LEHIGH vALLEY
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Anybody hear anything about the New York City Local 707 Union s pensions fund? Getting a couple of calls out of N.Y.C. and Maybrook N.Y.
Anybody hear anything about the New York City Local 707 Union s pensions fund? Getting a couple of calls out of N.Y.C. and Maybrook N.Y.
One year!!! They didn't see this coming? Maybe the question should be do they care?Just got the announcement in today's mail from Local 707 Pension Fund that the fund expects to be insolvent in 2016. The fund is receiving only $7.5 million in contributions while paying out $47 million a year in benefits.
That's horrible!!!Here's the notice:
Isnt 707 in the Chicago area? Also it is affiliated with 710? If so and those two locals are connected to each other.Wasnt there a President of one of those locals suspended over money issues (P.Flynn)[/QUOTE]ITE="captain cardboard, post: 935117, member: 6745"]the actuaries for local 707 need to held accountable as well as the president. How could they not have seen this coming YEARS ago with the actives to retiree imbalance? The president used the campaign promise of 25 yrs and out with any age to get elected many years ago and didn't run the numbers and see the demise it would lead to? Something very fishy going on here.
Maybe the President Of Teamsters Local 707 was too busy campaigning last year for this Suffolk County job? Maybe he overlooked how bad a shape his Local's pension fund was in?the actuaries for local 707 need to held accountable as well as the president. How could they not have seen this coming YEARS ago with the actives to retiree imbalance? The president used the campaign promise of 25 yrs and out with any age to get elected many years ago and didn't run the numbers and see the demise it would lead to? Something very fishy going on here.
Dog, it covers YRCF Terminals in Maybrook, Mt. Vernon, Brooklyn, Plainview and Deer Park NY.707 was a big freight local at one time and as the freight jobs disappeared so did the contributions going into the fund!I beleive that ABF is the only freight carrier paying 100% into that fund! 707 also represents The YRC companies including the big Maybrook barn so there's going to be a lot of Brothers and Sisters affected by this! Unless your one of the lucky ones who came under a coo and are covered under a different plan like some guys out of New England or central Pa.This really sucks and I hope they could find a solution to this problem.
It's just frustrating. This has been in the works since de-reg. Now they want to address it in the Eleventh Hour. The members are frustrated, that's all.Why can so many people not face the facts? It is not mismanagement of funds or any wrong doing. Back in the day there were so many union lines versus non union. You had more people paying in because there were more union jobs. Now the tables have turned and there ain't that many union jobs for people to pay into your fund with. Its simple math people. Quit blaming mismanagement of funds or wrong doing of sorts and realize things ain't what they used to be. Times change and you have got to be able to roll with the changes or things will pass you by.
I'm not blaming the union or the drivers or the companies. I'm not for the union my self but I'm not going to argue that. Its just plain and simple math why the funds are underfunded. You can't let a few take care of a whole fleet of retirees.
face the facts,really. I saw this coming years ago and have made the proper adjustments to be ready for it. I want to know why the local didn't do everything possible to prolong the longevity of the fund like lower the dollar value per credits, 30 yrs to retire or raise to age to collect. no changes have been made since 2008. I guess I was foolish when I started at 18 yrs old to believe the union promise of a pension if you pay in and put in the years of service