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Thread: Teamster Pension issues

  1. #121
    Taking A Stand!!!

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    Default Re: Teamster Pension issues

    The government can bail out banks but nothing has been done to help this situation so far. It's just a really, really bad situation all the way around.

    Bill to save multi-employer pensions not enough for sick miners


    WASHINGTON—With strong union backing, the Democratic-run U.S. House passed a bill, HR397, to help save financially ailing multi-employer pension plans. The 264169 tally saw 29 Republicans break the party line by voting for it, with no Democrats against it.

    For Sam Ball and other disabled coal-miners, however, in his case stricken with black lung and barely able to walk, it may not be enough.

    That’s because the measure would help two financially ailing miners’ pension plans only until 2020 – and there are so few active miners (one) and contributing coal companies (also virtually one) and so many retirees (30) for each plan – that both will run out of money before then.

    And that leaves Ball, a retired coal miner from far Southwestern Virginia, part of the heart of the Appalachian coal country, broke, along with 1,200 other retirees or widows they left behind, he told a House Energy subcommittee that deals with coal mine issues on July 24, the same day the House approved the wider bill.

    “I have second-stage black lung in both lungs, but have been turned down for federal black lung benefits because the government says the coal dust has not yet crystallized in my lungs and I am not disabled enough to get those benefits yet,” Ball explained. “My lung doctor says there is no reason I should be denied benefits, but the truth is what has happened to me is not unusual.
    https://www.peoplesworld.org/article...r-sick-miners/

  2. #122
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    Default Re: Teamster Pension issues

    Retired Teamsters wait for Congress to act on wobbly pension fund

    WASHINGTON – Roger Spencer uses part of his pension check from the failing Central States Pension Fund to buy a lifesaving cancer drug that costs $500 a month.

    So when the Democratic majority in the House recently teamed with 29 Republicans, including Minnesota Rep. Pete Stauber, to pass a bill to rescue underfunded multiemployer pension plans, Spencer celebrated briefly. Then he started to worry about what the Senate would do with a similar bill.

    If Central States goes under or cuts benefits in half as the plan has proposed, said the retired Center City, Minn., truck driver, “it sinks me.”
    Retired Teamsters wait for Congress to act on wobbly pension fund - StarTribune.com
    2631 likes this.

  3. #123
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    Default Re: Teamster Pension issues

    I am having trouble viewing this article thanks to google adds that continue to block content in the article but I will try and get this posted.

    Brown looking for more support to help pension funds
    An Ohio senator continues to rally support to help union workers that are facing steep pension cuts because of a government loophole.

    Senator Sherrod Brown was in Lima last week and met with some of those workers who paid into the Central State Pension fund, who now are looking at losing half of their pension. Brown and other senator have introduced the Butch Lewis Act that would allow pension programs to take out a loan to get them on solid ground so they can continue support those receiving the pensions. Brown says he is continuing to go after support to get the bill passed.

    “The Democrats are on board, we are trying to get more Republican to support our “Butch Lewis Act”, that will fix this pension that they negotiated and had been promised,” says Senator Sherrod Brown. “Enough companies have gone out of business and the bottom has kind of dropped out. This is not a bailout, like when congress bailed out the banks, this is the Butch Lewis plan which will help these teamsters and mine workers, and sheet metal workers, and carpenters and confection workers get the pension they earned.”

    There are over one million people nationwide that are currently affected by the pension cuts. 65 thousand of them are from Ohio
    https://www.hometownstations.com/new...2aa09d869.html
    2631 and 222lifer like this.

  4. #124
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    Default Re: Teamster Pension issues

    A good Letter to the Editor:

    Teamsters need federal loans for pensions


    Dale Volk, Minot

    I am writing on behalf of the pension holders, especially the Teamster Retirees. We are being told that the money in our pensions are running out. We are at risk of no longer receiving our money that we have worked hard to earn. We need Senator John Hoeven and Senator Kevin Cramer to support S.B. 2254. This bill would allow the pension to borrow money from the U.S. Government.

    Every retiree has a story and it would be hard for us to live without our earned pensions. Here is my story.

    I retired from UPS in 2011 after 31 years of service. I wanted to be able to care for my wife after her 2nd breast cancer diagnosis while I also worked to rebuild our house after the Minot flood of 2011. Over the next few years, my wife was diagnosed with Acute Myeloid Leukemia, we were sent to Rochester, MN for her to receive treatment. After 6 months, a stem cell transplant and many medical bills, we were able to return home to Minot. My wife continued with doctor’s appointments regularly and had another cancer diagnosis that next year. I was diagnosed with kidney cancer a short time later. In total, my wife and I have had 7 cancer diagnosis which brings many doctor appointments and bills. Having a pension would reduce the amount of financial stress that I would have to live out my life and keep my home.

    Bill, S.B. 2254 has already passed within the U.S. House and it is ready to go to vote in the U.S. Senate. I encourage our Teamsters, pension holders, and our senators to support this bill. Our pensions are something we earned, they are not a gift.
    https://www.minotdailynews.com/opini...-for-pensions/
    2631, gillholey, fxstc07 and 1 others like this.

  5. #125
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    Default Re: Teamster Pension issues

    Central States Pension Fund: $12.9 Billion

    The second quarter financial report of the Central States Pension Fund shows $12.9 billion in assets, compared to $13.2 billion at the end of 2018. The funds assets have declined $289 million in six months.

    The loss was actually less than other recent periods, due to good investment returns in the bond market. The fund lost $3.0 billion in the three years of 2016-2018.

    The fund projects that insolvency will occur by 2025. As the assets decline, the investment returns, which are helping keep the fund going, are less. Also, the fund has pulled money out of the stock market, where returns are normally higher, to protect the assets. The fund now has only 12% of assets in the stock market, with the remainder in bond funds.

    The situation is only going to get worse as time goes on, unless we can get Congressional action to backstop earned pensions. The Butch Lewis Act, which passed the US House of Representatives, is one good alternative, and there are others in the works. Political action is urgently needed – and soon.
    Central States Pension Fund: $12.9 Billion - Teamsters for a Democratic Union
    fxstc07 likes this.

 

 
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