July 1, 2010: Teamster members are paying a high price for the pension concessions negotiated by the Hoffa administration.
UPS was making record profits of more than $6 billion a year when Hoffa let Brown pull out of Central States and gave UPS Freight a free pass on paying Teamster benefits.
A Teamster Voice report on the Teamster Pension Divide reveals how these givebacks are saving the company billions, but Teamster members are paying the cost.
- Nearly 50,000 UPSers are now locked into a substandard pension.
- Central States possibly faces insolvency within ten to 15 years.
- YRC has been allowed to stop pension contributions—and freight Teamsters are being kept in the dark about if and how their pension contributions will resume.
We need a new direction and union action to save strong Teamster pensions.
Months ago, the GEB was supposed to vote to hold a march on Washington of Teamsters, labor allies and other groups concerned about the Wall Street assault on defined benefit pension plans.
Hoffa put that vote on the back burner. Once again, it was all talk and no action.
Congress will be taking up pension legislation soon. It’s now or never to launch a real campaign to put pressure on lawmakers to pass the pension reform we need.