January 13, 2015: A review of the 2nd quarter 2014 financial report of the Central States Pension Fund shows that the fund had $18.7 billion as of July 1, 2014.
The fund made big investment returns in the first six months of last year, netting slightly over $1 billion, as the stock market moved up. This allowed the fund to tread water: the $1 billion was just enough, along with $400 million in employer contributions and withdrawal payments, to cover $1.4 billion in benefits. The information is detailed in the quarterly Financial and Analytical Report and the Independent Special Counsel Report.
The number of working Teamster participants declined to 60,000, reflecting the Hoffa administration’s lack of commitment to defend the fund. The number of retirees was 209,000, slightly down.
The average pension paid to retirees and surviving spouses is $1,123 per month.
Teamsters for a Democratic Union (TDU) is working to fight any pension cuts and build a movement for pension justice. Click here to find out how you can be a part of it.
Note: The report is dated December 3, 2014 but the Central States Fund delayed providing it until January 12. They are bound by a court order which we won to provide the quarterly financial reports to the attorney for retirees who sued the fund.
TDU is the only source which makes these financial reports available to members and retirees. We expect the third quarter report to issue soon.