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Teamster Pension Cuts in the Works

February 9, 2016 Brian K. Noe Leave a Comment

teamster-pension-cuts

The Detroit News reports on a public hearing held yesterday to allow comment on proposed benefit cuts to the Central States Pension Fund, one of the largest Teamster retirement funds.

One retiree spoke bluntly to reporters about prospects for himself, and for people being vested in the plan in the future.

“If they get this plan passed, who would want to join Teamsters when they just screwed 100,000 retirees?” said Fred Bora. “It’s going to have a bigger fallout. It’s really going to go down hill. We’re still going to get the short end of the stick.”

The fund is being reorganized under the Multi-employer Pension Reform Act of 2014, which was signed into law by President Obama. Obama’s appointee to oversee the cuts, Kenneth Feinberg, noted after the hearing that he had authority to impose the reorganization plan over any and all objections.

The trustees of many multi-employer funds used money from those funds to lobby for the Act, against the better interests of the rank and file union members and retirees they purport to serve.

Under the plan being considered, retirees could lose up to 70% of their monthly benefits, at a time when their employers (such as UPS) are reporting record profits. A typical pensioner would go from $3000 a month to $1200 a month in benefits.

Read more on the public hearing: Hundreds speak out on proposed Teamster benefit cuts

Read more at Teamsters for a Democratic Union: Treasury to Hold Town Hall Meetings

Curated Links Class Struggles, Class War, Pensions, Teamsters, Union

Myths About Teacher Pensions

August 11, 2015 Brian K. Noe Leave a Comment

CTU in the Streets

Pensions providing secure and stable retirements for teachers, administrators, and public school personnel are under attack. Here are the facts about pensions, from the Chicago Teachers’ Pension Fund.

Click here to see the PDF.

Source: Public School Teachers’ Pension and Retirement Fund of Chicago

Other Content, Resources Austerity, Chicago, CTU, Education, Illinois, Just The Facts, Pensions, Teachers

Pensions and Chicago’s Credit Crisis

May 17, 2015 Brian K. Noe Leave a Comment

There needs to be a discussion of how to solve these problems without hurting our pensioners and workers.

What happens when you’ve been kicking the fiscal can down the road for years, but the road suddenly hits a dead end? That’s what Chicago – and the state of Illinois – are about to find out.

Read More: How Illinois’ Pension Debt Blew Up Chicago’s Credit – ProPublica

Curated Links Austerity, Chicago, Illinois, Pensions, Public Services

Articles That Caught My Eye Today

November 20, 2014 Brian K. Noe Leave a Comment

“DOWN OUTRIGHT MURDER”: A COMPLETE GUIDE TO THE SHOOTING OF MICHAEL BROWN BY DARREN WILSON | Ryan Devereaux, The Intercept

A State-by-State Look at TANF | The Center for Budget and Policy Priorities

A generation jeopardized by obsession with testing | Wendy Lecker, The Stamford Advocate

WALL STREET IS TAKING OVER AMERICA’S PENSION PLANS | Murtaza Hussain, The Intercept

The war on giving | Jessica Hansen-Weaver, Socialist Worker

How Police Use Military Tactics to Quash Dissent | Aaron Cantú, Alternet

Wal-Mart’s Bottomless Greed: Dodging Billions in Taxes, Scheming to Avoid Billions More | Steven Rosenfeld, Alyssa Figueroa, Alternet

Curated Links Darren Wilson, Education, Ferguson, Homelessness, Michael Brown, Militarization, Pensions, Police State, Public Policy, Repression, Safety Net, Social Programs, TANF, Wal-Mart, Wall Street

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