Why won't we let Teamsters Pensions fail

If I work hard all my life and put all my money in a 401K, and the market crashes and I lose all my retirement money.
Sucks to be me.

Why is it when it is Teamsters, unions, teachers/drivers etc. etc, go through the same thing,
all of a sudden it's not OK to let those pensions fail? I've never understood this.

www.freightwaves.com...

Look at these dates:

The Central States plan is in “critical and declining status” and is projected to run out of money by 2025 or sooner, leaving it unable to pay benefits to current and future retirees, according to the fund.

2025 or sooner, that is real soon folks. Their efforts have already failed once in the House (2017), with Republicans. It will be interesting, now that the dates are looming closer if it will happen again.

originally posted by: JAGStorm
If I work hard all my life and put all my money in a 401K, and the market crashes and I lose all my retirement money.
Sucks to be me.

Why is it when it is Teamsters, unions, teachers/drivers etc. etc, go through the same thing,
all of a sudden it's not OK to let those pensions fail? I've never understood this.

www.freightwaves.com...

Look at these dates:

The Central States plan is in “critical and declining status” and is projected to run out of money by 2025 or sooner, leaving it unable to pay benefits to current and future retirees, according to the fund.

2025 or sooner, that is real soon folks. Their efforts have already failed once in the House (2017), with Republicans. It will be interesting, now that the dates are looming closer if it will happen again.

They won't let it fail because the teamsters members vote...

originally posted by: Edumakated

originally posted by: JAGStorm
If I work hard all my life and put all my money in a 401K, and the market crashes and I lose all my retirement money.
Sucks to be me.

Why is it when it is Teamsters, unions, teachers/drivers etc. etc, go through the same thing,
all of a sudden it's not OK to let those pensions fail? I've never understood this.

www.freightwaves.com...

Look at these dates:

The Central States plan is in “critical and declining status” and is projected to run out of money by 2025 or sooner, leaving it unable to pay benefits to current and future retirees, according to the fund.

2025 or sooner, that is real soon folks. Their efforts have already failed once in the House (2017), with Republicans. It will be interesting, now that the dates are looming closer if it will happen again.

They won't let it fail because the teamsters members vote...

....for Democrats

a reply to: JAGStorm

I hope they never fail. I collect a pension from the teamsters local 295 from a job I had when I was in my twenties and early thirties.
Its not much but it pays for makeup and other luxuries I want in my life.

originally posted by: Sillyolme
a reply to: JAGStorm

I hope they never fail. I collect a pension from the teamsters local 295 from a job I had when I was in my twenties and early thirties.
Its not much but it pays for makeup and other luxuries I want in my life.

Well then we better make the taxpayers subsidize it so you can keep your luxuries.

originally posted by: Sillyolme
a reply to: JAGStorm

I hope they never fail. I collect a pension from the teamsters local 295 from a job I had when I was in my twenties and early thirties.
Its not much but it pays for makeup and other luxuries I want in my life.

You really shouldn't count on this. The Teamsters are infamous for being one of the most crooked unions in the country.

originally posted by: Sillyolme
a reply to: JAGStorm

I hope they never fail. I collect a pension from the teamsters local 295 from a job I had when I was in my twenties and early thirties.
Its not much but it pays for makeup and other luxuries I want in my life.

If you're not simply being facetious, then holy God almighty... you're validating the stereotype a lot of people view union schlubs as representing.

Is it that hard...a bunch of guys who are known to be violent and are good with maps?

Ok poor taste joke unfortunately...but it's hard when you made obligations often in exchange for salary.

I guess because somehow if you're white collar and managed to save for yourself and your retirement savings get blown up and wiped out by the market or something, then no one cares about you because you were rich and therefore privileged and less deserving then the blue collar schlub.

It doesn't matter that most white collar folks work as hard at their jobs.

a reply to: JAGStorm

It's the same idiocy that left taxpayers holding the bag for Freddi Mac and Fannie May... www.marketwatch.com... Congress essentially holds a loose conservatorship over the fund's administration thanks to how corrupt and criminal it's management was in days past. As a result of that, Congress takes some measure of responsibility and that whole "Debts of the government shall not be questioned" GARBAGE that was bizarrely and improperly tacked onto the 14th Amendment is to blame for it all. It's why we need to keep government as miniscule as possible, because anything the idiots touch turns to crap and, thanks to the 14th, then falls on We the People's shoulders to make whole again.

In O8, my 401k tanked. That's why I'm Union now. Never again.

Union proud, Union strong. imo the American workers need more unions to represent them in the workplace, not less.

originally posted by: olaru12
In O8, my 401k tanked. That's why I'm Union now. Never again.

Union proud, Union strong. imo the American workers need more unions to represent them in the workplace, not less.

Get ready to go through it again... well maybe.

originally posted by: olaru12
In O8, my 401k tanked. That's why I'm Union now. Never again.

Union proud, Union strong. imo the American workers need more unions to represent them in the workplace, not less.

Political posturing on anti-union sentiments by me aside for a moment, I think all but the most brainwashed union apologists have to admit the Teamsters union did themselves zero favors, financially or image wise, with their historical incestuous relationship with organized crime, well heeled upper union chiefs, and often violent public tantrums when things didn't go exactly the way they demanded it.

a reply to: Edumakated

Yeah, they vote....and when they had a chance to vote on making corrections to their pension plan, they voted to keep the status quo....IOW they kicked the can down the road.

We should NOT bail them out.

They let the City of Detroit go bankrupt, and let other cities stay afloat to fail another day, IE Chicago.

I am a member of the International Union of Elevator Constructors union ( IUEC) and have been for the last 32 years.

We paying dues to that union that go to people negotiating our wages and benefits. And I can tell, it is probably one of the best benefits and pay packages of all the blue collar trades.

For every hour that is worked, x amount goes towards health, pension, education and annuity. When I retire in a few years, my pension will equal or even be more than if I am working. If I wait till I am older to retire, the money is even more. This does not include medicare or social security, which I will collect also.

Our financial outlook looks great far into the future considering my pension. This is due to smart investing and great negotiations of our union.

The teamsters are failing due to concessions and poorly ran funds . That is their fault. Not the public's fault.

a reply to: Groot

The teamsters are failing due to concessions and poorly ran funds . That is their fault. Not the public's fault.

EXACTLY!

a reply to: burdman30ott6

I'm not a teamster but work closely with plenty of teamsters thru IATSE and they are a rough bunch.

One of the first important lessons I learned when working in the biz is mind your own business, stay in your own department, and don't ***k with the teamsters. Without my union, I would have no retirement, or health plan. Also a proud member of SAG/AFTRA I consider both my union dues money well spent.

originally posted by: olaru12
a reply to: burdman30ott6

I'm not a teamster but work closely with plenty of teamsters thru IATSE and they are a rough bunch.

One of the first important lessons I learned when working in the biz is mind your own business, stay in your own department, and don't ***k with the teamsters.

Definitely want the teamsters on your side, lol.

originally posted by: JAGStorm
a reply to: Groot

The teamsters are failing due to concessions and poorly ran funds . That is their fault. Not the public's fault.

EXACTLY!

What happens to the union money if we go into another great depression? It will all be gone just like all the banking acounts of that time.

originally posted by: olaru12
In O8, my 401k tanked. That's why I'm Union now. Never again.

Union proud, Union strong. imo the American workers need more unions to represent them in the workplace, not less.

So , let me get this straight.
You are proud to give your money (union dues) to folks that take that and...
1) Pay themselves
2) Donate to the Democrats (i.e. pay them off)

Whats left ?
Next to nothing

What could they do with your union dues ?
Set up a shortfall for just such occasions

But , people don't think....

Shop Steward for 16 years in a major union (back in the day when being a union member really meant something))