Author Topic: Teamsters pension crisis sapping Hoffa’s support, power  (Read 1295 times)

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Offline Cincinnatus

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Teamsters pension crisis sapping Hoffa’s support, power
« on: April 18, 2013, 11:48:13 pm »
I am indifferent to the fate of Hoffa but there is one dimension to this story which is very worrisome because this problem is not limited to the Teamsters and could become a major problem for several pension funds in the not too distant future. So guess who is on the hook should pension programs like this one go belly up. Who is it that guarantees just about everything these days?

The Central States Pension Fund was founded by Hoffa’s father in 1964 and supports tens of thousands of Teamsters members in 29 states. The fund now collects roughly $700 million per year in employee contributions while paying out $2.8 billion in benefits.

“There is a reasonable possibility that this plan could run out of money in about a dozen years,” Central States Pension Fund executive director Thomas Nyhan recently admitted.

The Central States Pension Fund was also the fund plundered by the mob with Hoffa/Dorfman cooperation to finance the huge casino building boom back in the 60s. I wonder if those loans, which were very low interest and much of which was never reached it intended destination, were ever paid back.
We shall never be abandoned by Heaven while we act worthy of its aid ~~ Samuel Adams