It’s a rags-to-riches story: the Central States Pension Fund went from 14.5% funded and in critical and declining status to 97.5% funded and in healthy condition.
That information is contained in the Annual Funding Notice which was sent to all participants in April. The turnaround is thanks to the Butch Lewis Act, which led to an infusion of $35.8 billion in January 2023. The fund is on track to be 100% funded.
Can our union bargain more employers into the CSPF, to grow the fund? Time will tell. That was nearly impossible when the fund was failing, but now the fund is healthy.
The Butch Lewis Act, part of the American Rescue Act of 2021, provided a lifeline to save Teamster pensions in several other pension funds, including the New York State Teamster fund, the Western Pennsylvania fund, the Local 560 fund, the Local 707 fund and others. The law protected the pensions of millions of Americans – not just Teamsters.
It was a grassroots movement, powered by Teamster retirees that worked diligently for years to generate the political support to make it happen.