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HRD-85-73 1 (1985-07-18)

handle is hein.gao/gaobabffv0001 and id is 1 raw text is: I , . . ft I D T r 'ol . N t -a RELEASED Aic.,.. ,'ot t -A'._be am - oXtea. __..- 8*d ,,, BY THE US GENE ,,_ OFFICE Report To The Permanent Subcommittee On Investigations, Committee On Governmental Affairs United States Senate The Department Of Labor's Oversight Of The Management Of The Teamsters' Central States Pension And Health And Welfare Funds GAO obtained information on the status of several civil suits the Department of Labor has initiated, since 1978, against the Teamsters' Central States Pension and Health and Welfare Funds and some trustees and officials for allegedly misman- aging the Funds' assets. GAO's review disclosed that: --In August 1984 a district court ordered the dismissal of Labor's suit against the former trustees and officials of the Pension Fund as part of a proposed settlement of two private plaintiff cases against the Fund. Labor's appeals to have the court's decision reversed were pending as of June 30, 1985. --Reports by the court-appointed Independent Special Counsel, who helps the court administer a September 1982 consent decree negotiated separately between Labor and the then current Pension Fund trustees, indicated that the Fund and its trustees were complying with the decree. --Labor's civil suits against the Health and Welfare Fund were partially settled through an out-of-court agreement with the Fund's trustees in April 1984 and consent decrees approved by a court in February 1985. GAO also examined the likely impact on the Pension Fund of losses incurred on loans to three hotels/casinos in Las Vegas. The Pension Fund could suffer losses of about $21.3 million from the sale of the loans. Such a loss would represent less than 0.5 percent of the Fund's assets--estimated at $5.2 billion as of December 31, 1984--and probably would not significantly affect the Fund's operations. ,\VD S71 U 127661 GAO/HRD-85-73 10r, , VI' JULY 18.1985

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