Approximately 27,457 individuals are participants in the Central States Pension Fund in the state of Illinois of which includes: 14,877 retirees; 5,132 active; and 7,448 inactive participants.
A total of $52,632,063 of contributions have been made on fund participants in the state of Illinois and an annual total of $165, 921, 857 have been paid to pension beneficiaries in Illinois.
The Central States Pension Fund is at risk of losing a staggering $2,503,093,853 worth of pension dollars, resulting in devastating repercussions for entitled and deserving plan participants.
Central States is a multi-employer plan, meaning that it serves as a fund in which employees of multiple companies finance. Consequently, all of the funds that are distributed are a liability that could hold Local Unions and the companies that they represent liable for billions of dollars in unpaid pensions.
There is a powerful force in these numbers that spark rise for concern, however, there is a significantly stronger driving force in the number of all participants, whether active, inactive or retired, who can “take action” against the Central States Pension Fund Crisis.
We strongly encourage all participants to contact members of Congress and emphasize their support of the Butch Lewis Act. Instating this proposal would establish a new federal agency formally referred to as the Pension Rehabilitation Administration, which disperses loans that would be solely repaid with interest, to pension plans that are in financial distress in an effort to protect the participants well-earned and well-deserved pension benefit funds.
It is critical that you register at VoicesForPensionSecurity.com to protect your pension, receive updates regarding the Central States Pension Crisis, to identify and contact members of Congress and utilize resources provided to you on behalf of the Voices for Pension Security Campaign.
Teamsters Joint Council No. 25 President Terrence J. Hancock said of the Voices for Pension Security Campaign: “I think every participant should be afforded the opportunity to be provided with any and all updates, facts and information relative to the overall performance and status of the Fund itself and through registration with the Voices for Pension Security Campaign they are justly being allotted with such opportunities to protect the benefits that they are rightfully entitled to.”
There is power and strength in numbers. Register electronically with the Voices for Pension Security Campaign and make the call to Congress today!
Information and numerical data retrieved from: Pension Crisis: Stay Up-to-date on the Plan (2018). Retrieved from https://mycentrakstatespension.org/helpful-resoruces/pension-crisis