Central States' Investments Lost 6.44% In 1st Quarter: Assets Down $2.2 Billion

Discussion in 'UPS Union Issues' started by JonFrum, May 15, 2008.

  1. JonFrum

    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.

  2. JonFrum

    JonFrum Guest

  3. Baba gounj

    Baba gounj pensioner

    typical ...........give someone a lot of cash and they lose it.
    Then claim it wasn't their fault.
  4. BigUnionGuy

    BigUnionGuy Got the T-Shirt

    jon frum TDU,

    Union Profile
    Highest Paid Local 206 Leaders & Staff NameTitle Total CompensationThomas Leedham Secretary/treasurer $ 82,761Gary Marconi Business Agent $ 74,560Stefan Ostrach Business Agent $ 72,625Gene Blackburn Business Agent $ 72,462Stanley White Vice President $ 72,335Dan O'keefe Business Agent $ 71,599Susan Wood Office Manager $ 58,314Pam Wiles Office Staff $ 43,011Diane Martin Office Clerk $ 34,901Cindy Edinger Office Clerk $ 21,678 [show all officers & salaries]

    UnionFacts.com is committed to 100% accuracy. Please contact us with factual corrections & comments.

    Unfair Labor Practices
    Allegations FiledOther Allegations
    3Coercive Statements
    1Threatening Statements
    1Reserved Gate Issues
    1Refusal to Bargain (Succeeding Contract)
    1Refusal to Bargain (Initial Contract)
    1Picketing/Strike Actions
    1Failure to Sign Agreement
    1Duty of Fair Representation

    Source: National Labor Relations Board's Case Activity Tracking (CATS) database

    Decertification Petitions
    Filed: 9

    wins: 8 (62%)
    Losses: 5 (38%)

    © 2008 Center for Union Facts | All Rights Reserved

  5. tieguy

    tieguy Banned

    Must have lost it on the ponies....:happy-very:

    This is one of those issues that should make everyone a little nervous. No one is immune to these types of results. How is it these large investment firms could not foresee the economic downturn when your average joe knew the market was slowly turning sour last year.