In our three most recent trips to D.C., we’ve discussed the Banking Proposal to lawmakers to help better fund our ailing retirement plans. This proposal calls for our collective group of multiemployer pension members to start its own special purpose credit union, profits of which, will help fund our plan’s operating deficits and shortfalls. On June 16th, 2017 – attorney, Mike Dardzinski discussed our proposal during a stakeholders meeting in Washington, D.C.
UPS has introduced its proposal calling for benefit cuts up to 20% in conjunction with low interest loans from the U.S. Treasury. The IBT has also introduced its proposal, but initial vetting has produced unfavorable results.
The Banking Proposal and Funding Assurance Plan, will be posted here next week.
New York State Teamsters Pension Town Hall meeting June 14th, Albany N.Y.
New York State Teamsters members are questioning why their pension plans are going insolvent, even after adopting rehabilitation plans in 2010 which required significant take-home wage deferrals and extended required years of service.
Many of the members work for fortune 500 company, United Parcel Service (UPS), the largest contributing employer in the New York State Teamsters Pension Fund.
Broken retirement promises, discussed with D.C. lawmakers in our most recent trip to Washington in June