I do not believe that information will be made public. I don't know how far back you can request but for a fee you can get that information from them. A full accounting of what they did and when on an annual basis.
First go and read the law. CS, or any other fund, that requests relief is only required to show a 50% chance that the propoesed plan will suceed. Then if you read the actuary report that Sue Mauren had done he states the figure is actually is 50.4% for our fund.
Go to the Form 5500 reports. They will give you all the info you want.
Treasury website for Form 5500 will give you all the info you want.
Central States web site contains the Independent Special Counsel Reports. There are 28 reports dating back to 2008 from the Independent Counsel. These reports are made to the Federal Court from the Independent Counsel charged with oversight of the Fund. These reports not only show the investment returns but compare them with peer averages. They can be found under a link titled Forms And Documents. Hope this helps.
That is exactly what I was looking for, I was looking at the fourth quarter results for several years and the numbers look pretty good. Maybe someone with a little more investing knowledge could take a look and give their thoughts. Looking at those investment numbers it makes you think that their story that there are just too many retired guys for the number of guys working might be true?
In 2004 I served on a pension committe in Atlanta Ga. We looked at the history of CS and the future. It was evident from what we found that if the decline of actives continued, the pension fund as it was operating could not continue. We could not, of course, tell when it would become unsustainable but it was evident that something had to change. Unfortunately time has run out and changes have to be made.
So they knew for a long time but just waited till it was at a critical stage to do anything about it. What do you think was there anything criminal involved or was it just a case of the numbers just don't add up.
You are way off track, the issue is not the employers that are still paying into the fund like YRCW and ABFIn my humble opinion, we, the rank and file Teamster participants of the CSPF, are being asked by our employers to balance their books on the backs of the active and now retired participants of the Fund. The CSPF trustees have capped ABF's contribution, and lowered the contribution for YRCW companies to supposedly "keep their doors open" all why telling us that the Fund is in big trouble. And those are just two of the employers that we know about! And don't forget the Kroger deal too! WTF! Will the CSPF ever be investigated? Stay tuned!
In my opinion it wasn't anything criminal. I never did like the fact that the Court (due to the 1982 Consent Decree) took the investment decisions out of the trustees hands and gave it to the Judge who oversaw CS. Either way, trustees or the Court, the money would still had been invested in Wall Street. Add to that the Active's base was declining and there was less principal to invest eventually caught up with us.
There was not much the Fund could do about it. The anti cutback provision of ERISA (Employee Retirement Income Security Act) did not allow for pensions already in pay status to be reduced nor did it allow for a reduction of the accrued vested amount for actives. The Fund did made a reduction in the accrual rate a few years ago from 2 percent but that only applied to new contributions going forward. The amount you had already accrued at 2 percent up to the date of the reduction remained untouched. The Pension Protection Act (PPA) Of 2006 did allowed for a reduction of pensions in pay status for those who retired after the date the Fund was declared to have entered "Critical Status" also known as the "Red Zone" but still did not allow for a reduction for pensions already in pay status before the Fund entered "Critical Status". Central States never used that provision simply because it would not have been enough of a savings to change anything. All the time this was happening the number of contributing employers and active participants continued to decline. Now we have MPRA and as we can all see it has brought about huge changes to both ERISA and the PPA.
You guys are pretty smart for truck drivers!
Until MPRA, they weren't allowed to.
Just a Wolverine and a Buckeye.
