Retired Teamsters – who fought off a plan to slash their pension checks beginning this week – have won a second victory: a federal investigation of their troubled Central States Pension Fund.
The Government Accountability Office formally accepted requests from both houses of Congress to investigate the pension fund’s investment activity, said Charlie Jeszeck, director of education, workforce and income security issues at the GAO.
Many of the 400,000 participants in the Teamsters pension plan, including 220,000 in retirement, have questioned how its investment activity contributed to the fund’s shortfall.
Central States has said it will run out of money in 10 years and would need $11 billion to close its financial shortfall.
Read more: Kansas City Star