GAO to Probe Financially Struggling Central States Pension Fund
July 5, 2016
By: Clarissa Hawes, Trucks.com
July 5, 2016
The Government Accountability Office said it would investigate investment decisions made by Central States Pension Fund trustees.
“We accepted the request, but the work has not started yet, so we have no details on exactly what we will cover or any time frames,” Chuck Young, a GAO spokesman, told Trucks.com on Friday.
In May, the Treasury Department rejected a proposal by the Central States Pension Fund to slash the benefits of more than 270,000 Teamsters union retirees, including truck drivers and dockworkers, by as much as 70 percent. Trustees said the cuts were necessary because the fund was expected to run out of money in about 10 years.