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What One Teamster Found Investigating His Failing Pension Fund

So the New York fund I draw my direct deposits from,is under funded & on a path to crash & burn.

I was sent a letter to send in any comments I might have.
Knowing that the fund is in such a deficit,the comments I sent was short & to the point.

Basically when I was a working dues paying Teamster,I was working under a contract agreed on in good faith.
So I was of the impression contracts should be honored.
Or why did I pay dues,for bargaining & protection from unfair labor practices by my employer?

Turned out in the end I'd wasted my money,I'd have been better off banking the dues monies I shelled out.

However all of the regrets & whining is not going to change anything,its just something I have to live with.
Along with all the rest of my Teamster brothers & sisters
 
I have to wonder, if the middle class of America, is starting to experience what brought about the call for unionization in the nineteen thirties.
 
Back in the earlier days of the Teamsters union, bargaining power was outstanding with around 3500 LTLs'
I got my first Teamster city driving job in March on 1966.
Believe me when you were a Teamster back in those days it was really something to be proud of.
Yes sir with that many LTL's we saw some really sweet contracts.
However now days,there are what.less than a handful of LTL's left,so the old bargaining power has dwindled to a trickle.
 
Apostolic said:
Back in the earlier days of the Teamsters union, bargaining power was outstanding with around 3500 LTLs'
I got my first Teamster city driving job in March on 1966.
Believe me when you were a Teamster back in those days it was really something to be proud of.
Yes sir with that many LTL's we saw some really sweet contracts.
However now days,there are what.less than a handful of LTL's left,so the old bargaining power has dwindled to a trickle.
Click to expand...
High paying jobs that don't require a ( at one time even a high school education ) are rapidly disappearing, along with Americas middle class. We will have to see what a non union environment becomes in the our countries future.
 
True enough mud,believe this,I had a really crappy childhood,& only completed 7 grades in public school.
At the end of my trucking career before retiring, I was earning $60,000.00 per year as a P & D driver.
I know thats more than some college grads.'s

I actually grew up learning in the school of hard knocks.
Experience was my teacher,however all of the breaks I got came from Jesus Christ.
 
Apostolic said:
True enough mud,believe this,I had a really crappy childhood,& only completed 7 grades in public school.
At the end of my trucking career before retiring, I was earning $60,000.00 per year as a P & D driver.
I know thats more than some college grads.'s

I actually grew up learning in the school of hard knocks.
Experience was my teacher,however all of the breaks I got came from Jesus Christ.
Click to expand...
You experience the end of an era Apostolic. And finding Jesus Christ in your life was probably the best thing you never planned on.
 
Yes your right mud by having a higher power to trust in affords me a stress free life.
I've learned that none of us can truly own anything we are actually just stewards of the blessings we are given.
We all enter life with nothing,however we leave with a record of how we did.

Although back on topic,we all had,or are earning,whatever the case,the pension money.
That was promised to us in good faith Teamster contracts,now because of poor management of the funds,contracts are not going to be honored.
This world is not fair in a lot of respects,however we have to still do our best to make the most of any disappointments we may encounter,instead of becoming bitter.
We only get one life,so its better to do the best we can with it.
 
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We at Associated Wholesale Grocers are being pieced out. We lost our pension back when Albertsons was bought out by Cerberus. As time goes by we are becoming unnecessary. The profit we earned at $500 mil a year is going into buying other non-Union warehouses that will eventually replace us here in Texas. So now, I am simply waiting for the next shoe to drop. Every few weeks we lay off a few more warehouseman. Once we lost the Albertsons contract to Tom Thumb (Safeway's non Union replacement in Texas) we knew it was over.
 
Apostolic said:
So the New York fund I draw my direct deposits from,is under funded & on a path to crash & burn.

I was sent a letter to send in any comments I might have.
Knowing that the fund is in such a deficit,the comments I sent was short & to the point.

Basically when I was a working dues paying Teamster,I was working under a contract agreed on in good faith.
So I was of the impression contracts should be honored.
Or why did I pay dues,for bargaining & protection from unfair labor practices by my employer?

Turned out in the end I'd wasted my money,I'd have been better off banking the dues monies I shelled out.

However all of the regrets & whining is not going to change anything,its just something I have to live with.
Along with all the rest of my Teamster brothers & sisters
Click to expand...
It's also something Hoffa, Nyhan and all their cronies that contributed to the pension failures should have to live with, too.
LIVING IN PRISON for fraud. failure to do their judiciary duties, corruption and gross mismanagement of Teamster funds.
In spite of these people's legal duty to do their job, they failed either by their own design theft or through total incompetence.
Yet they have kept their jobs with nobody being held accountable. They have even approved huge pay raises and increased bonuses for themselves for doing such a fine, outstanding job.
 
deadeyetwo said:
Local 707's once booming pension fund runs out of money after 20-year decline from deregulation and bad timing
http://www.nydailynews.com/new-york...ming-pension-fund-runs-cash-article-1.2982433
Click to expand...
And don't forget - bad investment decisions by the highly paid "expert investors" at CSPF and the total refusal or incompetence of Hoffa to demand that things change at CSPF and the Congressional Oversight Committees that were supposed to watch over the IBT and the CSPF for incompetence and/or corruption practices with the retirees hard earned (and promised) pension checks.
Those Congressional Oversight Committees were form in the early 70's and late 80's to watch and prevent theft, corruption and mismanagement in the IBT and the CSPF. Turns out that they weren't "watching" anything. The corruption, theft and mismanagement went on as usual. Nobody was watching anything. Were the Congressional "watchdogs" paid off to look the other way? very likely. So the draining and bad management of Teamster retiree money has continued to this day. The same people that allowed it to happen, have retired in luxury (the politicians and the former teamster and CSPF officials), but two of the primary "players" are still there - Hoffa was re=elected for a 5th time and has been drawing a big money salary ever since 1998 and Nyhan has been in charge of CSPF since 2002 (in spite of "losing" over $2 billion in 2003 and another $7 billion or so in 2007-08) His annual salary is just under $800,000 for his "expert" advise at running the CSPF which is now facing bankruptcy.All these jokers that were or are responsible for the failures of the fund are now either retired or will be soon, living the life of luxury while the retirees that they lied to for over 40 years are left with an empty bag. The Democratic politicians have always claimed "to have our backs" but in December 2014 the Democrat controlled Congress, Senate and Obama instead decided to abolish retiree protection of the ERISA law that had stood since 1972. That vote to abolish ERISA opened the door for Nyhan and the CSPF to cut as much as they pleased from previously "guaranteed" pension checks. The only thing the Democrats did with our backs in Dec 2014 was to stick a knife in it. Hoffa may deny it, but he and John Murphy were a big part of planning the cuts.
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deadeyetwo said:
Dead New York Teamsters Local 707 Pension Will Not Be Autopsied
https://www.forbes.com/sites#/sites...7-pension-will-not-be-autopsied/#4c83e5194978
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Hoffa, Hall and Nyhan see no problem. They are still getting their huge paychecks and are fully protected in their pension plans.
The numerous Congressioal Oversight Committees formed back as far as 1972 to "root out" corruption and mismanagement of the IBT and the pension funds saw nothing.
Were these politicians and other members of the Oversight Committees paid off to look the other way while the CSPF is being raided and drained for personal uses? I think so.
 
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