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June 8, 2012: The Central States Pension Fund’s 2011 Financial and Analytical Reports show that the fund was down to $17.7 billion at the end of 2011. The reports – which were received by Teamsters for a Democratic Union this week – also describe in more detail decisions regarding YRC Teamsters, and a new rule on withdrawal liability.
Fund assets dipped from $19.9 billion at the start of 2011, to $17.7 at the end of the year. The fund made zero on investments during the year; in fact there was a loss of .28%, attributed to poor stock market performance.................
................Thousands of YRC Teamsters were hit hard by this big cut. Some, with more than 25 years, were permitted to retire by mid-2011 with their benefits intact.
YRC is making monthly payments at the $1.75 rate of $3.64 million per month. YRC still owes $89.5 million from previous obligations, and the amount is due in a lump sum payment on March 31, 2015, the date that the concession agreement expires.
The Fund took another hit when Hostess Brands stopped making payments last August on 2,800 Teamsters. Later Hostess filed Chapter 11 bankruptcy in a move to escape its pension obligations.
The fund had 67,815 active participants as of November 2011, and 213,647 retirees....................
Central States Fund Report: $17.7 billion | Teamsters for a Democratic Union
Fund assets dipped from $19.9 billion at the start of 2011, to $17.7 at the end of the year. The fund made zero on investments during the year; in fact there was a loss of .28%, attributed to poor stock market performance.................
................Thousands of YRC Teamsters were hit hard by this big cut. Some, with more than 25 years, were permitted to retire by mid-2011 with their benefits intact.
YRC is making monthly payments at the $1.75 rate of $3.64 million per month. YRC still owes $89.5 million from previous obligations, and the amount is due in a lump sum payment on March 31, 2015, the date that the concession agreement expires.
The Fund took another hit when Hostess Brands stopped making payments last August on 2,800 Teamsters. Later Hostess filed Chapter 11 bankruptcy in a move to escape its pension obligations.
The fund had 67,815 active participants as of November 2011, and 213,647 retirees....................
Central States Fund Report: $17.7 billion | Teamsters for a Democratic Union