improved, given this rosy picture.

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