Could Lose $150 Million+ in 2008

The Local 804 Pension Fund lost $58.8 million in assets in the first six months of 2008 according to fund documents obtained by 804 Members United. Our Pension Fund had $736.9 million in assets at the beginning of the year. Now we’re down to $678.1 million.

The worst news is still to come. We won’t know the full damage the stock market meltdown has had on our funds until we get the Investment reports for the Third and Fourth Quarter. What we do know is that our Fund is seriously exposed to the stock market meltdown. More than 64 percent of the Pension Fund’s assets were invested in stocks as of June 30.

The Central States Pension Fund has a similar investment strategy-with 66 percent of its assets in stocks, compared to 64 percent for the Local 804 Fund. Central States reported major losses in the Third Quarter. (Click here to see a report by Teamsters for a Democratic Union).

Our Pension Fund could lose $100 million or more in assets in the last six months of this year.

The Fund’s huge losses make it all the more important that we get a clear statement from the Pension Fund backing up our Executive Board’s claims that the company is responsible for making extra contributions to maintain our pensions for the life of the contract.

See the Pension Fund’s figures for yourself.

Click here to see a Pension Fund document that shows the market value of our the Pension Fund’s assets on Jan 1, 2008 (the beginning of the First Quarter).

Click here to see a document that shows the value of the Pension Fund’s assets on June 30, 2008 (the end of the Second Quarter).

 Print This Article     Email This Article