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Allen Dorfman. Allen Melnick Dorfman [2] (January 6, 1923 – January 20, 1983) was an American insurance agency owner and a consultant to the International Brotherhood of Teamsters (IBT) Central States Pension Fund. He was a close associate of longtime IBT President Jimmy Hoffa and associated with organized crime via the Chicago Outfit.
A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income . Pension funds typically have large amounts of money to invest and are the major investors in listed and private companies. They are especially important to the stock market where large institutional investors ...
Largest U.S. public pension funds. The rankings below are the 30 largest public pension plans in the U.S., according to the 2018 list compiled by Pensions & Investments magazine. Because this information is now several years old, the numbers and rankings may no longer be entirely accurate.
Since 2001, U.S. statewide pension funds have experienced significant funding challenges due to the recessions of 2001-2002 and 2008-2009. Prior to the Dot-Com Crash, statewide pension funds were over 95.6% funded in the aggregate. In 2002, the funded ratio had declined to 82.1%.
The pension fund also made a number of loans to associates and relatives of high-ranking Teamster officials. A close associate of Hoffa during this period was Allen Dorfman. Dorfman owned an insurance agency that provided insurance claims processing to the Teamsters' union, and which was the subject of an investigation by the McClellan Committee.
Types of retirement plans. Retirement plans are classified as either defined benefit plans or defined contribution plans, depending on how benefits are determined.. In a defined benefit (or pension) plan, benefits are calculated using a fixed formula that typically factors in final pay and service with an employer, and payments are made from a trust fund specifically dedicated to the plan.
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