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YRC Pension Withdrawal Hurts Funds

September 11, 2009
September 11, 2009: YRC is saving $40 million per month by not paying into any Teamster pension fund on its 35,000 Teamster employees. This concession is aimed at keeping YRC afloat, and its hard-working drivers, dockhands, mechanics and office workers on the job. But that same saving for YRC means a $500 million annual deficit in payments to Teamster pension funds. Some, like the Western Conference Fund, can absorb the loss because of a good...

Central States: Assets at $17.5 Billion; New Reemployment Rule

September 11, 2009
September 11, 2009: A review of the second quarter Financial and Analytical Report of the Central States Pension Fund shows that assets are up, but its problems continue. Central States has also slightly amended its ‘reemployment’ rule which will help some over-65 retirees. As of June 30, CSPF assets stood at $17.5 billion, almost exactly the same as the $17.4 billion in assets at the start of 2009. The fund made 15.0 percent on its...

Baltimore Fund Cuts Early Retirement

September 11, 2009
September 11, 2009: Baltimore pension trustees have made drastic cuts to early retirement benefits for freight and carhaul Teamsters. Now many are facing more years on the job than they ever expected. On Aug. 4., the Local 557 Pension Fund announced drastic cuts for Teamsters taking early retirement after Sept. 4. (The Teamsters are members of Local 355, but they kept their own pension fund after their locals merged.) Before the cuts, members with 30...

Central States Fund Assets at $17.5 Billion

August 21, 2009
August 24, 2009: A review of the second quarter Financial and Analytical Report of the Central States Pension Fund shows that its assets are up, but that the Fund has lost 105,000 participants since Hoffa took office. Central States has also slightly amended its ‘reemployment’ rule which will help some over-65 retirees. Financial Report As of June 30, CSPF assets stood at $17.5 billion, almost exactly the same as the $17.4 billion in assets at...

Hoffa-Keegel Threaten Pay Cuts, Layoffs

August 03, 2009
August 3, 2009: Employer demands for pay cuts and for employees to pay part of health premiums are pretty common these days, but we don’t expect them from the top officers of our union. But James Hoffa and IBT secretary treasurer Tom Keegel are demanding such concessions – and more – from the employees of the International Union. On July 31, Hoffa-Keegel used a new tactic: they sent dozens of letters informing employees that they...
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