I appreciate your research and comments regarding the multiemployer pension fund problem. I am part of the Central States fund which as you know is going broke in 2025. My situation is a bit different than some others as I worked and retired from UPS. UPS bought out their liabilities to Central States in late 2007 thus stranding around 8000 former UPS employees in the now doomed Central States fund. The 6.5 billion dollars spent by UPS and given to Central States was more or less lost during the 2008-2009 financial crises. I think the politicians ( both sides ) will kick the can down the road until the 400,000 members of Central States actually lose all benefits. Thanks again for your work.
My hard-working Father is a Teamster retiree in Trucking Employees of North Jersey Pension Fund (TENJ). They got a letter last week stating their fund is insolvent as of April 2021. If it goes insolvent with no government relief, the pension payout goes from $2500 Per month to just $830 once taken over by the benefit guarantee corporation. How can retired families who dedicated their lives and careers to the trucking company/union/country be left like this after paying into their pensions all these years (25+ years)? It is heartbreaking for all families involved. They do not deserve to be left with nothing in their retirement when they did everything the RIGHT WAY. We need pressure on Congress to include much needed relief to MultiEmployer pensions in the NEXT relief/stimulus bill! Please keep writing about this issue as we pressure out so-called congressional representatives. This is heartbreaking for thousands of families across our great nation.
Just as a life insurance policy has a specific payout for a certain premium, multi-employer pensions had a certain amount of protection for the requested premium. We need to bail it out up to the Insurance policy promised protected amount (not the employer promised amount).
I appreciate your research and comments regarding the multiemployer pension fund problem. I am part of the Central States fund which as you know is going broke in 2025. My situation is a bit different than some others as I worked and retired from UPS. UPS bought out their liabilities to Central States in late 2007 thus stranding around 8000 former UPS employees in the now doomed Central States fund. The 6.5 billion dollars spent by UPS and given to Central States was more or less lost during the 2008-2009 financial crises. I think the politicians ( both sides ) will kick the can down the road until the 400,000 members of Central States actually lose all benefits. Thanks again for your work.
My hard-working Father is a Teamster retiree in Trucking Employees of North Jersey Pension Fund (TENJ). They got a letter last week stating their fund is insolvent as of April 2021. If it goes insolvent with no government relief, the pension payout goes from $2500 Per month to just $830 once taken over by the benefit guarantee corporation. How can retired families who dedicated their lives and careers to the trucking company/union/country be left like this after paying into their pensions all these years (25+ years)? It is heartbreaking for all families involved. They do not deserve to be left with nothing in their retirement when they did everything the RIGHT WAY. We need pressure on Congress to include much needed relief to MultiEmployer pensions in the NEXT relief/stimulus bill! Please keep writing about this issue as we pressure out so-called congressional representatives. This is heartbreaking for thousands of families across our great nation.
The problem with Socialism, Jane, is that one day you run out of other people’s money.
I am appalled with the idea of even higher taxes to transfer wealth to any member of a public sector union. Their unions failed them, not me.
Just as a life insurance policy has a specific payout for a certain premium, multi-employer pensions had a certain amount of protection for the requested premium. We need to bail it out up to the Insurance policy promised protected amount (not the employer promised amount).