The Central States Pension Trustees – employer and Teamster – have hit retirees and active Teamsters with the worst possible pension cut proposal. The Cuts It will take more time to sort out the details of the Proposed “Rescue Plan” which was submitted on September 25 to the Treasury Department, but not yet released for Teamsters to see. According to a press release from Central States: So-called “orphans” who worked for companies such as CF, Preston, etc will have their pensions slashed to 110% of the PBGC maximum. For a Teamster collecting $3000 presently, this could mean a cut down to about $1200. This is unconscionable. If you have pension credits from an “orphan” company and also credits from a surviving company, the cut will be proportionally between the two levels. UPS transfer group: UPS Teamsters who retired in 2008 or later will be protected by the “make whole” clause in the UPS contract (UPS will have to make up for pension cuts as long as that clause stays in the contract). But those who retired before 2008 will suffer cuts. Reemployment Rule. No restrictions for those already retired. For those who retire after October 1, 2015, there will be relaxed restrictions. Accrual rate for active Teamsters will be reduced for 1% of annual employer contribution to .75%. Phase-out early retirement. Between 2021 and 2025 the age for retirement without reduction of benefits will rise from 62 to 65. See also the Fund’s Summary Guide to the pension cuts. I wonder if the Central States freight, grocery, construction etc members who were Junior's strongest supporters will be yelling all across the Bally's Hotel: awful....awful...awful...awful...awful...awful like they did at the 1996, 2001, 2006 and 2011 conventions. I pretty much doubt it! ------------------------- The orphaned retirees that are currently getting $3000 a month will see a $1200 pension cut. An orphaned retire is someone who retired and the company they worked for no longer exists or stopped paying into the fund. Where are all those Hoffaites that claimed this was all TDU spin? For 10 years Hoffa refused to address this issue and was hoping that it wouldn't come until after the election next year. I wonder how the 65,000 affected active members of the fund will vote next year? Most likely not for awful!