Teamsters pension monkey business comes home to roost; DUmmies mostly mute

[BannedFromDU]

Star Member mfcorey1 (5,701 posts)

Large pension fund files plan to cut retiree benefits under new law

Nearly 300,000 former truckers and their families would suffer significant losses under a proposal that uses a controversial new law to cut once sacrosanct pension benefits.

The huge Central States Pension Fund, which administers retirement benefits for some former and current Teamster truckers, said the reductions are the only way to save the plan from insolvency.

“A realistic rescue plan is needed now,” said Thomas C. Nyhan, executive director of the Central States Pension Fund. “The longer we wait to act, the larger the benefit reductions will have to be.”

Under the proposal, pensions for Central States’ 407,000 participants would be cut by an average of nearly 23 percent. But the pain would be distributed unevenly. Some participants, including the disabled, would not be subject to reductions. Older retirees would generally receive smaller cuts, while those who worked for defunct companies that did not keep pace with their pension funding obligations would face steeper reductions.

The proposed cuts were detailed in a plan submitted to the Treasury Department late last month. In it, Central States said the reduced number and increased age of its participants have left it paying out $3.46 for every dollar it takes in. The result is that the plan is disbursing $2 billion more in benefits than it takes in through employer contributions each year.

What do you expect, DUmmies, when you take in less than you pay out, and the problem is exacerbated by all the Omaha Steves who use the fund as a piggy bank or to lend it to the mafia? And guess who enacted the law? That 0bama is a bust dude - bombing hospitals, ****ing up healthcare, and now stopping you from looting pension funds. Wild.


Suck it, union assholes.

[Duke Nukum]

Omaha Steve you have to get on this ASAP!!!!!!

[SVPete]

Not to detract/distract from this story, but I suspect this could be the first of many such dominoes to fall. Were union pension funds listed, with separate lists for the financially sound or unsound, I suspect the list of financially sound union pension funds would be much shorter.

The huge elephant in the room when CA's Governor Jerry Brown makes claims that CA's budget is balanced is that government employees' pension funds are severely under-funded, and getting worse.

[franksolich]

Omaha Steve you have to get on this ASAP!!!!!!

Oh, but.....

When you have dementia, sometimes you just don't give a crap.....

[67 Rover]

Oh, but.....

Quote

    When you have dementia, sometimes you just don't give a crap...

Do you suppose he is talking about himself or me giving a crap? 

[tanstaafl]

    When you have dementia, sometimes you just don't give a crap...

Do you suppose he is talking about himself or me giving a crap? 

Gee, 67 Rover, are we having a senior moment?

On a side note, OS could not care any less about some other podunk union, his city employee union pension is guaranteed by the poor, put upon taxpayers of Omaha, NE.