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Teamsters face 31 percent pension cut
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<blockquote data-quote="Catatonic" data-source="post: 2704656" data-attributes="member: 7966"><p>I'd say based on this post, you are not aware of how the pension funds got into the shape it is in.</p><p></p><p></p><p>Agree</p><p></p><p>The problem of the Multi-employer pension funds is driven primarily by the deregulation of the trucking industry.</p><p>There are more workers in the trucking industry today than there ever was ... the problem is, they are mostly non-Union and therefore, not paying into the Multi-employer pension funds.</p><p></p><p>Yes, pensions are a form of a Ponzi scheme but only to the extent that the investments of existing funds does not meet minimum goals such as what happened in the 2008-2009 recession/depression.</p><p></p><p>The 401k has been the saviour of employees that move from one company to another in deregulated industries just as the Multi-employer plan was great for Teamsters that moved from one company to another within a regulated, stable industry.</p><p></p><p>As usual, laws passed by the US Central Government (in this case during Jimmy Carter's administration) have unintended consequences. I think Trump is running across this phenomena as he and the Repubs try to implement new policies. Just like at UPS, it's always easier to add than it is to take away.</p></blockquote><p></p>
[QUOTE="Catatonic, post: 2704656, member: 7966"] I'd say based on this post, you are not aware of how the pension funds got into the shape it is in. Agree The problem of the Multi-employer pension funds is driven primarily by the deregulation of the trucking industry. There are more workers in the trucking industry today than there ever was ... the problem is, they are mostly non-Union and therefore, not paying into the Multi-employer pension funds. Yes, pensions are a form of a Ponzi scheme but only to the extent that the investments of existing funds does not meet minimum goals such as what happened in the 2008-2009 recession/depression. The 401k has been the saviour of employees that move from one company to another in deregulated industries just as the Multi-employer plan was great for Teamsters that moved from one company to another within a regulated, stable industry. As usual, laws passed by the US Central Government (in this case during Jimmy Carter's administration) have unintended consequences. I think Trump is running across this phenomena as he and the Repubs try to implement new policies. Just like at UPS, it's always easier to add than it is to take away. [/QUOTE]
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Teamsters face 31 percent pension cut
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