ABF | IBT Backs Plan to Allow Some Pension Cuts

[R-14Driver]

February 26, 2013: The Hoffa administration has signed on to a joint employer-union proposal to allow “deeply troubled” pension funds to slash accrued benefits, even for Teamsters who have already retired.

This proposal, which could be aimed squarely at the Teamster Central States Fund, comes from the National Coordinating Committee for Multiemployer Plans, a committee of employers, unions and pension plans.

UPS is a prominent member of the group, which also includes several pension funds, employer groups, and some unions.

The group’s proposal is to change federal law to allow “deeply troubled” plans, those in danger of going insolvent in the next 20 years, to drastically slash benefits.

These Pension Funds could slash benefits to as low as just 10% above the guaranteed rate set by the Pension Benefit Guarantee Corporation. For a retiree with 30 credit years, that rate is currently less than $1100 per month!

If new legislation along these lines is approved, the Central States Fund could eventually slash pensions by over 50%.

Under present law, that kind of cut in accrued benefits is illegal.

The Teamsters Union, the Central States Fund and the Western Conference of Teamsters Fund have joined with employers and some other unions to back this proposal.......................

IBT Backs Plan to Allow Some Pension Cuts | Teamsters for a Democratic Union

 

[Deleted member 5115]

I wonder if ex driver if laughing now.

 

[teambro]

Seriously I'm proud to be a Teamster. But if they take away my superior pension why do I need to be a Teamster

 

[Stoney]

Hmm, we go from "Obama is going to pass the EFCA if he's elected President !!!" to him cutting union pensions?

I thought the line from the unions was also Romney would be the one that would cut union bennies?

 

[$outh$side $tre$$]

This whole counrty is screwed. And this right here boys is the icing on the cake. Thank you for nothing mr president. I just want you to know that im thinking about u everytime my azzhole cant drop out a terd. I guess sonny was right in the movie THE BRONX TALE " THE WORKING MAN IS A SUCKER"

 

[mustache]

Seriously I'm proud to be a Teamster. But if they take away my superior pension why do I need to be a Teamster

Multiemployer Benefit Guarantees

Maximum guarantee

(ERISA Sec. 4022A(c))

The current multiemployer maximum benefit is:

100% of the first $11 of the monthly benefit rate, plus
75% of the next $33 of the monthly benefit rate, times
participant's years of service.
There is no dollar limit on the monthly benefit payable under the multiemployer program, only a limit on the benefit rate used to calculate the monthly benefit. The maximum guaranteed benefit is not indexed

30 years equal $1072.50 per month.

 

[$outh$side $tre$$]

Does anyone agree with me when i say the president of the usa is going to screw over more americans with this new healthcare, then he is going to help? And whatever happened to the union members of all kinds backing the democratic party? Has washington d.c. changed that much in the last 6yrs to where we as americans are getting screwed more n more each and everyday?

 

[crusher]

I read somewhere that if a pension fund goes insolvent, enough money will be put aside so that the business agents pensions will continue to be 100% funded.

 

[forkspoon]

Im not sure how blaming Barry for broke pensions that have been underfunded for over 20 years makes sense, but ok I guess. The Unions signed on for this because they know failure is imminent.
Maybe we can all just forget about it and hope "our" pension will be there before the money runs out. Lets keep kicking that can down the road, we can make it !

 

[tutone710]

local 710

I read somewhere that if a pension fund goes insolvent, enough money will be put aside so that the business agents pensions will continue to be 100% funded.

The 710 family and friends plan.

 

[papajohn]

February 26, 2013: The Hoffa administration has signed on to a joint employer-union proposal to allow “deeply troubled” pension funds to slash accrued benefits, even for Teamsters who have already retired.

This proposal, which could be aimed squarely at the Teamster Central States Fund, comes from the National Coordinating Committee for Multiemployer Plans, a committee of employers, unions and pension plans.

UPS is a prominent member of the group, which also includes several pension funds, employer groups, and some unions.

The group’s proposal is to change federal law to allow “deeply troubled” plans, those in danger of going insolvent in the next 20 years, to drastically slash benefits.

These Pension Funds could slash benefits to as low as just 10% above the guaranteed rate set by the Pension Benefit Guarantee Corporation. For a retiree with 30 credit years, that rate is currently less than $1100 per month!

If new legislation along these lines is approved, the Central States Fund could eventually slash pensions by over 50%.

Under present law, that kind of cut in accrued benefits is illegal.

The Teamsters Union, the Central States Fund and the Western Conference of Teamsters Fund have joined with employers and some other unions to back this proposal.......................

IBT Backs Plan to Allow Some Pension Cuts | Teamsters for a Democratic Union

If they mess with the Pension and Benefits, they this will be a no vote, To me this is not negotiable.

 

[ltl1]

If they mess with the Pension and Benefits, they this will be a no vote, To me this is not negotiable.

UM what vote? You will get no vote on this. This is for everyone in the multi pension fund and they don't need our vote to change the way pensions are dished out. This has nothing to do with the ABF contract.

 

[ex driver]

I wonder if ex driver if laughing now.

im not laughing, this is not funny. work hard and get screwed seems to be the american way these days. and abfer you seem to think im anti union, while im not. i' just calling it as i see it. as much as the union has given in pay and pension, they failed in making sure those gains were for the long haul, the true enemy was not management, but the unions failure to organize the industry in which you were a majority. now you are the minority and in a democracy the majority rules.

 

[ex driver]

If they mess with the Pension and Benefits, they this will be a no vote, To me this is not negotiable.

another misinformed mindless drone. vote no is all he knows and he thinks it will solve all the problems. this will all go away if i vote nooooooooooooo!
let me know how that works out for you ok.

 

[SuperCourse]

Obama and Hoffa are laughing at you foolish sheep that supported him. Baaaaaah-Baaaaaah

 

[papajohn]

another misinformed mindless drone. vote no is all he knows and he thinks it will solve all the problems. this will all go away if i vote nooooooooooooo!
let me know how that works out for you ok.

n

You can call me names if it makes you fee well better, but this don't just affect me it will affect everybody!!!!! ABF has fought for this and yes they do have a interest in what happens. I know exactly what is at stake, do you?

 

[ex driver]

n

You can call me names if it makes you fee well better, but this don't just affect me it will affect everybody!!!!! ABF has fought for this and yes they do have a interest in what happens. I know exactly what is at stake, do you?

yes i have 20 yrs pension credits coming my way. but you seem to think abf is at fault here, while they are not. once again your blame lies at union level for mismanagement and theft of the pension fund. so lets not turn a blind eye on what really happen to the working mans money. we all know what was gonig on long before you or me were ever in the union.

 

[Rollin62]

I'm Wondering if drivers would quit paying monthly dues in right to work states since the ibt is walking away from the ltl market ? I guess this news explains why ABF hasn't negotiatiated a contract yet for you guys. This would change everything

 

[papajohn]

yes i have 20 yrs pension credits coming my way. but you seem to think abf is at fault here, while they are not. once again your blame lies at union level for mismanagement and theft of the pension fund. so lets not turn a blind eye on what really happen to the working mans money. we all know what was gonig on long before you or me were ever in the union.

ABF is partially responsible, but they sure are not totally responsible for the funds condition. But they are now wanting to change the pension, or their part in it, and that does affect all ABF teamsters and every other teamster member that will want to have a retirement that was paid in on for our behalf. I agree that the fund does need changing, but we as teamsters members shouldn't lose everything we have worked for. This is going to affect every teamster WORKING AND RETIRED. Do you think is a fair for someone who has been retired to get his pension cut and still have to live under re-employment rules. Some cannot even work now even if they need or want to . AGAIN ABF IS NOT TOTALLY RESPONSIBLE FOR THIS, AND IT IS MY UNDERSTANDING THEY DO HAVE MEMBERS ON THE PENSION FUND, SO THEY DID MAKE HAVE SOME PART IN THE DECISIONS BEING MADE. You may have told us who you worked for, but please enlighten us and tell us who you have all your years in with again as a teamster.

 

[SuperCourse]

I'm Wondering if drivers would quit paying monthly dues in right to work states since the ibt is walking away from the ltl market ?

You're right, the IBT only wants goverment employees since they get to shake down taxpayers for whatever they want, it's the place to be in a socialist environment. Welcome to Obama's Amerika comrades.