Message from the Board of Trustees
The Central States Pension Fund is one of the nation’s largest multiemployer Taft-Hartley defined benefit pension plans. With nearly 360,000 participants, Central States Pension Fund is jointly administered by an eight-member Board of Trustees consisting of separate trustees representing interest of four Labor Employees Trustees and four Employer Trustees.
Established in 1955 to provide pension benefits to Teamsters in the trucking industry the plan has paid approximately $80 billion in benefits to date. Today, the Central States Pension Fund has more than approximately 1,000 contributing employers representing over 45,000 active participants in a variety of industries, including trucking, car haul, warehouse, construction, food processing, dairy and grocery trucking.
Like many of our nation’s multiemployer pension funds, the Central States Pension Fund has become severely underfunded and is in critical and declining status. Each day, the Central States Pension Fund pays out $5.7 million more in pension benefits than employer contributions received. The Fund pays out over $2.8 billion in pension benefits annually.
The Pension Fund is projected to be insolvent (out of money) in 2025. However, on March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021. This law creates a special financial assistance program for financially troubled multiemployer plans like the Pension Fund. To receive financial assistance, multiemployer plans like the Pension Fund may apply for special financial assistance to the Pension Benefit Guaranty Corporation (PBGC). If the application is approved, the Pension Fund will receive funding which should allow the Pension Fund to remain solvent through at least 2051 and likely longer. For up to date information on significant developments, visit voicesforpensionsecurity.com.
The Board of Trustees
|Employee/Union Trustees||Employer Trustees|
|Charles A. Whobrey
George J. Westley
Gary F. Caldwell
|Thomas C. Nyhan|