March 3, 2015: The Central States Pension Fund and several smaller funds in the months to come may seek to cut the earned benefits of retirees and active Teamsters. Teamster members have a right to know what the procedures would be, so that we can be better armed to fight back.
A detailed outline of the procedure and timeline is available here for review by concerned members and retirees. This outline explains that the process cannot be immediate; the law provides time for review, for the publication of opposition statements, a vote by all participants (active and retired), and in the case of large funds at least 10,000 participants, the appointment of a retiree representative.
Teamsters are not sitting back and waiting for the hammer to come down – retirees and active Teamsters are organizing now to change the law that requires the full burden of the economic meltdown to fall on working and retired Teamsters.
Last weekend the Wisconsin Committee to Protect Pensions held their latest meeting, with a representative of the North East Ohio Committee to Protect Pensions on board to speak. The meeting received a strong statement of support from Congresswoman Gwen Moore of Milwaukee. We are working to build a strong list of Congresspersons and Senators ready to make changes to the unjust law.
Could your pension fund move to cut benefits? This list indicates which pension funds could consider cuts. In addition to the Central States Fund, the list includes Western Pennsylvania Teamsters Fund and a large number of small funds in the New York - New Jersey area, especially locals in declining industries.