About Your Fund
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 four Employee/Union Trustees and four Employer Trustees.
Established in 1955 to provide lifetime monthly retirement benefits to Teamsters in the trucking industry, Central States Pension Fund has paid over $80 billion in benefits to more than 600,000 retirees and beneficiaries. Retirement benefits are funded by employer contributions negotiated to be paid on their behalf for their employees working under Teamster collective bargaining agreements.
As union membership in the country grew in the 1960’s and 1970’s, Central States Pension Fund also grew to over 11,000 employers and 400,000 active participants. However, in the early 1980s, the combination of a recession, deregulation of the trucking industry by Congress, and changes to the Employee Retirement Income Security Act of 1974 (ERISA) led to a significant drop in the number of participating employers in multiemployer plans. The deregulation of the trucking industry alone resulted in the loss of more than 10,000 participating employers that used to contribute to the Central States Pension Fund. Further, the 2001 “dot-com” bubble burst, later followed by the 2008 financial crisis decimated the assets of multiemployer pension funds, including Central States Pension Fund.
Since 2010, Central States Pension Fund, along with 150 other multiemployer pension plans, have worked with all stakeholders – including Congress, to develop and pass viable legislation. The pension relief contained in the 2021 American Rescue Plan Act (ARPA) has provided a needed and long-sought solution to the nationwide multiemployer pension crisis. Because of this important legislation and recent approval for Special Financial Assistance in accordance with ARPA, Central States Pension Fund will avoid insolvency for our participants, many who are on the front line and essential in maintaining the flow of goods throughout the country.
Today, the Central States Pension Fund has more than 1,000 contributing employers representing approximately 45,000 active participants in a variety of industries, including trucking, car haul, warehouse, construction, food processing, dairy and grocery trucking, allowing participants portability in moving to other employers participating in the Fund.
Promises Made, Promises Kept!
Since 1955, the Central States Pension Fund has paid retirees and beneficiaries all promised benefits. The Central States Pension Fund is now on solid ground as we move over time toward the goal of being fully funded. The Central States Pension Fund remains a solid retirement investment for our participating employers, active members, future retirees, and retirees. The Central States Pension Fund continues to welcome new employers and participants as we prepare for the next 50+ years.
The Board of Trustees
|Employee/Union Trustees||Employer Trustees|
|Charles A. Whobrey
George J. Westley
Gary F. Caldwell
|Thomas C. Nyhan|