The long-awaited Congressional Government Accountability Office (GAO) report on the Central States Pension Fund is out, and provides detailed background facts which support what TDU and the pension protection movement are saying.

First, Central States’ problems are America’s problem: a crisis is hitting many retirement plans, and the backstop Pension Benefit Guaranty Corporation (PBGC) has no real funding and is thus totally inadequate. Four million Americans are in pension plans presently in “critical” status (Graph on page 22). Deregulation, off-shoring of jobs, and union-busting have weakened our pension system, which is now in need of repair, via Congressional Action.

Second, Central States also has some unique problems that mean action is needed NOW, such as the Butch Lewis Act, before it is too late. The Report notes right up front in the two-page Highlights report that in 1982 69% of participants were working, but that by 2016, that figure had fallen to only 16%. First there was Congressional deregulation of trucking which passed in 1980. More recently, the report notes the “most dramatic change” as the 2007 decision of the Hoffa administration to allow UPS to exit the plan, undermining the base of support for the plan.
Congressional Report on Central States: Retirees Need Help - Teamsters for a Democratic Union