The first-quarter 2015 financial report shows assets of $17.7 billion for the Central States Pension Fund. This is down from $17.9 billion at the end of last quarter, but still ahead of where it was seven years ago, after the 2008 crash.
The quarterly Independent Special Counsel Report contains little new information; mostly it repeats previous reports. It contains a summary of the new pension-cut law (MPRA), but no mention of the possibility of an independent audit of the fund with respect to the proposed cuts. The report has one sentence on the role of Sue Mauren, who was appointed as the Retiree Representative for 208,000 retirees, but refuses to speak, write or communicate with any retirees or retiree groups.
The Fund’s number of retirees declined by 1% over the past year to 208,000 and the number of active Teamsters also declined by 1%, to 59,000. The ratio of those numbers (3.5 retirees per active participant) sums up the fund’s biggest single problem. Over the 17 years Hoffa has been in office, that situation has become critical.
The average pension paid is $1131 per month. The fund trustees want to slash this number to balance the books, and plan on October 2 to announce their mean-spirited plan.
TDU members went to federal court to win an order requiring the fund to provide us with the quarterly financial reports.
A movement to stop the cuts is growing across the Midwest and South. Retirees and active Teamsters have formed committees in North Carolina, Ohio, Missouri, Minnesota, Wisconsin and elsewhere. To get more information or get involved in defending your retirement security contact TDU or call us at 313 842-2600.