James Hoffa has given up on protecting Teamster pensions, but not his own millionaire retirement plan. In 2014 the IBT put $65,004 of your dues money into Hoffa’s pension.
You read that right, Hoffa got $65,004 paid into his pension in just one year. It would take a YRC Teamster over 17 years to earn in pension contributions what members paid Hoffa last year alone.
Hoffa’s been in office going on 16 years, so do the math. He’s taken in a million bucks in pension contributions and could retire today with a lump-sum payment of over $2 million—plus free family health care for life.
Hoffa’s retirement windfall comes courtesy of the Retirement and Family Protection Plan, an exclusive fund reserved only for International Union officers and the International staff.
Last year the IBT put $16 million into the Family Plan to make sure those lump sum payouts are funded and fully-protected.
When union officers look after themselves, instead of Teamster members and unorganized workers, it’s time for them to go.
With the millions in dues money they will take with them into retirement, there will be no reason to feel sorry for them.