New England Teamsters’ Pension Fund $5.1B Underfunded

The New England Teamsters’ pension fund is $5.1 billion dollars underfunded, according to the Boston Globe. The New England Teamsters’ pension plan covers more than 72,000 truck drivers and warehouse workers represented by the New England Teamsters Union across many employers. Only one other United States multi-employer pension plan is more underfunded than the New England…
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Eleven Pension Plans Seek to Cut Retiree Benefits

Eleven pension plans seek to cut retiree benefits because the plans are underfunded. If all eleven cut requests are approved, about 27,000 active workers and retirees could see a dip in their pension benefits by as much as 50%. The pending requests are from: Ironworkers Local 16 Pension Fund Ironworkers Local 805 Pension & Retirement Plan; Local 807…
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Ohio Statehouse Rally to Save Pensions

Ten thousand union workers and retirees assembled on the grounds of the Ohio State Capitol today to protest potential cuts to the underfunded pensions of some 1.5 million people. They hoped to tell how cuts to their multiemployer pension plan benefits would devastate their lives and make it difficult to pay for their homes and medical costs. Members of…
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Facebook Cafeteria Employees “Win” a Pension Plan

Cafeteria workers (who are not Facebook employees) at Facebook’s Menlo Park, California headquarters just ratified their first collective bargaining agreement. In a strange U-turn from current trends, the workers replaced their 401(k) plan with the union’s defined benefit pension plan. Defined benefit pension plans, once the crux of generous union benefit packages, have been decreasing…
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Ohio Construction Company Cleared of $5M Pension Liability Claim

Stevens Engineers & Constructors, Inc. doesn’t owe withdrawal liability to the Iron Workers Local 17 Pension Fund because the work identified by the union did not fall with the jurisdiction of their previous collective bargaining agreement. The decision is a blow for the distressed Iron Workers pension fund, which is severely underfunded with a deficit…
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“A LOT OF GOOD REASONS TO JOIN THE TEAMSTERS” – MORE PROPAGANDA THAN PROOF

The Teamsters gathered in Detroit, Michigan to discuss how to educate workers about the value of their union membership. Detroit is home of the United Autoworkers union. Michigan is a Right to Work state. This was not a joint meeting or phony public relations stunt, either, which made choosing Detroit even more odd. No other…
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