Teamster pension activists from the Twin Cities met recently with Congressman Keith Ellison (D-MN). They reported having a very fruitful discussion.Read more
Teamsters who work at ABC Supply have been on strike six weeks at four locations in the Boston area – to defend their right to maintain a pension plan. ABC Supply is a national corporation supplying roofing, siding and other building materials – and is owned by a union-busting billionaire.Read more
Following the May 6 decision of the Treasury Department to reject the Central States Fund’s application for pension cuts, the Fund Trustees immediately considered a new plan for more drastic cuts and also a proposal to sue the Treasury Department.Read more
Thomas Nyhan, the Director of the Central States Pension Plan, says the fund will not resubmit a revised proposal to the Treasury Department, because the cuts would have to be too deep.Read more
May 20, 2015: Nearly 400,000 Teamsters and retirees are threatened with pension cuts. How Hoffa helped put the hit on their retirement.
Nearly 400,000 Teamsters and retirees in the Central States Pension Plan are threatened with the worst pension cuts in Teamster history. So are thousands more in some local plans in New York, New Jersey and Western Pennsylvania.
- Sign the Petition to demand an independent audit of the Central States Fund. Teamsters deserve an independent audit and review of alternative plans before the Central States cuts are imposed.
- Support upcoming Congressional legislation that offers alternatives for strengthening pension funds that go beyond slashing the pensions we earned.
- Build the Movement to Vote No & Reject the Pension Cuts. Help mobilize Teamsters and retirees to Vote No to reject the cuts in the Central States balloting this fall.
- Make your voice heard. Contact TDU to find out how you can help get information to retirees and working Teamsters in your area.
May 20, 2015: Sometime this summer nearly 400,000 Teamsters and retirees will be mailed a ballot, asking them to approve cutting their own pension.
That vote is our voice. Use it to Vote No to demand improvements in the Central States pension cut plan.
May 20, 2015: Hoffa’s newest International Trustee hires a boss to help run the Teamsters’ biggest local.
Local 237 represents over 10,000 Teamsters at the New York City Housing Authority. So why would the local hire a NYCHA boss to a union post?
May 15, 2015: The 2014 financial report on the Central States Pension Fund shows that the fund’s money manager – Northern Trust -- performed rather poorly last year, causing the fund to get a sub-par return of 6.86% on investments. The fund’s assets declined to $17.9 billion.
Despite losses in 2014, the fund still has net growth over the past six years, since the end of 2008 when the fund had $17.3 billion in assets. It was during the 2008 financial meltdown, caused in large part by Goldman Sachs, that the fund lost $9.5 billion. Goldman Sachs was managing most of the Central States assets at that time.
The Hidden Truth
The 2014 Special Counsel Report details at length many of the fund’s problems and its policies, but in 24 pages it fails to mention one word about the biggest disaster inflicted on the fund: the Hoffa-Hall deal to let UPS pull out of the fund.
These simple facts illustrate the magnitude of that disaster: The financial and analytical report on page 3 projects employer contributions of $635 million for 2015. But if UPS were still contributing to the fund, it would contribute an additional $800 million, more than doubling the income! (This assumes that UPS would be contributing at the same rate as ABF, $342 per week. $342 x 52 x 45,000 = $800.3 million.)
This single disaster, costing the fund $800 million per year over shadows any other problem the fund has experienced.
Unfortunately, the Hoffa-Hall administration is continuing to undermine the fund. The report details on page 20 the attempt by the Kroger Co and the IBT let Kroger pull-out of the Fund without even paying the withdrawal liability, and the fund’s refusal to accept this sell-out deal.
The 2014 financial report was yesterday turned over to the attorney for TDU members who previously sued the fund to make information available to members.