[FONT=Verdana, Arial, Helvetica, sans-serif][SIZE=-2]The challenges facing the CSF are of such a degree that even if they could have been anticipated several years ago when the major contracts were negotiated it would have been unrealistic to expect that employer contributions alone could solve the problems without also implementing changes on the benefit side or cutting wages. As we now know, nearly every pension fund in the nation is in crisis and the government body that insures pension funds, the PBGC, is itself on the verge of bankruptcy. [/SIZE][/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif][SIZE=-2]The reality is that the pension crisis is so severe, that even new increased employer contributions would not be enough to fully reverse the changes. Indeed, putting the entire burden on increased employer contributions would lead to the bankruptcy of dozens of Teamster employers and the loss of thousands of Teamster jobs. And this would lead to lower overall contributions, which would end up canceling out the effect of the increased employer contributions. Even the current effort to increase employer contributions does not envision increases of the magnitude that would fully solve the problems or eliminate the need for some reduced benefits, because to do so could put many employers out of business and end up hurting participants. [/SIZE][/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif][SIZE=-2]Fred Gegare[/SIZE][/FONT]
[SIZE=-2][FONT=Verdana, Arial, Helvetica, sans-serif]Jerry Younger[/FONT][/SIZE]
[SIZE=-2][FONT=Verdana, Arial, Helvetica, sans-serif]George J. Westley[/FONT][/SIZE]
[SIZE=-2][FONT=Verdana, Arial, Helvetica, sans-serif]Charles A. Whobrey[/FONT][/SIZE]
[SIZE=-2][FONT=Verdana, Arial, Helvetica, sans-serif]Phillip E. Young[/FONT][/SIZE]
http://www.teamsters916.org/messages/fromTrustees.html
[FONT=Verdana, Arial, Helvetica, sans-serif][SIZE=-2]The reality is that the pension crisis is so severe, that even new increased employer contributions would not be enough to fully reverse the changes. Indeed, putting the entire burden on increased employer contributions would lead to the bankruptcy of dozens of Teamster employers and the loss of thousands of Teamster jobs. And this would lead to lower overall contributions, which would end up canceling out the effect of the increased employer contributions. Even the current effort to increase employer contributions does not envision increases of the magnitude that would fully solve the problems or eliminate the need for some reduced benefits, because to do so could put many employers out of business and end up hurting participants. [/SIZE][/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif][SIZE=-2]Fred Gegare[/SIZE][/FONT]
[SIZE=-2][FONT=Verdana, Arial, Helvetica, sans-serif]Jerry Younger[/FONT][/SIZE]
[SIZE=-2][FONT=Verdana, Arial, Helvetica, sans-serif]George J. Westley[/FONT][/SIZE]
[SIZE=-2][FONT=Verdana, Arial, Helvetica, sans-serif]Charles A. Whobrey[/FONT][/SIZE]
[SIZE=-2][FONT=Verdana, Arial, Helvetica, sans-serif]Phillip E. Young[/FONT][/SIZE]
http://www.teamsters916.org/messages/fromTrustees.html
Last edited:
