Central States Southeast & Southwest Areas Pension Fund, Chicago, renewed talks with the Department of Labor seeking to use a second named fiduciary to oversee the $18.2 billion Teamsters pension fund. Morgan Stanley now is the sole named fiduciary.
William J. Nellis, fund attorney and secretary to its trustees, thinks the Labor Department might look positively at the request. ``There is some indication we could make progress on that motion,'' he said.
The fund could decide by June whether to file a motion in U.S. District Court, which must approve the move.
The fund withdrew a similar request last year for lack of Labor Department support. The named fiduciary has sole authority to set the fund's asset allocation and hire and fire money managers.