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Thread: Teamster Pension issues

  1. #91
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    Default Re: Teamster Pension issues

    25,000 retired Wisconsin Teamsters pension benefits in jeopardy

    ENDEAVOR (SPECTRUM NEWS) -- For more than two decades, it was the largest multi-employer pension plan, but the Central States Pension Fund is set to go bankrupt in five years or less.

    ‘Well, listen you’re talking about people’s lives here,' Teamsters Vice President said before speaking to a group of about 100 retired truck drivers.

    It's why John Murphy traveled from Boston to Endeavor to do a presentation for the pensioners.

    'Just the anxiety and the stress of the fund, that they might lose their job is debilitating,' he said. With 25,000 retired teamsters in Wisconsin and 400,000 across the country, there is good reason to worry.

    'The country has to do something, it has to give back,' Murphy said; however, the group doesn't want a bail out or a hand out. The pensioners wants the Butch Lewis Bill passed. The Bill, named after a former teamster president, would allow the U.S. Treasury to create a new office and loan the troubled pension program and several others like the funds they need to remain solvent.
    https://spectrumnews1.com/wi/milwauk...ts-in-jeopardy
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  2. #92
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    Default Re: Teamster Pension issues

    Teamster Retiree Talks Pensions to House Panel
    A long-time Teamster stood up for his fellow members during a House Budget Committee hearing yesterday when he told lawmakers that a pension fix is desperately needed to ensure the retirements of some 1.5 million hardworking Americans who have paid into the system.

    Dale Hanner, a retired Local 391 member who now serves as Secretary-Treasurer of the North Carolina Committee to Protect Pensions, testified on Capitol Hill that multi-employer plans like the Teamsters’ Central States Pension Fund are facing significant cuts that will hit retirees hard unless legislation is passed soon to boost them.

    While some have downplayed the slashing of these retirement nest eggs, Hanner said many workers and retirees would be devastated by the reductions.

    “The cost of living keeps going up,” he told committee members. “Once we retire, there is no cost of living income increase. Stories have circulated on Capitol Hill that one of the conditions for a pension fix is the retirees must have some skin in the game. Truthfully, some retirees are being skinned alive.”

    The Teamsters support H.R. 397, the Rehabilitation for Multiemployer Pensions Act. The bipartisan bill, offered by Reps. Richard Neal (D-Mass.) and Peter King (R-N.Y.), is badly needed. As it stands, there are more than 300 multiemployer plans that are in danger of failing. The Teamsters have been fighting for years for a legislative solution and are working with members of both parties to guarantee that a solution passes congressional muster.
    https://teamster.org/blog/2019/05/te...ns-house-panel
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  3. #93
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    Default Re: Teamster Pension issues

    And yet nothing is being done!!!

    A Million People Could Lose Their Pensions If Congress Doesn’t Act
    While most of the 1,400 multiemployer plans in the U.S. are not in any danger, some 130 plans are projected to be insolvent within 15 to 20 years. The PBGC’s multiemployer insurance program, which would need to step in to help cover pension payments for those plans, is expected to go under by 2025 if lawmakers don’t intervene with a plan to save it.
    The only real options for policymakers are to increase contributions by employers, shave benefits for retirees, or provide plans with government aid, such as federally backed loans ― an idea that has already drawn “bailout” criticisms from conservatives. The most likely course is a combination of all of the above.
    But many of the endangered plans have run into trouble for reasons unique to their industries. Take the Teamsters Central States, the largest endangered fund in terms of unfunded liabilities. The plan includes 385,000 participants and more than 1,000 contributing employers, mostly in the trucking industry. On the current trajectory, it will be unable to pay pensioners their benefits in seven years. Back in 1982, the plan had two active participants for every inactive one. That ratio has more than flipped: Now there is just one active participant for every five receiving benefits.

    The trucking industry hasn’t disappeared the way coal has. In fact, trucking companies are growing in a strong economy and are looking for more drivers. What’s changed is how few of them are union shops. Deregulation of the industry starting in 1980 opened the door to smaller, non-union operators, shrinking the Teamsters’ footprint over the years. As a result, a plan that was underfunded even in the good days has deteriorated even more.
    https://www.huffpost.com/entry/a-mil...b0547bd131edbd
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  4. #94
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    Default Re: Teamster Pension issues

    Quote Originally Posted by ABFwife View Post
    And yet nothing is being done!!!

    A Million People Could Lose Their Pensions If Congress Doesn’t Act





    https://www.huffpost.com/entry/a-mil...b0547bd131edbd
    Congress will get theirs. They'll steal it if they must. Us? They really don't seem to care.

    Sent from my SM-J327T using Tapatalk
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  5. #95
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    Default Re: Teamster Pension issues

    Hoffa: Protecting Pension Remains Top Priority
    Sadly, such bipartisanship is not more prevalent, even when the result would help a significant swath of people. Capitol Hill, in particular, is largely stuck and incapable of passing legislation that would make a real difference in the lives of working Americans.

    But it doesn’t have to be that way. It is not too late for Congress to follow the lead of lawmakers in Michigan and back legislation on such things as pension reform that would help thousands of their constituents. It is clear this issue has supporters in both parties.

    The Teamsters have been working for years to try to secure a solution that would beef up retirement security for some 1.5 million Americans whose nest eggs are jeopardized through no fault of their own. That includes having Teamster retirees and the spouses of Teamster retirees tell their stories to different House committees at hearings this year.

    This union supports H.R. 397, the Rehabilitation for Multiemployer Pensions Act, because it would protect the retirement futures of some 400,000 current and former Teamsters who paid into the Central States Pension Fund, including some 43,000 from Michigan. It is a bipartisan bill that is co-sponsored by six House members from the state – Reps. Debbie Dingell (D), Bill Huizenga (R), Dan Kildee (D), Andy Levin (D), Haley Stevens (D) and Elissa Slotkin (D).

    As it stands, there are more than 300 multiemployer plans across the country — including the Teamsters’ Central States Pension Fund — that are in danger of failing. Congress needs to find a solution that will deliver for these hardworking Americans who are paying, or have paid, into the pension pool and have played by the rules all their lives.

    The measure would boost financially-troubled multiemployer pensions so they don’t fail. It would create an agency under the Treasury Department that would sell bonds in the open market to large investors such as financial firms.
    https://teamster.org/news/2019/06/ho...s-top-priority
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  6. #96
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    Default Re: Teamster Pension issues

    Hoffa: Teamsters Applaud House Panel's Passage of Pension Reform Measure

    (WASHINGTON) – The following is a statement from Teamsters General President Jim Hoffa after the House Education and Labor Committee today approved H.R. 397, the Rehabilitation for Multiemployer Pensions Act, which would ensure the retirements of some 1.5 million Americans who have paid into such plans.

    “After years of hard work by active and retired Teamsters, it is great to see the House Education and Labor Committee take the first step towards Congress ultimately protecting workers whose retirements are in jeopardy. This bipartisan bill, offered by Reps. Richard Neal (D-Mass.) and Peter King (R-N.Y.), is badly needed. As it stands, there are more than 300 multiemployer plans that are in danger of failing.

    “Now it’s time for the rest of Congress to follow suit and deliver for these hardworking Americans who are paying, or have paid, into the pension pool and have played by the rules all their lives. Lawmakers need to show a united front when it comes to standing up for workers who make up the backbone of this nation.”
    https://teamster.org/news/2019/06/ho...reform-measure
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  7. #97
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    Default Re: Teamster Pension issues

    1 of my many flaws is that I'm a pessimist. I always see the glass as being half empty. But seeing that republican Peter King of NY has co-sponsored the bill gives me some hope. Now if only some of his conservative friends will join him we may have a chance.
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  8. #98
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    Default Re: Teamster Pension issues

    Quote Originally Posted by 2631 View Post
    1 of my many flaws is that I'm a pessimist. I always see the glass as being half empty. But seeing that republican Peter King of NY has co-sponsored the bill gives me some hope. Now if only some of his conservative friends will join him we may have a chance.
    At this stage in the game, I really don't blame you for feeling this way. What has there been done for the regular working person lately that would make us feel optimistic?
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  9. #99
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    Default Re: Teamster Pension issues

    This is an excellent article that explains in detail whats happening. And as usual, the republicans are against it.

    Lawmakers take another crack at solving multi-employer pension plan problems

    WASHINGTON—Heeding the pleas of workers and unions who could see their pensions go down the drain in the next six years, the Democratic-run House Education and Labor Committee approved HR397, to fix multi-employer pension plans’ problems. The 26-18 vote on June 11 was on party lines.

    If eventually approved, the measure would help those financially ailing plans with 30-year repayable federal loans to shore up their assets and value, at affordable interest rates. The loans would come from a trust fund in the Treasury Department and plans seeking aid would have to prove the money would keep them solvent and able to provide current benefits.
    He also said it’s a matter of equity. Workers left high and dry by the financier-caused Great Recession a decade ago – as their pensions collapsed too – have not forgotten that Congress bailed out the bankers, but didn’t really help them or their pensions.

    “Passage of the Rehabilitation for Multiemployer Pensions Act (HR 397) is a top priority for the House leadership and for the labor movement,” added Bakery, Confectionery and Workers and Grain Millers President David Durkee in a posting on the union’s website. If it fails, all workers with collectively bargained pensions could be hurt, he warmed.
    Led by Rep. Virginia Foxx, R-N.C. — who, as panel chair, questioned the need for unions — the GOPers unanimously opposed HR397. Foxx predicted the GOP-run Senate wouldn’t even vote on it.

    The measure represents yet another attempt to help an estimated one million workers, whose 100 or so pension plans are financially ailing. The plans took a red ink bath during the Great Recession, while watching too many contributing employers go broke, dumping pension payment obligations on the federal Pension Benefits Guaranty Corporation, remaining employers, or both.
    https://www.peoplesworld.org/article...plan-problems/

  10. #100
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    Default Re: Teamster Pension issues

    Teamsters Call on Ways and Means to Approve Pension Reform Bill

    (WASHINGTON) – Today, the Teamsters Union called on the U.S. House of Representatives Committee on Ways and Means to approve H.R. 397, the Rehabilitation for Multiemployer Pensions Act, more commonly referred to as The Butch Lewis Act.

    The Rehabilitation for Multiemployer Pensions Act, offered by Rep. Richard Neal (D-Mass.), was first introduced in Congress in November 2017 by Rep. Neal. The measure has 188 co-sponsors, including nine Republicans. Rep. Peter King (R-N.Y.) has again joined Rep. Neal in introducing the bill in the 116th Congress.

    “H.R. 397 will ensure that we meet our obligations to current retirees and workers for years to come and do so without retiree benefit cuts,” Teamsters General President Jim Hoffa said in a July 8 letter to Ways and Means Committee Chairman Richard Neal and Ranking Member Kevin Brady (R-Texas). “I urge you to approve H.R. 397.”
    https://teamster.org/news/2019/07/te...on-reform-bill
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