Home
Forums
New posts
Search forums
What's new
New posts
Latest activity
Members
Current visitors
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Brown Cafe UPS Forum
UPS Union Issues
Central States' Investments Lost 6.44% In 1st Quarter: Assets Down $2.2 Billion
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="JonFrum" data-source="post: 340107"><p>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.</p><p></p><p>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.</p><p></p><p>The Pension Fund’s investments for the first quarter of 2008 lost 6.44%. </p><p></p><p>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.</p><p></p><p>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%.</p><p></p><p>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.</p><p></p><p>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. </p><p></p><p>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.</p><p></p><p>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).</p><p></p><p>Approximately $59.5 million has been recovered to date from bankrupt Consolidated Freightways.</p><p></p><p><a href="http://www.centralstatesfunds.org/cs/Spcl_Councel_Report.asp" target="_blank">http://www.centralstatesfunds.org/cs/Spcl_Councel_Report.asp</a></p><p><a href="http://www.centralstatesfunds.org/" target="_blank">http://www.centralstatesfunds.org/</a></p></blockquote><p></p>
[QUOTE="JonFrum, post: 340107"] 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. [url]http://www.centralstatesfunds.org/cs/Spcl_Councel_Report.asp[/url] [url]http://www.centralstatesfunds.org/[/url] [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Brown Cafe UPS Forum
UPS Union Issues
Central States' Investments Lost 6.44% In 1st Quarter: Assets Down $2.2 Billion
Top