Iron Workers pension cuts approved; retirees to get smaller checks

[NWCorona]

Source: Cleveland

In a vote pitting current workers against retirees, the retirees in the Iron Workers Local 17 union in Cleveland lost.

Starting next week, their pension payments will shrink, some by half or more.

The Iron Workers Local 17 fund is the first pension fund to get Treasury Department approval for these kinds of cuts under congressional authority. Treasury rejected a similar request for a vote from a much larger fund, the Central States Pension Fund, after concluding its plan for post-voting survival was still risky

The size of the cuts depends on each worker. While the fund has said average cuts are about 20 percent, that includes those for workers who won't retire for years, when the fund is expected to be in better shape. The fund's current 336 retirees will see cuts of 30 percent to 60 percent, according to the Pension Rights Center, an advocacy group.

Read more: http://www.cleveland.com/nation/index.ssf/2017/01/iron_workers_pension_cuts_are.html

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I have a feeling that this will be more common in the future.

[OnlinePoker]

1. Impoverishing those who came before.

That's not the way a union is supposed to treat its members.

[dchill]

2. It's the worst kind of greed.

It's so Trumpian.

[Wellstone ruled]

3. Just the start.

Many younger Union Members are forgetting the What Where and Why they have a job. Been down this ugly road,all it takes is a small cabal of people promoting some cock a mammy idea and off the rails things go.

[Wounded Bear]

10. Actually, it's been going on for a while....

Not "just starting," it's just accelerating.

[Wellstone ruled]

11. This started in the mid Seventies.

Noticed this in 73' with the returning Vets. And today,they are the Tea Baggers. Talk about herding cats,these folks sure liked the pay check,but could give a rip about how and why they able to have a living standard above most folks in our Region.

[cloudbase]

4. I guess they don't plan

on becoming retirees themselves.

[groundloop]

5. Per article, a major reason for this is shrinking union membership

We know that union membership has been declining because of more effective measures by big business to discourage union membership. THAT is a major cause of this, fewer union members means fewer people paying into the pension system. The 1% must be loving this - seeing union members being forced into votes like this.

[raccoon]

6. Glad to send this to Greatest. nt

[hollowdweller]

7. This is why union people vote for Trump

They don't see the union as helping them so they vote on other issues.

The gov't should guarantee those salaries.

How about a small tariff on imported iron to be added to these guys retirement.

[anneboleyn]

13. I am sure Trump will get right on that...

[hollowdweller]

15. No but we should

[Drahthaardogs]

8. Ruh-roh Shaggy, you just got Trump-chumped.

Thanks for playing

[NWCorona]

9. You can never have enough Scooby-Doo references lol! Nt

[Blue Idaho]

12. Poor SOBs...

The current workers think that by fucking over current retirees they will be saving their own necks. By the time they retire they will get squat and no one will give a shit. They will have sold their souls and they won't even get 30 pieces of silver in the bargain.

[anneboleyn]

14. I thought that Trump was going to fix all of this? Sigh. Sarcasm, in case it is at all ambiguous.