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Thread: Teamster Pension issues

  1. #71
    Taking A Stand!!!

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    Default Re: Teamster Pension issues

    This does get confusing as there is the Butch Lewis act also.

    Hoffa: Bipartisan Bill Can Deliver on Pension Promise
    The struggle to ensure the retirements of millions of hardworking Americans continues. But the reintroduction of essential bipartisan legislation by a long-time pension protector could go a long way toward bolstering nest eggs jeopardized under the current system.

    With the new Congress now seated in Washington, the Teamsters want to let lawmakers know it is time to work together across party lines to secure the hard-earned retirements of retirees and workers. These hardworking Americans deserve to receive the benefits they were promised.

    Fortunately, the Rehabilitation of Multiemployer Pensions Act would solve the problem. Introduced by Reps. Richard Neal (D-Mass.) and Peter King (R-N.Y.) last month and co-sponsored by Reps. Debbie Dingell (D-Mich.) and Bill Huizenga (R-Mich.), the bill is a continuation of an effort to reform the system that first began in 2015. The seven House Republican co-sponsors understand the value of the bill and should be lauded for supporting this legislation.

    There’s no time to lose. There are about 1.5 million retirees in desperate need of quick action to save the retirement nest eggs they spent decades contributing to on the premise they would be financially secure in their golden years. There also are hundreds of thousands of workers who are enrolled in these pension plans who deserve assistance, too.
    https://teamster.org/news/2019/02/ho...ension-promise
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  2. #72
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    Default Re: Teamster Pension issues

    This is quite sad. Goes to show you just how bad this situation is. Hats off to this woman.

    Mo. Teamster Wife Calls on Congress to Fix Pensions

    Five years ago, Cindy McDaniel and her husband Ted – a retired Teamster – were enjoying the fruits of his hard labor. After he’d worked for 35 years as a truck driver and contributed to a pension, Ted and Cindy had a comfortable retirement that allowed the Appleton City, Missouri residents to pay their bills and help take care of their grandkids as well as their aging parents.

    But that all changed when Congress enacted the Multiemployer Pension Reform Act of 2014. The couple was informed that Ted’s Central States pension could be cut 57 percent, down to $1,295 a month. It was all too much for Ted, who shortly thereafter suffered a massive heart attack and now is limited in his activities. While his retirement pay has yet to be affected, a reduction looms unless Congress comes up with a fix.

    That’s why Cindy McDaniel came to Capitol Hill today. The co-director of the Missouri Kansas City-Committee to Protect Pensions testified in front of the House Ways and Means Committee, telling members how she and others have spent the last several years shuttling between their homes and the nation’s capital advocating for change. She has been to Washington dozens of times on her own dime fighting for fairer pension reform like that being offered by House Ways and Means Chairman Richard Neal (D-Mass.).

    “We went from truck drivers, spouses and widows to pension protectors overnight,” she told committee members. “We didn’t set out to be lobbyists. We became them because we had to. Suddenly, the American dream we had lived for and earned fell apart around us.”

    But she said more than 1 million workers and retirees falling under financially threatened multi-employer pension plans are running out of time. And she urged the lawmakers not to forget them and the challenges they face.
    https://teamster.org/blog/2019/02/mo...s-fix-pensions
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  3. #73
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    Default Re: Teamster Pension issues

    Retaliation Claim Against Central States Multiemployer Plan Dismissed
    A federal district court judge has dismissed an Employee Retirement Income Security Act (ERISA) Section 510 retaliation complaint against the Central States, Southeast and Southwest Areas Pension Plan, the plan’s trustees and its executive director, explaining that the defendants’ refusal to negotiate a proposal presented by Kroger before employees filed a lawsuit means the defendants’ unwillingness to negotiate after the lawsuit was filed could not represent improper retaliation.

    Current and former employees of The Kroger Company, who are enrolled in the Central States, Southeast and Southwest Areas Pension Plan, allege that the defendants neglected their duties of prudence and loyalty by refusing to consider a third-party’s offer to take on the plaintiffs’ pension liabilities and thereby preserve their retirement benefits. They also claim that the defendants retaliated against them for filing a lawsuit by refusing to negotiate about the third-party offer after the complaint’s filing. The defendants moved to dismiss the retaliation claim.

    The Kroger Co. and the International Brotherhood of Teamsters (IBT), which represents Kroger employees in collective bargaining, proposed to set up a separate, fully-funded pension plan for the Kroger participants, taking away the Central States’ responsibility to pay participants’ benefits. However, in exchange, Kroger and the IBT would not have to pay ERISA withdrawal liability to the Central States plan. Within five days of the proposal, the trustees rejected the proposal in a letter saying they were “not authorized to accept the non-cash consideration offered by Kroger,” emphasizing that the fund had a “firm policy against facilitating employer withdrawals in any way,” and disputing that the proposal would leave the plan better off than if it held Kroger to its duty to make cash withdrawal payments.
    https://www.plansponsor.com/retaliat...lan-dismissed/

    Her is the link to the original post I did about this a few years ago.

    1,500 kroger teamsters exit the central states fund
    Last edited by ABFwife; 02-20-2019 at 08:59 AM.

  4. #74
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    Default Re: Teamster Pension issues

    The 2018 third quarter Financial and Analytical Report on the Central States Pension Fund shows that the Fund continues to bleed money, underscoring the importance of Congressional action this year to protect the pensions of millions of working families.
    The 2018 third quarter Financial and Analytical Report on the Central States Pension Fund shows that the Fund continues to bleed money, underscoring the importance of Congressional action this year to protect the pensions of millions of working families.

    The fund had $14.1 billion in assets as of September 30, 2018, which was down by $1.0 billion since the start of the year, despite the fact that the fund received a one-time payment of $417 million from the Kroger corporation to pull-out of the fund permanently.

    Since September 30, the fund has lost more ground, due to the low performance of bond funds and losses in the stock market. The S&P 500 stock index has lost a whopping 7% since that time; fortunately the fund only has 14% of its assets invested in that fund index. Most of its assets have been moved into bonds, as a defensive posture to preserve remaining assets.

    The report again gives 2025 as a projected date for insolvency if no Congressional action is forthcoming, and fast.
    https://laborunionreport.com/2019/02...leeding-money/
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  5. #75
    It's 5 PM somewhere!

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    Default Re: Teamster Pension issues

    Thanks for the post, I cant bring myself to "like" it.
    I wish we had a button for "love the poster, don't like the content".
    Last edited by x475; 03-01-2019 at 01:14 PM.

  6. #76
    It's 5 PM somewhere!

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    Default Re: Teamster Pension issues

    They're going to kick this pension can down the road , hoping that if enough of us die off it will be a self solving crisis. Bastards.
    ABFwife and 222lifer like this.

  7. #77
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    Default Re: Teamster Pension issues

    House Panel Lawmakers Rally Behind Pension Fix
    For the second time this year, a House panel on Thursday took a deep dive into finding a solution to the nation’s pension crisis, with several lawmakers and witnesses raising concerns about how retirees and workers will be able to support themselves if several such retirement plans are allowed to go bust.

    The House Education & Labor subcommittee focused on addressing the dire state of multiemployer pension plans in its hearing, an issue close to the Teamsters due to the failing condition of its Central States Pension Fund. House Health, Education, Labor, and Pensions Subcommittee Chairwoman Frederica Wilson (D-Fla.) said a bipartisan legislative fix is critical not only for those directly affected, but the nation as well.

    “If retirees see their retirements cut, they will be increasingly reliant of social safety net programs funded by taxpayers,” she said. “At the same time, there will also be a loss of tax revenue. So we should be mindful of the cost to taxpayers if Congress does not act.”
    https://teamster.org/blog/2019/03/ho...nd-pension-fix
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  8. #78
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    Default Re: Teamster Pension issues

    This highlights a Bakers union member but at the end of the article it lists several unions backing this bill including the Teamsters. I went over my allowed number of paragraphs but I feel this is one thread that warrants that.

    Workers lose pensions as lawmakers tackle multi-employer plan problems

    BLUE ISLAND, Ill.—For 33 years on Chicago’s South Side, Blue Island resident James Morgan helped bake Wonder Bread.

    “When you’re in an industrial bakery, the work is difficult and demanding,” he says. And he did every job there was in that Wonder Bread plant, from slicing and wrapping to shoveling 50 pounds of dough at a time into the ovens.

    It gave him a good middle-class life…but now he wonders if it’s going to be gone.

    That’s because several years ago, Wonder Bread’s new owners, a group of private financiers, announced they were suspending the company’s contributions to the multi-employer pension fund Morgan and his fellow members of Bakery, Confectionery and Tobacco Workers and Grain Millers Local 1 had faithfully paid into.

    They couldn’t afford it, the owners said. They promised to resume in a few months. They never did. Instead, they declared bankruptcy and closed the plant. And, with bankruptcy court permission, the financiers walked away from millions of dollars in pension obligations, while paying themselves nice fat checks, also with the court’s OK.
    Morgan and his allies got a positive reception for their problems from committee Democrats and all but one Republican. Indeed, Wilson and the top GOPer on the panel, Rep. Tim Walberg, R-Mich., together drafted legislation, HR397, to try to solve the problems.
    Labor appears to be united behind HR397. Backers include BCTGM, the Steelworkers, the Machinists, the Teamsters, the Food and Commercial Workers, the Electrical Workers and the Boilermakers, and the American Association of Retired Persons. HR397 will move, but not immediately, Morgan said afterwards. She wants those several more hearings first.
    https://www.peoplesworld.org/article...plan-problems/
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  9. #79
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    Default Re: Teamster Pension issues

    Rockford-area Teamsters mobilize to rescue failing mutliemployer pension funds

    ROCKFORD — Dave Mauer worked for Cassens Transport Company in Belvidere for 40 years, loading cars built at the Chrysler plant onto freight trains.

    The work was tough and Mauer endured his share of injuries, including a bicep tear that required surgery. The promise of a pension made it all seem worthwhile. He retired in 2004.

    Then in 2015, a letter arrived in his mailbox from Central States Pension Fund warning him that the pension fund might run out of cash by 2025 or possibly sooner.
    There are thousands of International Brotherhood of Teamsters retirees like Mauer throughout northern Illinois who are affected by the looming collapse of Central States. Perhaps 80 percent of the 1,300 members of Rockford’s Teamsters Local 325 are at risk, too.

    Mauer and other Central States pensioners in the Rockford area have formed the Illinois/Rock River Valley Committee to Protect Pensions. The group has scheduled an April 6 meeting at the Teamsters Local 325 union hall in Rockford to mobilize and pressure Congress to rescue failing multiemployer pension funds.

    U.S. Rep. Richard Neal, a Democrat from Massachusetts, has reintroduced a bill he first submitted to Congress in November 2017 that would do just that, and Rep. Cheri Bustos, D-Moline, is a co-sponsor.
    https://www.rrstar.com/news/20190323...-pension-funds
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  10. #80
    I Am Rocking Now

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    Default Re: Teamster Pension issues

    I got a call last night from a friend up in Jersey saying Local 701 retirees will be taking a 53% cut starting in April. The fund had applied to the Fed for relief under the MPRA of 2014 and was approved. The retirees and active workers voted to take the cuts. Local 701 had one of the fattest MEPFs in the country. I knew 701 drivers who had retired with 6, 7, and 8 thousand dollar a month pensions. If the information I got is accurate those guys will be taking a huge cut next month. But a 53% cut is still better than the 65% cut from the PBGC

    https://www.ai-cio.com/news/us-treas...-two-pensions/
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