This article paints a different picture: http://online.wsj.co...0488523342.html
No Thanks IBT.....
Central States Funds is only one of hundreds of pension plan’s the IBT have and
The IBT has never said we would be placed in that fund they did mention: (
THE Western Conference of Teamsters Pension Plan)
WTC is an example of a strong multi-employer plan provided by the Teamsters. With the WCT, the Teamsters Union provides the largest multi-employer pension plan in the country. It includes more than 230,000 participants covered through agreements negotiated by Teamster locals with about 5,200 employers in 13 states. All contributions for coverage are made by the employer and benefits increase the longer a participate remains in covered employment.
The IBT Did said:
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THE MEMBERS CHOOSE. Once you are Teamsters, you will decide your pension through member participation and contract ratification. The truth is that the Teamsters could not and would not ever force you into ANY pension plan. You, the members, will decide which type of retirement plan YOU want. Whether it is a Multi-Employer Defined Benefit, Defined Contribution,or some other type of plan, the choice is YOURS!
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YOU WILL NOT LOSE YOUR EXISTING PENSION. You will not lose any pension you are already vested in. Federal pension law, namely, the Employee Retirement Security Act (known as ERISA) requires that once you vest in a pension, it is yours and cannot be taken away. Your pension fund has a fiduciary duty to you to protect and preserve your pension assets and pay you according to the rules of the plan – whether or not you change union representation. The Teamsters
cannot “TAKE” your pension and put it somewhere else. You earned it and you own it!
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YOUR NEW PENSION MUST BE NEGOTIATED. We realize you are concerned about your pensions as well you should be. It is important to remember that you will never be placed into a new plan until it is negotiated with the company and you – the members vote to be put in it. Your Future, Your Pension, Your Decision.
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THERE ARE GOOD OPTIONS. When the time comes to negotiate your new pension, the Teamsters will work with you to educate you about the options. The Teamsters have hundreds of pension funds and other retirement security options for you to consider. Committees made up of rank-and-file members will be involved in this process.
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WATCH OUT FOR SNAKE OIL. The TWU and IAM like to highlight a weak Teamster pension plan and ignore all of the good plans and options. This is a lie by omission.
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IT WILL TAKE EXPERIENCE AND CAPACITY. Retirement security is a critical benefit and it will
take the experience and resources of the Teamsters to negotiate a new retirement security
benefit for you at the merged airline. No other union has the ability to do that.
HAVE A NICE IBT DAY
🙄