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Latest News - July 2013

July 19, 2013
Teamsters pension plan stuck in crisis
Source: Benefits Pro
By: Dan Berman

Seattle-area garbage workers represented by the Teamsters union went on strike in 2010. (AP Photo/Ted S. Warren/File)

The plight of the Teamsters’ Central States, Southeast & Southwest Pension Plan has been in the news lately and its prospects are not good.

Documents filed at the end of 2012 by the Rosemont, Ill.-based fund show that its liabilities are almost double its assets – $34.9 billion vs. $17.8 billion.

In short, the nation’s largest multi-employer pension fund is also one of its most troubled.

The plan today covers 65,000 union members and 212,000 retirees. Because so few employees are paying into the system compared to how many receive retirement benefits, the fund’s assets plunged by $2 billion last year. The plan had a similar deficit in 2011.

Central States was started in 1955 under infamous Teamsters boss Jimmy Hoffa, whose namesake son is the current Teamsters leader.

Central States Executive Director Tom Nyhan told Congress in 2010 that the fund “is projected to be insolvent in 10 to 15 years,” if no action is taken. He said the same thing in April.

Here’s a look at what happened, what’s being done to fix it, and what happens if the fund goes bust

 

 

 


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