Notice of Critical Status for Central States, Southeast and Southwest Areas Pension Funds
Published at: webmail.aol.com
-
John SchulzIndependent Analyst - Contributing EditorLogistics Management Magazine
What Happened to the $6.1 Billion Influx? Teamsters' Central States Pension Plan in "Red Zone"
April 17, 2008
The largest pension fund in the Teamsters union system, the Central States, Southeast and Southwest Areas Pension Funds is in the "red zone," or in critical status. This disclosure comes in a letter from Thomas C. Nyhan, executive director of the Central States, to participants in the plan. In the letter, Nyhan tries to assure nervous Teamsters that just by "receiving this notice does not mean that your adjustable benefits have been eliminated or reduced." Nyhan says that will come in a separate notice. What is stunning is that Central States' financial condition has worsened so rapidly in the wake of UPS's one-time $6.1 billion cash infusion into Central States in January. Where did that money go? What is Central States investing in?
- Subscribe to Updates
-
Work for one of the world's leading organizations? Get started now.
Get Intelligently Connected
with the world's leading experts
GLG's 850+ Clients Include:
- More than 70% of the world's leading
- mutual funds
- 15 of the leading 20
- global banks
- 9 of the leading 10
- global private equity firms
- 5 of the leading 10
- AmLaw firms
- Fortune 500® Companies
- in nearly every industry sector, including pharmaceuticals, insurance, chemicals, energy and computer software
Gerson Lehrman Group, Inc. connects communities with knowledge through two distinct, yet complementary offerings: GLG Research and G+.