J
JonFrum
Guest
Hightlights, (lowlights really,) of the 1st Quarter, 2008 Report to Judge Moran. These aren't exact quotes. I translated the words into plain english. The full report is available on the Fund's website.
On December 26, 2007, the Pension Fund received a wire transfer from United Parcel Service, Inc. (“UPS”) of $6.1 billion pursuant to a withdrawal liability settlement agreement.
The Pension Fund’s investments for the first quarter of 2008 lost 6.44%.
Goldman Sachs Asset Management and Northern Trust Global Advisors, the Pension Fund's investment decisionmakers, both lost over 11% of their investments in US stocks.
For the first quarter of 2008 the return on the Indexed Fixed Income Account was 2.42%. The Passive Equity Account, funded on December 26, 2007, lost 8.12%.
The three months ending March 31, 2008 shows Net Assets as of that date of $24,565,801,000 compared to $26,805,666,000 at December 31, 2007, a decrease of $2,239,865,000.
The Fund’s Net Asset decrease from operations (before investment income) was $465,314,000 compared to a decrease of $306,672,000 for the same period in 2007, a $158,642,000 additional decrease.
During the three months ended March 31, 2008 and 2007, the Fund was forced to withdraw $404,899,000 and $479,419,000, respectively, from investment assets to fund the cash operating deficit.
The average number of members decreased 36.0% from February 2007 to February 2008 (going from 143,284 to 91,681). During that period, the average number of retirees increased by 0.2% (from 211,945 to 212,437).
Approximately $59.5 million has been recovered to date from bankrupt Consolidated Freightways.
http://www.centralstatesfunds.org/cs/Spcl_Councel_Report.asp
http://www.centralstatesfunds.org/
On December 26, 2007, the Pension Fund received a wire transfer from United Parcel Service, Inc. (“UPS”) of $6.1 billion pursuant to a withdrawal liability settlement agreement.
The Pension Fund’s investments for the first quarter of 2008 lost 6.44%.
Goldman Sachs Asset Management and Northern Trust Global Advisors, the Pension Fund's investment decisionmakers, both lost over 11% of their investments in US stocks.
For the first quarter of 2008 the return on the Indexed Fixed Income Account was 2.42%. The Passive Equity Account, funded on December 26, 2007, lost 8.12%.
The three months ending March 31, 2008 shows Net Assets as of that date of $24,565,801,000 compared to $26,805,666,000 at December 31, 2007, a decrease of $2,239,865,000.
The Fund’s Net Asset decrease from operations (before investment income) was $465,314,000 compared to a decrease of $306,672,000 for the same period in 2007, a $158,642,000 additional decrease.
During the three months ended March 31, 2008 and 2007, the Fund was forced to withdraw $404,899,000 and $479,419,000, respectively, from investment assets to fund the cash operating deficit.
The average number of members decreased 36.0% from February 2007 to February 2008 (going from 143,284 to 91,681). During that period, the average number of retirees increased by 0.2% (from 211,945 to 212,437).
Approximately $59.5 million has been recovered to date from bankrupt Consolidated Freightways.
http://www.centralstatesfunds.org/cs/Spcl_Councel_Report.asp
http://www.centralstatesfunds.org/
