From the Teamsters for a Democratic Union:
The 2018 third quarter Financial and Analytical Report on the Central States Pension Fund shows that the Fund continues to bleed money, underscoring the importance of Congressional action this year to protect the pensions of millions of working families.
The 2018 third quarter Financial and Analytical Report on the Central States Pension Fund shows that the Fund continues to bleed money, underscoring the importance of Congressional action this year to protect the pensions of millions of working families.
The fund had $14.1 billion in assets as of September 30, 2018, which was down by $1.0 billion since the start of the year, despite the fact that the fund received a one-time payment of $417 million from the Kroger corporation to pull-out of the fund permanently.
Since September 30, the fund has lost more ground, due to the low performance of bond funds and losses in the stock market. The S&P 500 stock index has lost a whopping 7% since that time; fortunately the fund only has 14% of its assets invested in that fund index. Most of its assets have been moved into bonds, as a defensive posture to preserve remaining assets.
The report again gives 2025 as a projected date for insolvency if no Congressional action is forthcoming, and fast.
Read more here.
Related:
— The Teamsters’ Sinking Ship: Central States Pension Fund Is “Headed For Financial Failure…”
— Teamsters’ Pension Still Losing $2 Billion Per Year
— There Are At Least 32 Billion Reasons Why Employers Run From This Teamsters’ Pension Fund…
