Local Teamsters decry potential pension cuts
Source: Bismarck Tribune
Teamsters from North Dakota traveled to Minneapolis on Monday to voice concerns about a potential 50 percent cut to their pension plans.
On Sept. 25, the Central States Pension Fund, which benefits a number of Teamsters in North Dakota as well as other states, filed an application with the U.S. Department of the Treasury for a rescue plan under the Multi-employer Pension Reform Act of 2014.
Tony Goetzfried, 70, of Mandan, started driving trucks and served as the local Teamsters business agent for 20 years. He said the plan was lucrative and had a lot of money for years.
Well, things changed, he said. Consequently, were not completely sound.
Read more: http://bismarcktribune.com/business/local/local-teamsters-decry-potential-pension-cuts/article_e5e66f3f-9bf2-55de-8c3e-d0e0fc714d3f.html
This is not limited to ND Teamsters.
SheilaT
(23,156 posts)and cut by a lot.
I'm getting a third of what I should be getting, because the company I used to work for declared bankruptcy -- and stayed in business afterwards -- and so were able to get out from underneath their pension obligation. My pension now comes from the Pension Benefit Guaranty Corporation.
There is a bit of a myth out there that defined benefit pensions are sacred and never diminish. If only that were true.
Wellstone ruled
(34,661 posts)Company did a BK and transfered the assets to a prearranged entity and did a Chapter 11 and after 6 months did a Chapter 7. We levied on the Building and equipment and after ten years,we did receive a final settlement with anyone owed wages or other monetary claims were paid at ten percent of face value. Money owing to our Pension was recovered at face because of our lien on their land and equipment. What is sad is a few are paid Pensions backed by annuities,the rest just had their pay outs cut by forty percent effective January first.
Like you said,defined Pensions are not cast in stone. Once the politicians changed the investment rules,all bets were off. But hey,the Brokers got their cuts.
SheilaT
(23,156 posts)This was a job I had some years back, left shortly after I was vested, and never assumed any pension would amount to much. I'm very grateful that I always underestimated the amount I'd collect, and so it was never a significant factor in my retirement planning. But a lot of other people, at that company and many others, worked for thirty years, assumed the promised pension would be there, and made plans based on that. And then to have it just yanked away.
This is among the reasons Social Security needs to be protected at all cost.
Wellstone ruled
(34,661 posts)Only receive a third of what I would have qualified for with time and age. Like you,we ended up really good through luck and a planning. Had it not been for a Company IPO,for myself and for my Spouse,probably would be crap ville .
That is why Social Security has to be maintained and increased as well as Medicare and Medicaid. Know way to many folks who are struggling or have lost it all. And to think,the Rethugs call them takers. Tell me how a couple can live on less than two hundred dollars a month for food,or Meds.