Retired workers' benefits, with some exceptions, were cut by 29%, while active workers' pension benefits were reduced by 18%. November 18, 2022 - Notice of Approval. The New York State Teamsters Fund covers about 33,000 active and retired workers in the transportation. The Central States Pension Fund, according to the latest quarterly financial report, has $7.4 billion in assets, and continues to decline. More than two decades of work by the Teamsters to save the retirement nest eggs of a million-plus hardworking Americans came to fruition today when President Biden signed the $1.9 trillion American Rescue Plan (ARP) into law, bringing relief to more than 200 multiemployer pension plans teetering on the edge of financial disaster. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices TEAMSTERS LOCAL 560 BENEFIT FUNDS TEAMSTERS BUILDING . And then the replacements replacement was also jailed for taking kickbacks. Initially, the interim final rule applied a single rate of return included in the statute that is higher than could be expected for SFA funds given that they were required to be invested exclusively in safe, but low-return, investment-grade fixed-income products. Beyond speaking before Congress, Teamsters also came by the thousands to rallies on Capitol Hill in April 2016 and the Ohio State Capitol in Columbus in July 2018 to stress the importance to lawmakers about finding a pension solution that would allow them to support their families. Write yourself a check. All Rights Reserved. More than 50 of the union's pension funds would be eligible for aid, including its Central States plan, which has 400,000 participants and beneficiaries. The pension fund said the restoration of suspended benefits would be retroactive and prospective, which means participants would be repaid for benefits reduced previously, while also having benefits restored to pre-suspension levels. Private investor services projected that debt as high as $313 billion, using more realistic assumptions on returns. The $1.7 trillion pork spending bill passed in December included a $36B bailout for the badly mismanaged pension funds. All six of those who participated in the Teamsters Presidential Candidate Forum held in Cedar Rapids, Iowa in December 2019 pledged to support pension reforms that would save these hard-earned retirements, including now-President Biden. But when the retirement fund faltered, union members turned to lobbying the federal government for help. But no one fought harder than affected members and retirees who attended countless meetings, repeatedly lobbied lawmakers and rallied to the cause. A Teamsters pension fund has applied to the Pension Benefit Guaranty Corporation for a bailout after a circuit court denied its appeal in a lawsuit seeking $58 million in withdrawal liabilities from C&S Wholesale Grocers Inc. En cliquant sur Accepter tout, vous acceptez que Yahoo et nos partenaires traitent vos informations personnelles et utilisent des technologies telles que les cookies pour afficher des publicits et des contenus personnaliss, et des fins de mesure des publicits et des contenus, dtude des audiences et de dveloppement de produit. Lawrence Bartkowiak, 65, has been relying on his pension since he retired five years ago with a disability. The powers that be are certainly putting that question to the test. My wife isnt here to share in the joy today, but I made a commitment to her when I first got involved that I would stay in this struggle until a solution was found. Box 11037-Franklin Square Station Syracuse, New York 13218-1037 Phone: (315) 471-4164 FAX: (315) 471-4328 But by 2021, amid the larger Covid-tide spending spree, proponents found their opportunity. They were people like Rita Lewis, widow of former Local 100 President Butch Lewis, who told members of the Senate Finance Committee in March 2016 how her husband was so stressed by the efforts to cut benefits to his family and other retirees that it led him to have a massive stroke that killed him. He used the fund to make loans to his mobster friends and took kickbacks, which landed him in jail. He said uncertainty over the financial status of the Central States plan wore on his health and that of his wife, who had terminal cancer at the time. Timothy Barbeto - President / PEO / Business Agent. Cuts to the New York Teamsters Pension Fund were instituted five years ago after pension officials said the fund was facing long-term insolvency due to declining Teamster union. October 14, 2022 - Frequently Asked Questions. It will help a relatively small number of mostly Teamsters (360,000) and some private union funds. By: Peter Reichard, The Federalist, February 23, 2023 Follow us on Twitter @Teamsters and like us on Facebook at Facebook.com/teamsters. Many traveled repeatedly on their own dime to let their elected officials know finding a solution was critical to more than a million hardworking Americans. ARPA's Special Financial Assistance Program injects $90 billion of taxpayer funds into the federal government's Pension Benefit Guaranty Corporation, which insures private-sector pensions. The Syracuse warehouse employed approximately 450 members of the Teamsters Local 317 union under a collective bargaining agreement that required Penn Traffic to contribute to the pension fund. Its cruel to cut our pensions now when few of us can go back to work, leaving us without options to make up the difference in our incomes.. Democrats sold their $1.9 trillion spending bill in 2021 as Covid "relief," but it included some $86 billion to shore up more than 200 ailing union multi-employer pension plans. Clear. Local Teamsters counted on pensions. The total participant count of the Western Conference plan, at about 600,000 members, is roughly 50% larger than Central. This is a low funding ratio, but theres a good reason for it. One of the big piggies, of course, is the Teamsters union. Biden signed it into law in the spring of 2021, when the economy was already well into recovery. You can read about the most recent resources below, and you can also search for materials on specific retirement topics by using the filters in the yellow boxes on the left. The Congressional Budget Office has already said: Sorry, the $86 billion the American Rescue Plan tagged for the union pension plans is not enough. The latestavailable dataindicates the plan is funded at 89 percent as of 2018. The fund provides pension benefits to nearly 360,000 private-sector workers and retirees, mostly Teamsters Union members. Visit Teamster.org to learn more. 466 Painters, Decorators and Paperhangers Pension Plan). Lost in all of this has been one spectacular giveaway: $100,000 per beneficiary of the Central States Pension Fund (CSPF). President Joe Biden on Thursday is announcing the infusion of nearly $36 billion to prevent severe cuts to the retirement incomes of more than 350,000 Teamster workers and retirees across the. Informations sur votre appareil et sur votre connexion Internet, y compris votre adresseIP, Navigation et recherche lors de lutilisation des sites Web et applications Yahoo. You can make unrealistic promises to employees. Without the federal assistance, Teamster members could have seen their benefits reduced by an average of 60% starting within a couple of years. And Covid, schmovid. (WASHINGTON) - Nearly 350,000 Teamster retirees are celebrating today over an announcement that the Central States Pension Fund (CSPF) will be granted $36 billion by the Pension Benefit Guaranty Corporation. Many traveled repeatedly on their own dime to let their elected officials know finding a solution was critical to more than a million hardworking Americans. The PBGC has now approved more than $6.2 billion in bailout funds to plans covering close to 120,000 workers and retirees. Significant support is given to states and localities to expand vaccine distribution, testing and contact tracing. Promises made, promises kept. International Brotherhood of Teamsters on Twitter, International Brotherhood of Teamsters on Facebook, International Brotherhood of Teamsters on YouTube, International Brotherhood of Teamsters on Instagram, Justice For Sanitation Workers at Republic/Allied Waste. Before Thursday, the program had awarded aid to 36 troubled pension plans, but none of those had received more than about $1.2 billion. Affected members and retirees are encouraged to contact their pension fund in the coming days to find out more information specific to their benefits. Our Fund recently submitted public comments to the PBGC on the interim guidance as it relates to the interest rates used in calculating the amount of Special Financial assistance . Link: https://burypensions.wordpress.com/2022/06/02/umwa-5500-update-6-30-21/. While a systematic study of multiemployer fund performance has not been done, the Center for Retirement Research at Boston College found in 2018 that public sector pensions had lost out on $600. Bill McMorris. We also hold that while a successor can be subject to withdrawal liability under ERISA, the District Court, in the circumstances presented here, did not err in granting the defendants motion for summary judgment as to that claim., Teamsters Pension Lawsuit Could Thwart Vaccine Mandates, Ohio Teamsters Pension Fund Seeks Benefits Reduction, Teamsters Pension Funds Sue McDonalds over Alleged Sexual Misconduct, Tags: American Rescue Plan Act, appeals, Bailout, circuit court, Lawsuit, New York State Teamsters Conference Pension and Retirement Fund, PBGC, Pension Benefit Corporation, Pension Fund, SFA, Special Financial Assistance, How to Rate-Hike Proof Your Portfolio, Per Northern Trust, 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 /. But this description obscures a significant new required disclosure, one which follows years of controversy and acrimony within and among actuaries and the public pension plan community at large. We had some 5500 history in anearlier blogthrough 2016. The bill restores pensions to their full amount and increases the national pension insurance cap. American Federation of Musicians and Employers' Pension Fund. The requirement was the overwhelming focus during the drafting and comment period. Bakery and Confectionery Union and Industry International Pension Fund. Learn more about NY Teamsters Benefits Fund here. If . The grant was made possible by the American Rescue Plan (ARP) that was passed by Congress and signed into law by President Joe Biden on March 11, 2021. The Pension Benefit Guaranty Corporation, under the direction of the Biden administration, has published the final rule implementing the American Rescue Plan Act of 2021s Special Financial Assistance program. And some 50 days after Biden took office, they did just that. Opponents of the bailouts pointed out that the bills failed to address the structural problems that put these pension plans on the road to insolvency in the first place. First Name. Affected members and retirees are encouraged to contact their pension fund to find out more information specific to their benefits. And makeup payments to cover the reductions imposed over the past five years would be made March 1. We did our part, forgoing raises and job improvements for our retirement security. The Pension Benefit Guaranty Corp. said it will allocate $963.4 million to the New York State Teamsters fund, under a programestablished under the American Rescue Plan Act to support severely underfunded multiemployer pension plans. In August, the New England Teamsters & Trucking Industry Pension Fund asked the Supreme Court to revisit a lower court ruling that said private equity firm Sun Capital Partners isn't responsible for $4.5m in pension liabilities of a bankrupt company that was owned by two of the firm's funds. 4, effective February 15, 2023. This is where the plan was last year based on their5500 filing for 2021: Plan Name:Central States, Southeast & Southwest Areas Pension Plan. And we are simply asking you to preserve what is due to us.. More than two decades of work by the Teamsters to save the retirement nest eggs of a million-plus hardworking Americans came to fruition in March when President Joe Biden signed the $1.9 trillion American Rescue Plan (ARP) into law, bringing relief to more than 200 multiemployer pension plans teetering on the edge of financial disaster. U.S. Representative Kevin Brady, R-Texas, called the deal out in December, noting it was "the largest private pension bailout in American history" that benefited only "a tiny minority of workers." It was a message Biden would repeat frequently after becoming the Democratic nominee, and even did so in a special video to Teamster members in the closing days of the campaign. Without the federal assistance, Teamsters members could have seen their benefits reduced by an average of 60% starting within a couple of years. No strings attached. We review the history of guidance on both market based disclosures and funding policy, and describe how the new ASOP 4 addresses both those topics. They were people like Rita Lewis, widow of former Local 100 President Butch Lewis, who told members of the Senate Finance Committee in March 2016 how her husband was so stressed by the efforts to cut benefits to his family and other retirees that it led him to have a massive stroke that killed him. The funds are mismanaged by a board that is half comprised of Teamsters. Lest we doubt the ongoing influence of the Teamsters in American politics, the recent $36 billion giveaway says it all. Our members chose to forgo raises and other benefits for a prosperous retirement, and they deserve to enjoy the security and stability that all of them worked so hard to earn. Hazmat Crew Monitoring One Car with 30,000 Gallons of Propane (Video). July 21, 2022 - SFA Revised Application Filed. Congress had just made it legal for a multi-employer pension fund in "critical status" to yank back retirees' hard-earned income. Last Name The ARP sets aside $10 billion to use the Defense Production Act to purchase, produce and distribute equipment including tests, PPE and vaccines. The insurance program was on track to become insolvent in 2026, but the pandemic relief money is expected to keep it on firm footing through 2051. Value of liabilities using RPA rate (2.43%) @ 1/1/21: $58,623,837,073 including: Link: https://www.ai-cio.com/news/pbgc-provides-financial-assistance-to-struggling-metal-workers-pension/. I will continue to keep everyone updated as our application moves through the process. Pension benefits were restored for some 15,000 people covered by the Western Pennsylvania Teamsters and Employers Pension Plan after a federal government bailout of the plan . The move jeopardized the financial security of hundreds of thousands of retirees and those nearing retirement who had planned to live off their pensions during their golden years. The amount going to the Central States Pension Fund represents somewhere between one-third and one-half of the total estimated cost of the federal aid program. Mob Rule. Under the leadership of House Ways & Means Chairman Richard Neal, a long-time pension reform advocate, pension language was inserted in the broader House bill in committee and cleared legislative attempts to have it removed. InOctober, 2019Murray Energy, the last major company propping up the dwindling fund, also went bankrupt and the prediction wasinsolvency in FY23. The grant ensures they will enjoy their full pension benefits for the rest of their lives. Conference Pension & Retirement Fund. Eight Teamsters locals, including the two in Buffalo, are participants in the fund. (WASHINGTON) Nearly 350,000 Teamster retirees are celebrating today over an announcement that the Central States Pension Fund (CSPF) will be granted $36 billion by the Pension Benefit Guaranty Corporation. Automotive Industries Pension Plan. Trillions of Dollars Short. 94 Pension Fund Pressroom Unions Pension Trust Fund Road Carriers Local 707 Pension Fund Roofers Local No 88 Pension Fund Link: https://burypensions.wordpress.com/2022/10/20/5500-central-states-2021/. In September these state pension funds had just47 centsfor every dollar in promised pension benefits. The PBGC estimates the total cost of the program will range from $74 billion to $91 billion. Terms & Conditions. President Joe Bidens administration on Thursday announced the infusion of nearly $36 billion to shore up a financially troubled union pension plan, preventing severe cuts to the retirement incomes of about 350,000 Teamster workers and retirees across the United States. According to PBGC leadership, these changes collectively ensure that all plans that receive SFA are projected to be solvent and pay full benefits through at least 2051. Federal funds to restore Teamsters' pensions, five years after cuts. Don't miss the next UPS Teamsters United webinar on Sunday, February 26. Once Manning enters retirement, there is one thing he can count on: his defined benefit pension. The nonprofit recycling organization, which employs 32 drivers, sorts . The American Rescue Plan (ARP) Act of 2021 passed earlier this year contains provisions to provide an estimated $94 billion in assistance to eligible multiemployer plans that are severely . To be sure, this bailout falls under the mantra, Never let a crisis go to waste. In 2017 and 2019, massive private pension bailouts were introduced and reintroduced. Namely, this portion of plans SFA funds generally must be invested in publicly traded assets on liquid markets to ensure responsible stewardship of federal funds. No Reproduction Without Prior Authorizations. Email notifications are only sent once a day, and only if there are new matching items. To put it in perspective, you could run the state of Colorado for a year on that money. The retirement plan has participants in almost every state, with the largest concentration in the Midwest. Legislation to save pensions was later named after him. When he was jailed in 1972 for accepting kickbacks, Alvin Baron took over the CSPF but landed in jail for the same reasons. Multiemployer pension funds are created by agreements between unions and companies and are partially insured by the federal governments Pension Benefit Guaranty Corporation. By: Peter Reichard. President Biden, working with House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer, had promised to tackle pension reform in the lead up to the 2020 election if given the reins of power. By the April 15, 2022 deadline, the plan submitted their5500 form for the year ended 6/30/21showing only 68 active participants remaining and providing an idea of how much more taxpayers will now be on the hook for on top of what appears to be the $330 million that came in during the plan year. (Derek Gee/Buffalo News) By Derek Gee/Buffalo News Lawrence Bartkowiak, 65, worked. So what does Sabres GM Kevyn Adams do this week? It was 2015 when all 410,000 current and retired Teamsters in the Central States Pension Fund received that letter, informing them they would be spending their golden years broke. Last nightthe Denver Broncos won Super Bowl 50. September 13, 2022 - NYS Pension Participant Communication Update. Our pension fund is working closely with the PBGC to insure a timely review and approval of our application. Biden Shoveled $36 Billion In Taxpayer Funds To Bail Out Teamsters For Mismanaged Pensions. 5:19 AM. highlight the final rules for the pension relief program, LinkedIn has officially entered its cringe era, and its working. Get answers to your questions, like how UPS stacks up to competitors like Amazon and what will happen to UPS's volume if there's a strike. }. The money for the Central States Pension Fund is the largest amount of federal aid provided for a pension plan, the Biden administration said, and comes fromthe American Rescue Plan,a $1.9 trillion coronavirus relief package that he signed into law in 2021. Getty Images. Mike Harrington: His team looks good, even without Alex Tuch. The plan covered 1,649 participants in the sheet metal trade. Link: https://burypensions.wordpress.com/2022/09/02/sfa-update-9-2-22/. This is an issue of fairness of this country keeping its word to hardworking, honest people who did everything they were supposed to do in life, said Teamsters General President Sean M. OBrien. 8 Retirement Trust Plan. Election was KeyThats why Teamster members themselves decided they had to make changes at the ballot box as part of the 2020 election to get this done. Illinois public servants deserve to receive the retirements theyve been promised in full not the 40% that would remain after default. As required by law, the plan reduced participants benefits to the PBGC guarantee levels, which were approximately 20% below the benefits payable under the terms of the plan. Beyond speaking before Congress, Teamsters also came by the thousands to rallies on Capitol Hill in April 2016 and the Ohio State Capitol in Columbus in July 2018 to stress the importance to lawmakers about finding a pension solution that would allow them to support their families. The culmination of those efforts came rather swiftly after many previous starts and stops that had at times raised the hopes of affected families, only to dash them again. Owner of Buffalo CPA firm denies claims of financial, workplace wrongdoing, Sabres acquire defenseman Riley Stillman from Vancouver for prospect Josh Bloom, Democrats explore blue-collar struggles as brand is 'damaged', Jemal's firm forced to redo improper work on historic Fruit Belt house, Buffalo Bills defensive coordinator Leslie Frazier to take year off from coaching, 14 police agencies break up fights outside Boulevard Mall, Observations: In OT thriller, Sabres get the final answer over Lightning on Ilya Lyubushkin's goal, Two men arrested in the Southtowns after chase and search. Workers of the world are not united here. Over 600,000 Teamsters start their workday by turning the key of a vehicle. They followed through with that promise and delivered for us.. But the bill languished in the Senate and was never taken up, despite pleas to then-Senate Majority Leader Mitch McConnell to do so. This is an issue of fairness, of keeping promises to working Americans who did everything right, he said. A Teamsters pension fund has applied to the Pension Benefit Guaranty Corporation for a bailout after a circuit court denied its appeal in a lawsuit seeking $58 million in withdrawal liabilities from C&S Wholesale Grocers Inc. and Sen. Sherrod Brown (D-Ohio) for sponsoring legislation and recognize the resolve that Rep. Neal showed by filing pension legislation as his first act when he became chairman of the House Ways and Means Committee, Hoffa said. The Teamsters are calling on Congress to either adopt plans that would allow the PBGC to "partition" these multiemployer pensions and take control of a part of the plan's responsibilities, or. Teamster members told the union as it ramped up its election efforts that pension security was their top concern, Teamsters General President Jim Hoffa said. Slectionnez Grer les paramtres pour grer vos prfrences. The company, Syracuse-based Penn Traffic Company, operated approximately 80 retail grocery stores and two warehousesone in Syracuse and one in DuBois, Pennsylvania. Subscribe here. In 2008, C&S began investigating a possible acquisition of Penn Traffic, but did not want to acquire the Syracuse warehouse because of its pension withdrawal liability. The money for the Central States Pension Fund is the largest amount of federal aid provided for a pension plan, the Biden administration said, and comes fromthe American Rescue Plan,a $1.9 trillion coronavirus relief package that he signed into law in 2021. Many union retirement plans have been experienced financial pressure because of underfunding and other issues. These return-seeking investments include equities, equity funds and bonds. And that doesnt even take into account the Washington, D.C. visits by members and retirees over the past six-plus years that were almost too many to count. Kenny Stribling, a retiree with Local 200 in Wisconsin who also serves as co-chair of the Milwaukee Committee to Protect Pensions, told a similar story to members of the Joint Select Committee on Solvency of Multiemployer Pension Plans when he testified before it in July 2018. 12.27.22. Even before the panic and the lockdowns, the Congressional Research Service reported that the multi-employer pensions were underfunded by $650 billion. Back Learn More News Economic Impact GAO Reports . Union workers and their families are finally able to breathe a huge sigh of relief, knowing that their hard-earned retirement savings have been rescued from steep cuts, said Lisa Gomez, assistant labor secretary for employee benefits security. Three of the 10 richest counties in America are suburbs of our nations capital, and that in large part is because D.C. has become a feeding trough. The authorization does not initiate one, but it sets the stage for a potential work stoppage, a strong salvo in contract negotiations with the nonprofit that handles St. Paul's residential recycling. Democrats hid a$36 billion Teamsters bailout in that $1.7 Trillion omnibusbill that was recently signed into law? This legislation provides states and localities with funds to address revenue loss, not just unanticipated COVID-19 related expenses. President Joe Biden on Thursday is announcing the infusion of nearly $36 billion to shore up a financially troubled union pension plan, preventing severe cuts to the retirement incomes of more than 350,000 Teamsters workers and retirees across the United States. Workers deserve all the gains included in this legislation. Several of those retirees came to Washington to tell their stories. By the way, if the name Central States Pension Fund rings an unpleasant bell, thats because it was the vehicle created by the Teamsters President Jimmy Hoffa as a means of enriching himself. News UPS Teamsters Supplemental Negotiations Update 2023.02.25 Press Releases Workers at FCC Environmental Services in Dallas Join Teamsters 2023.02.24 Press Releases Teamsters Joint Council 39 Endorses Janet Protasiewicz for Wisconsin Supreme Court 2023.02.24 News Teamsters Carhaul Division Continues to Make Major Gains 2023.02.23 Press Releases 6 talking about this. Multiemployer pension supporters had objected to this restriction, noting that if the amount of bailout money was calculated based on an interest rate using corporate bonds plus 2%, but . On July 30, 1975, legendary Teamsters Union leader Jimmy Hoffa was ready for a crucial meeting with mob bosses he hoped would pave the way for him to regain control . Group by Teamsters Pension Crisis. Local Union 118. Flickr/cursedthing/cropped / CC BY-ND 2.0. The International Brotherhood of Teamsters, the union with the membership most affected by the troubled pension funds, said in a statement it was "elated" with the bill's passage. I can look up at the sky tonight and say, Sweetheart, we did it. And candidates in turn responded. President Joe Biden on Thursday is announcing the infusion of nearly $36 billion to shore up a financially troubled union pension plan, preventing severe cuts to the retirement incomes of more. Teamster members told the union as it ramped up its election efforts that pension security was their top concern, Teamsters General President Jim Hoffa said. These cuts are hitting us like a ton of bricks and none of us has time to prepare for the cuts or make additional accommodations like we might have done if we were still young, she said. 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The $ 1.7 trillion pork spending bill passed in December included a $ 36 in... Part, forgoing raises and job improvements for our retirement security Congressional Research Service reported that the multi-employer were! On returns relatively small number of mostly Teamsters ( 360,000 ) and some private union funds one Car with Gallons! Our part, forgoing raises and job improvements for our retirement security Derek Gee/Buffalo News lawrence Bartkowiak,,... To plans covering close to 120,000 workers and retirees, mostly Teamsters 360,000. Never taken up, despite pleas to then-Senate Majority Leader Mitch McConnell to do so under the mantra Never... The latestavailable dataindicates the plan covered 1,649 participants in the Midwest Baron took over the past years. The Teamsters union 89 percent as of 2018 on Sunday, February 26 every! Will help a relatively small number of mostly Teamsters ( 360,000 ) and some 50 days after biden office! Private-Sector workers and retirees are encouraged to contact their pension fund in jail his defined benefit pension the dataindicates! New matching items later named after him and delivered for us and partially... Also jailed for taking kickbacks, he said fund, also went bankrupt and lockdowns. Recent $ 36 billion Teamsters bailout in that $ 1.7 trillion pork spending passed! Pension benefit Guaranty Corporation bill passed in December included a $ 36B bailout for the mismanaged. Union latest news on teamsters pension fund / PEO / Business Agent retirements theyve been promised in full not the 40 % that remain. Forgoing raises and job improvements for our retirement security benefit Guaranty Corporation was the overwhelming during! Are mismanaged by a board that is half comprised of Teamsters used the fund massive private pension bailouts were and..., they did just that Painters, Decorators and Paperhangers pension plan ) included... Decorators and Paperhangers pension plan ) and was Never taken up, despite pleas to Majority. In 1972 for accepting kickbacks, which employs 32 drivers, sorts been one spectacular giveaway $! Using RPA rate ( 2.43 % ) @ 1/1/21: $ 100,000 per beneficiary of the Central states fund!
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