Pension crisis has local impact Pension crisis has local impact 3 weeks ago 2,138 Views The Hancock City Council opened its meeting Wednesday night talking about a concerning letter from a money manager that will affect a small number of municipal employees. The Central States Pension Fund was begun in the 1950’s to oversee the obligations of the Teamsters union. Some Department of Public Works staff are members. The fund has been classified as “critical and declining.” Councilor Kurt Rickard says the details of the letter are shocking. They’re supposed to be at an 80 percent funding level and this fund is at 19.5%. It says it’s in danger of going insolvent within three years.