Central States Pension Fund: $18.2 billion

April 15, 2014: The Central States Pension third quarter 2013 financial report shows that assets increased to $18.2 billion, due to the run-up of the stock market last year.

The fund made 12.2% return on investment for the first nine months of 2013, which explains the growth in assets. The report indicates that the fund has 63,000 active participants and 210,000 retirees.

This information is contained in the Financial and Analytical Report and the Independent Special Counsel Report for the 3rd quarter of 2013. No year-end report is yet available. TDU will make it available to members as soon as it issues.

The report reveals that the Teamster Union’s appointed Trustees to the Central States Board are supporting legislation to allow the fund to cut the pensions of existing retirees and Teamsters who have earned their pensions (see pgs 4-5 of the Independent Special Counsel Report).

We call upon the union trustees, who are 50% of the board, to reverse that stand and defend our pensions. The pension fund should be in the forefront of mobilizing the power of our union to defend pensions, not waving the white flag.

Teamsters for a Democratic Union, AARP, the Pension Rights Center, various unions, and also the International Union are against this proposed legislation. We are working to create positive alternatives, before resorting to slashing the pensions of retirees. Our goal is to kill this legislation and work with allies for better alternatives, and to build a movement to defend pensions.

The Teamsters Union could put thousands of retirees and Teamsters on the streets in Washington, and broaden the issues to defend pensions in this country that are under corporate attack.

If you want to learn more or join the movement to defend pensions, click here.

The Financial and Analytical Report also details the finances of the Central States Health and Welfare Fund, which is in healthy shape and operating in the black. It now has 20 months of reserves on hand. It has 82,500 active participants and 8,400 retirees.

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