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The investors built an upscale sports club and restaurant on the property secured by a $1.1 million loan from the Teamsters' Central States Pension Fund. The project went bankrupt, however, and the pension fund lost more than $265,000. [1] [2] Presser also undertook a personal transformation at this time.
Legislation aimed at saving the Teamsters' Central States Pension Fund from bankruptcy has a much better chance of making it through the new Congress, the union tells FreightWaves. The ...
The International Brotherhood of Teamsters (IBT) is a labor union in the United States and Canada. Formed in 1903 by the merger of the Team Drivers International Union and the Teamsters National Union, [2] the union now represents a diverse membership of blue- and white-collar workers in both the public and private sectors, totalling about 1.3 million members in 2015. [1]
Allen Dorfman rose to prominence following World War II and by the late 1950s was a close cohort of IBT President Jimmy Hoffa.Dorfman's rise coincided with enormous expansion in Teamsters' ranks, along with spectacular growth in the union's pension funds, which eventually came largely under Dorfman's administration.
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This list of largest pension funds in the United States involves two main groups: government pension funds for public employees and collectively bargained pension funds, jointly managed between employer and employee representatives after the Taft-Hartley Act of 1947.
Meanwhile, there was growing concern over the solvency of Teamster pension funds, particularly the giant Central States Pension Fund. While the 2008 financial crisis was partly to blame, a bigger problem was that Teamster leaders had let key contributing employers walk away from their pension obligations, leaving the funds in dire shape. [34]
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