The Teamsters Union was founded in 1903. Originally a union that represented truck drivers, Teamsters today work in every field and in every community throughout the United States and Canada.
In 2003, Reforming the Chicago Teamsters: The Story of Local 705 by Robert Bruno was published. The study is extraordinarily well-documented history of the extended period of rank-and-file activism that provided the necessary preconditions for local union reform. The central focus of the book is the period of institutional reform following the U.S. Justice Department’s successful 1988 lawsuit against the Teamsters under the Racketeer Influenced and Corrupt Organizations (RICO) provision of the Organized Crime Act of 1970.
For the Local 705 International Brotherhood Teamsters Health and Welfare Fund, we included the following factors:
A |
% Change - Is your plan growing or shrinking? |
B |
% Active - How many members in your pension plan are active contributors? |
C |
Assets divided by Liability - Perhaps the single best indicator of your plan's health. |
D |
Has your plan been given a funding waiver? Could be a Warning Sign. |
E |
How much of the value of your plan is coming in via contributions? |
F |
Expenses to Income ratio helps show how efficiently your plan is being managed. |
G |
The presence of related party transactions has been a warning sign in the past. |
H |
Potential red flag - minimum funding waiver used in the past |
I |
Potential red flag - Was the minimum fund contribution made? |
J |
Potential red flag - Has there been a change in the actuarial cost method? |
Data comes from the most recent Local 705 International Brotherhood Teamsters Health and Welfare Fund Form 5500 (Year: 2005) found at www.freeERISA.com. If you have questions or concerns, the best person to ask is your Plan Administrator or your financial advisor.
# of Participants |
A |
B |
Beg.of Yr. |
End of Yr. |
% Change |
% Actives |
4,948 |
4,939 |
-0.2% |
85.1% |
|
Actuarial Value of Assets |
Current Liability |
C |
D |
|
Assets/ Liability |
Funding Waiver? |
Yes |
No |
|
$ 16.4 M |
4.23% |
|
X |
Total Contribution |
E |
Total Income |
Total Expenses |
F |
Contribution to Value % |
Expense to Income Ratio |
$ 45 M |
65% |
$ 46.8 M |
$ 41.6 M |
88.9% |
G |
H |
Related Party Trx? |
Min. Funding Waiver? |
Yes |
No |
Yes |
No |
| |
X |
|
I |
J |
> Min.Contribution? |
Change in Cost Method? |
Yes |
No |
Yes |
No |
No Schedule R |
No Schedule R |
Please let us know if you have any questions, if you find this guide useful, or if you have any suggestions to help improve it.
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