Pensions & Benefits

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Pension Cuts Take A Human Toll

March 16, 2006: When the Central States Pension Fund trustees, led by chairman Fred Gegare, made drastic cuts two years ago, Teamsters knew their futures were not as secure as they once assumed. Those close to retirement paid the most attention, and took the lead in the Teamster fightback. These Teamsters thought they were set after nearly 30 years of hard work and couldn’t imagine top Teamster officials joining with the companies in such an...

Central States Funds Change Benefits

December 6, 2005: Teamster and employer trustees of the Central States Funds agreed to changes in benefits to keep the overburdened multi-employer pension fund from collapsing, a Teamsters faction reported. The dissident group Teamsters for a Democratic Union, in a Dec. 1 Web posting, blasted the agreement as a disservice to union members and called for firing the Teamster trustees. "In exchange for an IRS extension of the period allowing for amortizing the fund's unfunded...

Hoffa Adopts TDU Position on Pension Law

December 5, 2005: For nearly a year, the Hoffa administration has been lobbying for legislation that would allow Teamster benefit plans to cut members’ previously guaranteed pension benefits—and even to cut the pensions of Teamsters who have already retired. Teamsters for a Democratic Union has fought this legislative attack on our pension security. Now at the 11th hour, James Hoffa has reversed himself and adopted TDU’s position—coming out against the so-called Red Zone Amendment. Since...

IBT Needs Plan for Countering Employer Attacks on Benefits

December 5, 2005: Employers across North America are attacking the pension and medical benefits of working Americans. Union and non-union workers are being hit with larger co-pays, cuts in benefits, or worse. Our union needs a clear plan of action for protecting and improving benefits for all Teamsters. The employers have a plan. Our union leadership doesn’t. That’s why we are being pushed backward now. Local Unions — and many benefit plans are local, or...

Central States Fund Trustees Keep Pension and Health Care Cuts In Place

December 5, 2005: Hoffa’s PR Man dismisses the impact of the trustees’ actions: “Leebove said the changes at Central States and other pension funds should not be looked at as benefit cuts, since no accrued benefits were lost. Instead, he said, they represented reductions in future accruals that were designed to ensure the trusts are financially solvent for years to come."–Bureau of National Affairs November 9, 2005 The Union Trustees of the Central States Pension...
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