The Central States Pension Fund became severely underfunded while under the supervision of the Department of Labor and U.S. District Court, from 1982 through 2014. The CSPF assets were mismanaged by the government, who selected and vetted the Wall Street banks that squandered an estimated $20 billion through risky and reckless investments, which could have been prevented if The Employee Retirement Income Security Act of 1974 (ERISA) had been enforced by the labor department, as was their responsibility.
“The Central States Pension Fund became severely underfunded while under the supervision of the Department of Labor and U.S. District Court, from 1982 through 2014”
I have heard that the problem began before that. The Kennedy’s had it in for the Mafia. Robert Kennedy as Attorney General went after the Mafia controlled Teamsters. The Mafia was using the pension money to fund casinos, etc. in Vegas. The Feds stopped that and forced the fund to invest in things like US Bonds.
Turns out the Mafia/Vegas thing was a better investment than bonds.