Davey Grubbs, a retired Teamster and long-time advocate to protect union pensions, has been appointed to the Advisory Committee of the Pension Benefit Guaranty Corporation (PBGC).

A federal judge has ended the 40-year-old consent decree over the Central States Pension Fund. The decision follows the recommendation of the court-appointed Independent Special Counsel. No changes are expected in the operation of the pension fund.

The 2022 year-end report of the Independent Special Counsel of the Central States Pension Fund reflects the huge change in the Fund’s standing. It ended the year with net assets of $41.5 billion dollars and nearly full-funding.

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.

About 65,000 UPSers in the 22 states covered by the IBT-UPS Pension Plan get substandard pensions. Upcoming contract negotiations are a chance to do something about it.

Grassroots organizing to save workers’ pensions is literally paying off. The Road Carriers Local 707 Pension Plan received $725.6 million from the Pension Benefit Guaranty Corporation (PBGC) on February 17, and will start repaying retirees right away to restore their cut pensions.

The Central States Pension Plan’s assets fell to $8.8 billion by the end of the third quarter of 2021, according to the fund’s Financial and Analytical Report. As of April 1, the Fund will be able to apply to receive billions of dollars from the Pension Benefit Guaranty Corporation (PBGC) which should protect full benefits for retirees and working Teamsters at least through 2051.

As of June 30, 2021, the Central States Pension Fund had $9.3 billion in assets, which is down $1.1 billion from the beginning of 2021. This information is from the Fund’s Financial and Analytical Report for the second quarter, which was just obtained by Teamsters for a Democratic Union.

The assets of the Central States Pension Fund fell to $9.8 billion at the end of March, a drop of $573 million in the first quarter.  The fund projects forward that it will pay $2.83 billion in pension benefits this year, while taking in $651 million in employer contributions.

The Central States Pension Fund has issued a fact sheet regarding the Yellow companies and the pension.