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Broken Retirement Promises: Teamsters in New York need answers.

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Teamster’s Alliance for Pension Protection (TAPP) commissions a forensic investigation of the failing New York State Teamsters Pension.

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The Big Banks get bailouts, workers get ZERO

A combination photograph showing, clockwise from upper left, John J. Mack, chairman of Morgan Stanley, Brian T. Moynihan, president and chief executive officer of Bank of America Corporation, James "Jamie" Dimon, chairman, president and chief executive officer of JPMorgan Chase & Co, and Lloyd C. Blankfein, chairman and chief executive officer of the Goldman Sachs Group Inc. created on Tuesday, Jan. 12, 2010. Mack, Moynihan,Dimon and Blankfein will headline the inaugural hearing of a congressional panel investigating Wall Street's financial crisis in Washington D.C. on Wednesday, January 13, 2010. Photographers: Brendan Smialowski, Jim R. Bounds, Ramin Talaie, Hannelore Foerster/Bloomberg via Getty Images
A combination photograph showing, clockwise from upper left, John J. Mack, chairman of Morgan Stanley, Brian T. Moynihan, president and chief executive officer of Bank of America Corporation, James “Jamie” Dimon, chairman, president and chief executive officer of JPMorgan Chase & Co, and Lloyd C. Blankfein, chairman and chief executive officer of the Goldman Sachs Group Inc. created on Tuesday, Jan. 12, 2010. Mack, Moynihan,Dimon and Blankfein will headline the inaugural hearing of a congressional panel investigating Wall Street’s financial crisis in Washington D.C. on Wednesday, January 13, 2010. Photographers: Brendan Smialowski, Jim R. Bounds, Ramin Talaie, Hannelore Foerster/Bloomberg via Getty Images

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Big Bankers receive, “Get Out of Jail Free” card

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Support: Keep Our Pension Promises Act. – Rep. Kaptur, Marcy [D-OH-9], Bernie Sanders [D-VT]

https://www.congress.gov/bill/114th-congress/house-bill/2844

Make your voice heard…contact your senator(s) today.
  • Senator Kristen Gillibrand:download (1)

https://www.gillibrand.senate.gov/contact


  • Senator Chuck Schumer:images (4)

https://www.schumer.senate.gov/contact/email-chuck

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3 thoughts on “Home”

  1. i gave up 1.60 in pay raises to the fund it was forced down our throats a plan they knew would not worked. i was cut close to 5000.00 a year when i retired because i wasnt 55 years old now they are gonna slash my pension 31percent it just is not fair how they are doing the cutting. im all for saving the fund but they have ask me and my wife too shoulder to much of the burden. talk about unfair

    1. Ed, all ups folks are getting screwed. We give 76 percent into the fund and then we get back pennies on the dollar when we retire.the orphans and retirees from companies like yrc who give nothing or 20 percent of what you did get the same payout you do.what a crock of shot,the cuts should be commensurate to what you and your company put into the fund in your name.

  2. HISTORY OF CUTS
    New York State Teamsters Pension Fund
    Benefit cuts and reductions – historical snapshot.

    2004 – The trustees reduce accrual rate (pension multiplier) from 2.6% to 1.3%. This immediately reduced active workers benefit bearing calculations to 50% of what they had been.

    2011 – NYSTPF enacts rehabilitation plan under PPA 2006 guidelines. Unlike all other troubled pension plans in the US which simply increased age requirements across the board , the NY Fund adopted “alternative schedules” which treated work groups differently based on economics of employers, age of workers and classifications. UPS FTers went into schedule E. Age requirement became 55. UPS PTers were elected into schedule B which had an age requirement of 62.

    Very high contributions and low accrual rates (.5%) are the benchmark of schedule E. Currently ~$30,000 is contributed on each Full Timers behalf, with only ~ $99.00 per month benefit bearing.
    UPS did not pay any surcharges to comply with needed rate increases. Instead, workers saw $1.60 deferred from their take home pay.

    2012 – Trustees determine that the rehabilitation will not work in the 10 year rehabilitation period. Contribution increases are further hiked for schedule E participants and others. Workers are notified that an additional $.35 will need to be taken from their GWI in the 2018 contract year to meet needed funding under revised schedule. This will total $1.95 in wage deferrals for UPS workers only.

    SUMMARY:

    An active UPS employee which experienced the above mentioned timeline of reductions have seen on average a $1000.00 per month reduction in future pension payments from original projections dated prior to 2004. Wage deferrals from 2010-2016 are over $22,000 dollars per full-time member to date. These lost benefits are not temporary cuts, they are for the life of the participant and/or surviving spouse.

    With the elimination of the “30 and out at any age” language, most workers will need to spend an additional 7 years in the workforce beyond original projections (pre-2004).

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