Sen. Charles Grassley, R-Iowa, has requested the Government Accountability Office investigate the Department of Labor’s oversight of the Teamsters Central States, Southeast and Southwest Area Pension Plan.

In 1982, the DOL entered into a court enforced consent decree with the Central States fund to assure that it was being managed for the sole benefit of plan participants, as required under the Employee Retirement Income Security Act.

Almost from the point of its inception in 1955, the pension fund was dogged by allegations that assets were routinely loaned to organized crime interests, often to several Las Vegas casinos, and that Jimmy Hoffa, the famed Teamsters boss, received kickbacks from providers to the funds.

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.