you can thank the IBT international and negotiating committees from along time ago till the present.......... they new over 30 years ago that every contract they negotiated that the increase to pension wouldn't cover the pension amounts 30 years ago but they keep uping the amount you would get for 30 years of service knowing dam well they couldn't pay it down the road.......all they where doing was helping them to keep there jobs so you would keep voting them in..........
.because any smart actuary could have projected 30 years ago that membership was in decline and every decade it would get even worse....if the IBT was smart they would have capped 30 years of service at 2000. 00 along time ago and then when they got the increase in pension payments from the employer they would have a lot more money in the account to pay out a lot longer then it is now and maybe did a cost of living increase possibly ....
less paying in and more taking out equals just like they have been saying for a long , long time social security would go broke under the same formula ............................. simple............ less paying in and more taking out equals disaster if not managed correctly from the amounts they pay out to retirees, the money given to way to many people to invest and illegal use of the money etc.
example some guys ran for office in 705 years back and they wanted to give 4000.oo for 30 years and free medical for life lol 705s fund which is theres only (not in central states fund)....... would be broke by now or very soon and no one would get a pension check or have insurance get my drift
Too late now, but Trustees for the Central States Fund are to blame!
12 years ago, the CFPS, was possibly, the 2nd or 3rd largest fund in the USA!
More or less, BLAME, BLAME, BLAME, and pass the buck.
http://www.nytimes.com/2004/11/15/business/15teamster.html?pagewanted=print&position=&_r=0
http://edworkforce.house.gov/uploadedfiles/final_format_nyhan_testimony.pdf
http://www.chicagobusiness.com/arti...ers-woes-push-union-pension-plans-to-collapse