April 9, 2015: Yesterday Teamster leaders and Central States Pension Fund director Thomas Nyhan laid out in vague terms their plan to cut the pensions of retirees and active Teamsters. A preliminary letter to all participants will be mailed out today.
No details or numbers are being revealed, but they did outline their timeline for cuts. By June or soon after, every active Teamster and retiree will receive an individualized estimate of how the proposed cuts will affect them personally.
By late summer or fall, there will be a vote of all active and retired Teamsters on the plan. It is very important that Teamsters and retirees organize now to prepare to reject the plan – we need to send a signal to help mitigate the cuts and win a better solution.
The law requires this vote and certain procedures which will take several months, so no cuts are possible until the spring of 2016.
That gives us time to organize for better solutions that do not place the full burden on slashing pensions. Retirees and Teamsters are organizing now – and the movement is spreading. To get involved, click here.
The pension fund named a Retiree Representative, Susan Mauren, which is required by law before they can go forward on their plan to cut pensions. A letter from Mauren provides her contact information. Retirees are calling on sister Mauren to meet with the retiree committees that are forming to fight the cuts, and to commission a truly independent actuarial review and audit. Members are asking about Mauren – you can read her Teamster background here.
The battle to save pensions is going forward.