January 20, 2011: The Central States Pension Fund will totally eliminate retirement before age 57, effective July 1.
A Central States bulletin, which will issue soon, states that “No participants, including those covered by a collective bargaining agreement under the "Primary Schedule" of the rehabilitation plan, will be allowed to retire prior to achieving age 57” [unless they retire before July 1, 2011].
Most Teamsters want to work past age 57, but this change will be disastrous for those forced to retire due to layoffs, company closures or for medical reasons. The human cost for those Teamsters and their families will be enormous.
In addition, the Central States Fund has announced that freight and carhaul employers, and others in the top pension fund bracket (class 18), will be exempt from the requirement of raising contributions by 8% per year. The cap on required employer contributions means that the union does not have to negotiate 8% per year contribution hikes for any employer in the highest benefit bracket.