Hoffa Sells-Out Central States Pension Again!

[Freightmaster1]

Is this the way to strengthen our pension plans?

Hoffa Sells-Out Central States Pension Fund Again | Teamsters for a Democratic Union

[okeydokey]

Good changes needed to be made for members so that a retirement plan is going to be there for the young guys coming in...

[GO40]

Is this the way to strengthen our pension plans?

Hoffa Sells-Out Central States Pension Fund Again | Teamsters for a Democratic Union

I wouldent be suprised if abf goes after the same thing....

[R-14Driver]

Once again TDU didn't read the new agreement LOL . Below is a direct quote from the new pipe line contract .

" TEAMSTERS PIPE LINE PENSION FUND
Multi-Employer, Jointly Trusteed Defined Benefit Plan limited to
pipe line industry & former Central States participants only;*
PLCA will maintain 90% funding status for two certification
periods (roughly two years), with no reduction in wage package;
Reciprocal agreements with all Teamster Funds participating in
pipe line industry;
Accural rate of 1.3%;
400 hours to qualify for year of service;
Vesting credit for time in Central States back to January 1, 2002;
most current participants vest immediately;
Employers can chose to stay in Central States;
Normal retirement at age 65 or unreduced early retirement at age
62 with 10 years of service or reduced retirement at age 55.

http://www.teamster.org/sites/teamst...Ltr_051012.pdf
Also this new part : (16) The following paragraph (aa) will be added to Article V, Section (a):
Notwithstanding anything to the contrary, should a contractor choose to continue
to participate in the Central States, Southeast and Southwest Areas Pension Plan,
then contributions for both that contractors Travelers and local hands will be
remitted to Central States.

Is this the way to strengthen our pension plans?

Hoffa Sells-Out Central States Pension Fund Again | Teamsters for a Democratic Union

[vedder716]

Why do people continue to post crap from TDU? When most of the time its completely false or the info is twisted to meet their agenda.

[JV4344]

I wouldent be suprised if abf goes after the same thing....

They were given a dollor amount needed to pull out of the plan years ago, they never came up with the money.

[Triplex]

Why do people continue to post crap from TDU? When most of the time its completely false or the info is twisted to meet their agenda.

Vedder716, TDU is another source of information just like any other. It should be up to each individual to decide for him or herself what to do what that information. What you seem to be advocating is censorship based only on your opinion, don't you think?

PS - If only the truth was allowed on this board it would be a fairly empty board!

[Freightmaster1]

R-14Driver, Thanks for researching this. I did some more research and...You have correctly quoted the part, where Hoffa allows each contractor to PULL OUT OF THE TEAMSTER CENTRAL STATES PLAN, and enter a "new" plan, which is exacly what UPS did. It is what Waste Management did by defeating a strike in Milwaukee. Republic Waste is doing in right now in Evansville Indiana. Here Hoffa GAVE it to the contractors, as he gave it to UPS. This is killing the pension plan Brother! You also accurately quoted the language saying the contractor (employer) can CHOOSE to stay in the Teamster pension plan (Not the members, but the employer can choose). This is the problem. UPS, Waste Management, now the Pipeline,...and the poor folks retiring into the plan started by Hoffa's father will become "orphans"!

Once again TDU didn't read the new agreement LOL . Below is a direct quote from the new pipe line contract .

" TEAMSTERS PIPE LINE PENSION FUND
Multi-Employer, Jointly Trusteed Defined Benefit Plan limited to
pipe line industry & former Central States participants only;*
PLCA will maintain 90% funding status for two certification
periods (roughly two years), with no reduction in wage package;
Reciprocal agreements with all Teamster Funds participating in
pipe line industry;
Accural rate of 1.3%;
400 hours to qualify for year of service;
Vesting credit for time in Central States back to January 1, 2002;
most current participants vest immediately;
Employers can chose to stay in Central States;
Normal retirement at age 65 or unreduced early retirement at age
62 with 10 years of service or reduced retirement at age 55.

http://www.teamster.org/sites/teamst...Ltr_051012.pdf
Also this new part : (16) The following paragraph (aa) will be added to Article V, Section (a):
Notwithstanding anything to the contrary, should a contractor choose to continue
to participate in the Central States, Southeast and Southwest Areas Pension Plan,
then contributions for both that contractors Travelers and local hands will be
remitted to Central States.

[Triplex]

Educate me, what exactly does this part of that contract mean and why would it be necessary? Doesn't this mean that the employer has the option to pull out of Central States if they chose to?

(20) A new Article XV shall be added that reads as follows:
TEAMSTERS NATIONAL PIPELINE PENSION FUND
As part of this Agreement, there has been established a Teamsters National
Pipeline Pension Fund for pension contributions previously made to the Central
States Pension Fund. The Plan and Trust documents for this Fund are made a
part of this Agreement.

[ABFer]

Some clarification would be nice so it would be easier for us laymen to understand. It looks like the PLCA (Pipeline Contractors Association?) is granted a 90% Funding status for two years to alleviate their unfunded liability should they choose to withdraw from the Central, Southeast or Southwest Areas Pension Funds.

They were given a dollor amount needed to pull out of the plan years ago, they never came up with the money.

This is news to me. Could you please provide the link to the information so I can brush up on it?