Historically one of the worst run and most corrupt unions in America—once kicked out of the AFL-CIO, the Teamsters pension plan was so poorly run, it is $35 billion in the hole—and the Federal government must now bail it out. Anybody know where Jimmie Hoffa is buried?
“The Central States Pension Fund, according to the latest quarterly financial report, has $7.4 billion in assets, and continues to decline. But help is arriving soon. The Fund filed an application on April 28 for $35.1 billion in a grant to protect Teamsters’ earned pensions at least through 2051, and hopefully well beyond that.
The application by Central States is in the review process at the Pension Benefit Guaranty Corporation (PBGC) and a favorable outcome is expected soon. This relief is thanks to the Butch Lewis Act, which was signed into law by President Biden in March 2021 as part of the American Rescue Act.
You read that right—Biden paid off the Teamsters with a massive portion of the American Recue Act—to save us from the corrupt government polices used with the excuse being COVID. Money the public was told was meant to help honest Americans with the results of government lockdowns and business closures was actually going to be used to cover the corruption and poor money management of the Teamsters. Sadly, American households will pay for this.
CENTRAL STATES PENSION FUND EXPECTS $35 BILLION GRANT
Teamsters for a Democratic Union, 8/7/22
The Central States Pension Fund, according to the latest quarterly financial report, has $7.4 billion in assets, and continues to decline. But help is arriving soon. The Fund filed an application on April 28 for $35.1 billion in a grant to protect Teamsters’ earned pensions at least through 2051, and hopefully well beyond that.
The application by Central States is in the review process at the Pension Benefit Guaranty Corporation (PBGC) and a favorable outcome is expected soon. This relief is thanks to the Butch Lewis Act, which was signed into law by President Biden in March 2021 as part of the American Rescue Act.
You can review the Fund’s latest quarterly report obtained by TDU and the latest report of the Independent Special Counsel for details on the Fund’s current status.
The victory in pension protection resulted from years of grassroots organizing and lobbying by the Teamster pension movement, spearheaded by the National United Committees to Protect Pensions. Without the unending determination of these retirees, millions of lives would have been drastically impacted and the economic impact on the country would have been devastating.
Recently some leaders of the NUCPP have twice met with Teamster President Sean O’Brien to discuss a positive role for retirees going forward. O’Brien has stated that involvement of retirees with be a priority for the IBT under his administration.
NUCPP leaders also met with President Biden in early July
