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Local 355 Members Get Answers on Pension Questions

April 09, 2008

April 9, 2008: After two months of demanding more information about the pension cuts in Local 355, members are finally getting some answers. On March 1, the Local 355 plan cut the accrual rate for working members to zero. That means that members’ pensions are frozen and working Teamsters are earning zero retirement benefits for any of their hours worked since March. Last weekend, Local 355 President Denis Taylor told the membership meeting that he...

What Does the New Pension Law Mean for Your Benefits?

March 27, 2008

March 27, 2008: What’s in store for Teamster pension funds under the Pension Protection Act? Members will start to learn more this month when some Teamster plans officially enter the Yellow Zone and Red Zone. Hundreds of thousands of Teamsters will get reports this month on the funding status of their pension fund. These funding notices are required by the Pension Protection Act (PPA) of 2006 which went into effect on Jan. 1—and some of...

New England Pension Fund Plans More Cuts

March 27, 2008

March 27, 2008: The third largest pension fund in the Teamsters Union is reportedly planning new benefit cuts. Employer and union trustees at the New England Pension Fund reportedly disagree about what kinds of cuts are needed and are debating different proposals. As Convoy Dispatch goes to press, Teamster members in New England have not been informed of these developments by the fund or its union trustees. In fact a Special Notice about the Pension...

Hoffa Lies Again About ‘No Pension Cuts’

March 27, 2008

March 27, 2008: How many times have officials in the Hoffa administration sold a contract by promising—in writing—that Teamster pensions will be “maintained and possibly improved,” only to turn around and deliver pension cuts? Hundreds of thousands of Teamsters went through this routine before. Now Hoffa is at it again. In March, 8,000 DHL Teamsters received a bulletin in the mail selling a contract deal. It states: “The amount [negotiated in the deal] is sufficient...

New Jersey Local 641: Pension Act Delivers Pension Cuts

March 27, 2008

March 27, 2008: Teamsters in New Jersey Local 641 were hit with major pension and health and welfare cuts on March 10—just nine days after the Local 641 pension fund announced it was in critical status (the “Red Zone”). Effective June 1, the pension accrual will be slashed to one percent—the lowest amount allowed for plans in the Red Zone. The minimum retirement age was raised to age 57 with stiff annual reductions for pension...

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