Teamsters pension trustees to pursue benefit cuts

xUT

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Dec 28, 2009
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Teamsters pension trustees to pursue benefit cuts

 
The Central States Pension Fund, which serves roughly 410,000 participants, is having trouble taking in as much in investments and member contributions as it pays out to retirees. If that situation remains unchanged, the fund’s trustees say the plan will become insolvent within roughly a decade.
The fund will send a preliminary letter to some pensioners this week describing its intentions to reduce benefits. But the size of the cuts and when those cuts will take effect depend on approval of a benefit reduction plan by union members and the U.S. Treasury Department.
Lawrence said the Central States Fund is seeking Treasury Department guidance with an eye toward making a summer proposal detailing the cuts. The cuts, he said, likely will not go into effect until 2016.
Retirees will be represented in the process by Sue Mauren, the retired leader of Teamsters Local 320 in Minneapolis.
Jeff Brooks, a retired truck driver in south Minneapolis, said Minnesota is not as heavily affected as other states, but he said at least 10,000 Minnesota retirees receive checks from the pension that could be affected by the cuts.
 
 
FYI,
B) xUT
 

WorldTraveler

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Dec 5, 2003
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how many UA retirees receive benefits from this plan and how many employees participate in it?
 

WorldTraveler

Corn Field
Dec 5, 2003
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thank you 700.

I was a little surprised to see this posted on the UA forum and wanted to see the connection.
 

eolesen

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Jul 23, 2003
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This deals with a multi-employer plan, so why isn't this being discussed in the Water Cooler?...
 

ThirdSeatHero

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eolesen said:
This deals with a multi-employer plan, so why isn't this being discussed in the Water Cooler?...
 
I would offer that it is of interest to UAL AMTs as the ibt is attempting to negotiate us into TEAMCARE ( medical from the Central States H&W plan) and they are trying to negotiate us into a as-yet-unnamed multi -employer pension plan.
 
This is just one splendid example of why myself and others want nothing to do with either plan - and no, the ibt never asked for our imput before making these two points our bargaining position.
 
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eolesen

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Jul 23, 2003
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ThirdSeatHero said:
I would offer that it is of interest to UAL AMTs as the ibt is attempting to negotiate us into TEAMCARE ( medical from the Central States H&W plan) and they are trying to negotiate us into a as-yet-unnamed multi -employer pension plan.
Perhaps, but IBT isn't just at UA. They're also at Republic and Allegiant.
 

ThirdSeatHero

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Dec 8, 2004
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eolesen said:
Perhaps, but IBT isn't just at UA. They're also at Republic and Allegiant.
 
Quite true, I never claimed otherwise.
 
I was just commenting on why it was an appropriate post here on the UAL forum as opposed to the Water Cooler.
 
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