February 26, 2010: Teamsters are worried about our pensions.
New legislation could help save our benefits. But it won’t be won without strong union action.
Special Pension Coverage• Teamsters, YRC Team Up on Pension Legislation
• Central States Status Update
Wall Street banks got their bailout and are back to making record profits. But Teamster pensions are still reeling from the hurt these banks put on the stock market, the economy, and on our benefit funds.
Our union has a chance to strengthen our benefits now and for the future. It’s time to act.
Legislation has been introduced in Congress that would strengthen union benefits. Under House Bill 3936, the Pension Benefit Guarantee Corporation (PBGC) would help finance the pensions of retirees whose companies have gone out of business.
The International Union supports this legislation and is saying the right things on the Teamster website. But it’s time to move from talk to action.
Pension security legislation won’t be free. Politicians will only pass it if they are pressured to do so. And, there is the possibility that other legislation will be put forward, which would cut the pensions of so-called “orphan” retirees whose former employers are out of business. We need to be prepared to fight.
More than ten million Americans are covered by multi-employer pension plans.
The base of support is there to build a coalition for workers’ retirement security. But that base needs to be mobilized.
Teamsters Can Take the Lead
Our union can take the lead in this fight and join forces with other unions, pension funds, AARP, and other allies.
If necessary, we need to be ready to march on Washington.
The Hoffa administration has delivered the worst pension cuts in Teamster history. Teamster members and retirees have paid the price.
It’s time for the International Union to take action to fight for the future of our pensions. Working Teamsters need to be ready to do our part.
Retirement security is a fight that can be won. But not if we sit on the sidelines.
What do you think? Click here to contact TDU's rank-and-file pension network.