http://www.tdu.org/central_states_pension_fund_13_2_billion Central States Pension Fund is losing money with, 54,000 active participants and 200,000 retirees. Central States Health and Welfare Fund, with 196,000 active participants and 8,300 retirees, is flush with cash. The assets of Central States H&W continues to grow and stands at $6.3 billion, which is over two full years of reserves. They're two different funds but they work out of the same building and, in fact, are moving to a brand new HQ. They are both managed by Thomas Nyhan, yes, the same Thomas Nyhan. The simplistic view is that a merger, of the two, would have 250,000 actives and 200,400 retirees. Why not merge the two?