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Thread: Teamster Pension issues

  1. #81
    Getting In The Groove Now.

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    Default Re: Teamster Pension issues

    How long does it take to get your pension from the date you filed? Can you work up to when you get your first check?
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  2. #82
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    Default Re: Teamster Pension issues

    Quote Originally Posted by DetroitIrish View Post
    How long does it take to get your pension from the date you filed? Can you work up to when you get your first check?
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    Call your hall for accurate answers. It's probably different depending on the fund.
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  3. #83
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    Default Re: Teamster Pension issues

    Quote Originally Posted by slavenomore View Post
    Call your hall for accurate answers. It's probably different depending on the fund.
    You're right it's best to call the fund. If I remember correctly in my fund I could have continued working right up until I cashed the first pension check. But like you said some funds have different rules.
    222lifer likes this.

  4. #84
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    Default Re: Teamster Pension issues

    Here’s Why Teamsters Working For The Teamsters’ Central States Went Out On Strike
    Although it went largely unreported, hundreds of Teamsters who work for the Teamsters Central States office in Illinois went out on strike last month.
    Teamster members who work for the Teamsters’ Central States Pension Fund and its related benefit fund, TeamCare, went out on strike last month for two days “fighting concessionary demands from our union health and pension fund.”

    The workers, who are represented by Teamsters Local 743, went out on strike after voting to reject “substandard deals” five times, reported the Teamsters for a Democratic Union.

    The workers’ employer, the Central States Pension Fund and TeamCare, is governed by a board of trustees: half appointed by employer groups, and half appointed by the Teamsters.

    Prior to the strike, the 400 Teamsters-represented workers were allegedly threatened by Thomas Nyhan, the administrator of both union funds.
    https://laborunionreport.com/2019/04...out-on-strike/
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  5. #85
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    Default Re: Teamster Pension issues

    I got my yearly required letter from the New York State Teamsters Conference Pension and Retirement Fund. The fund is no longer projected to go insolvent. In October of 2017 they made benefit reductions and the funded percentage has risen from 41.8% to 57% in one year.

    There was also some disturbing news about possible legislative relief. The Joint Select Committee on Multiemployer Pension plans was unable to reach an agreement on a solution by the November 30, 2018 deadline. The committee was disbanded at the end of 2018. A new committee has not been appointed and it remains unclear whether a legislative solution will be forthcoming. I'm afraid that congress has become more divided and only interested in the 2020 elections.
    fxstc07, ABFwife, 222lifer and 1 others like this.

  6. #86
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    Default Re: Teamster Pension issues

    Received my yearly report from the Philadelphia health & welfare fund.
    Many pages of redundant information, but the bottom line is it's funded at 73.5 percent.
    The plan will be able to meet minimum required funding standards over the next 7 years.

    For the year 2018, the fund paid out $192 million to over 13,000 retired participants.
    Fair market value of the funds assets, as of December 31, 2018 is $1,619,900,000.
    2631 and wizard like this.

  7. 05-04-2019

    Retired !

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  8. #87
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    Default Re: Teamster Pension issues

    fxstc07 that is great news. If I remember correctly your's is the 107 fund. Our 560 TENJ fund is in such poor shape that I'm ashamed to post it. We are at a funded percentage of 10.7% and projected to fail in 2021. Every day I check to see if brother wizard might have some good news about our fund
    Last edited by 2631; 05-05-2019 at 07:28 AM.
    fxstc07 and wizard like this.

  9. #88
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    Default Re: Teamster Pension issues

    Quote Originally Posted by 2631 View Post
    fxstc07 that is great news. If I remember correctly your's is the 107 fund. Our 560 TENJ fund is in such poor shape that I'm ashamed to post it. We are at a funded percentage of 10.7% and projected to fail in 2021. Every day I check to see if brother wizard might have some good news about our fund
    Yes, local 107 is in the Philadelphia fund, with our President, William Hamilton as a trustee.
    There are 13 locals that participate in this fund.

    Hope to hear good news for all Teamster members someday, that everyone's retirement is secure.

  10. #89
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    Default Re: Teamster Pension issues

    Quote Originally Posted by 2631 View Post
    fxstc07 that is great news. If I remember correctly your's is the 107 fund. Our 560 TENJ fund is in such poor shape that I'm ashamed to post it. We are at a funded percentage of 10.7% and projected to fail in 2021. Every day I check to see if brother wizard might have some good news about our fund
    I haven't posted anything brother 2631 because there never is any good news concerning our pension...We got the letter this past week and what you posted is where we stand...2 years TOPS...sad state of affairs

  11. #90
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    Default Re: Teamster Pension issues

    This is a list of all union pensions that are proposed to be cut. Scroll down and you will find the Teamster pensions.

    Proposed Pension Plan Cut Applications
    Under the Multiemployer Pension Reform Act, the trustees of certain underfunded multiemployer plans that meet the definition of being in “critical and declining” status have almost unprecedented authority to cut retiree pension benefits. However, before cuts are made, the trustees must apply to the U.S. Treasury Department. Here is the list of those pension plans that have applied to cut benefits.
    https://www.scribd.com/document/4066...ons#from_embed

 

 
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