The Central States Pension Fund is only one of many specialized retirement plans in imminent danger of insolvency. There are also several private sector pensions plans facing insolvency. The Central States Pension Fund covers more than 300,000 Teamster retirees and 100,000 plus active members now.
The Government Accountability Office (GAO) launched two probes last year at the request of about 50 members of Congress. The GOA Director overseeing the two investigations is Charles Jeszeck.
The first probe is looking at the 1982 government takeover of the Central States Pension Fund through a consent decree. The consent decree put the Central States Pension Fund under the control of the Department of Labor (DOL). The focus of the probe is the role of the consent decree in everything that has gone on with the fund, and the role of the Department of Labor in general and overseeing the fund.
The second probe is looking at the financial performance and financial policies of the fund since 1982. The performance of the fund is being compared to other benchmarks.
The GOA is trying to have a draft report on each probe to share with Congress by July 2017.