Central States: 35 Companies Join "New" Fund

March 15, 2013: The third quarter financial report on the Central States Pension Plan indicates that the fund had $18 billion in assets as of the end of September 2012.

This means the fund held its own for the first nine months of 2012, but surely fell behind in the fourth quarter, when the stock market made no gains. The fund has 30 percent of its total assets pegged to the S&P 500 index of the stocks of the largest U.S. corporations, which were flat in the fourth quarter. The full-year 2012 report is not yet available.

The Independent Special Counsel Report for the third quarter states that 35 bargaining units have left the "old" portion of the Central States Fund, and qualified as "new" employers, by paying down their withdrawal liability. The fund has not identified which employer units these are. The financial report does not reflect much income in withdrawal liability money from this new "hybrid" plan adopted by the fund.

For the Independent Special Counsel report and an explanation of the new "hybrid" pension fund which is getting popular with companies in Central States and in the New England Fund, and other pension information, click here.

Concerned about pensions? Contact Teamsters for a Democratic Union at 313-842-2600. You can join TDU, the movement fighting to protect our pensions by calling us or clicking here.

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