Now is the time for all Teamsters – active and retired – to contact their Senators to urge that pension protection be included in the new stimulus bill.  Congress will reconvene and negotiate the terms of the new stimulus bill next week. This may be our last, best chance to protect earned pensions for Teamsters and all workers. 

The Central States Pension Fund (CSPF) is down to $11.75 billion in assets, a loss of $557 million in the first quarter of 2020, according to the Fund’s Financial and Analytical Report obtained by TDU.

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.

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.

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.

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.

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.

The National United Committee to Protect Pensions (NUCPP) has issued a statement in response to the Multiemployer Pension Recapitalization and Reform bill introduced by Senator Chuck Grassley (R-IA) and Lamar Alexander (R-TN)

Senators Chuck Grassley (R-Iowa) and Lamar Alexander (R-Tenn) have introduced a pension bill, the “Multi-employer Pension Recapitalization and Reform Plan,” to deal with the crisis affecting millions of retirees, surviving spouse, and active workers in some 125 pension plans.