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Senate Bill Fails to Protect Pensions: Battle Continues Now

The $2 trillion stimulus package which passed the Senate and will likely soon be passed by the House, called the “Phase 3” plan to revive the economy, did not include protection for earned pensions. But that fight is alive right now, because a new “Phase 4” bill will be considered in late April.

Call Congress Now: Don’t Bail Out The Corporations and Leave Working America in Dire Straits  

Both Central States and the National United Committee to Protect Pensions are strongly encouraging active and retired Teamsters to call Congress now and ask them to support the protection of pensions in any legislation that will provide tax dollars to address the pending economic crisis caused by Covid-19.

Central States Fund Falls to $12.3 Billion -- Senate Action Needed

The 2019 Financial Report of the Central States Pension Fund shows that fund assets dropped to $12.3 billion, as retirement payouts far outstrip the income from employers remaining in the fund. The net loss on the year was $857 million, and the Fund continues to predict insolvency in 2025, unless action comes soon.

Pension Fix Needs Congressional Action Now

Continued erosion of the assets of the Central States Pension Fund and the pension back-stop, the Pension Benefit Guaranty Corporation, demand immediate Congressional solutions as reported here.

Central States Pension Fund: $12.7 Billion in Asset

The third quarter financial and analytical report shows that the Central States Pension Fund is down to $12.7 billion in assets, a drop of $460 million since the beginning of 2019.

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Recent News

Central States Pension Fund Expects $35 Billion Grant Soon

The Central States Pension Fund, according to the latest quarterly financial report, has $7.4 billion in assets, and continues to decline. But help is arriving soon. The Fund filed an application on April 28 for $35.1 billion in a grant to protect Teamsters’ earned pensions at least through 2051, and hopefully well beyond that.

UPDATE: The Central States Fund now reports that they resubmitted a revised application on August 12 to the PBGC, and expects a decision within 120 days (by December 10). A favorable decision is all but assured, so the needed funds to protect all pensions at least through 2051 will follow. This delay should not cause any interruption in pension payments, as the Fund has sufficient money on hand for a few more years.

Teamsters Kick Off Campaign to Make UPS Deliver

Teamster members at UPS have begun a nationwide contract campaign kickoff at UPS with parking lot rallies and leafleting one year before our contract expires and on the 25th anniversary of the successful 1997 Teamster strike at UPS.

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