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Central States Health & Welfare and Pension Funds history
Central States Health & Welfare and Pension Funds company history timeline
Established in 1955 to provide pension benefits to Teamsters in the trucking industry the plan has paid approximately $80 billion in benefits to date.
When Congress passed a law in 1980 that led to the deregulation of the trucking industry, it caused tens of thousands of trucking companies to go out of business.
“If you look at the top 50 employers in 1980, now only three of them still exist (in the plan),” Tom Nyhan, executive director of the Central States fund, told Bloomberg Law.
In 1982, following a federal investigation, the Teamsters entered into a consent decree with the Justice Department to cede control of its retirement funds to a consortium of banks.
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Central States Health & Welfare and Pension Funds may also be known as or be related to CENTRAL STATES SE & SW AREAS HEALTH & WELFARE FUND, Central States Health & Welfare And Pension Funds and Central States Health & Welfare and Pension Funds.