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Teamsters pension cut
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<blockquote data-quote="Mugarolla" data-source="post: 2680040" data-attributes="member: 8481"><p>No wonder the pension fund went bankrupt.</p><p></p><p><strong><em>Yellow Roadway was allowed to skip its pension contributions for 18 months. When the company started paying again, it was at 25% of the previous rate. </em></strong></p><p></p><p>And then there is people like this guy.</p><p></p><p><em>Milton Acosta, 75, was a dockworker in Local 707. He retired at age 62, figuring his union pension of $2,300, coupled with his Social Security, would keep him and his wife afloat.</em></p><p><em></em></p><p><em>Now his pension is $760 a month after taxes, he said.</em></p><p><em></em></p><p><em><strong>“I pay $13,000 a year in property taxes alone. My mortgage is $2,300 a month,” Acosta said.</strong></em></p><p></p><p>Yet this guy decided to retire.</p><p></p><p>While it may be too late for 707 and possibly a few others, I am hopeful for some of the other funds now that the stock market has eclipsed 20,000 and the future looks good, for the time being.</p></blockquote><p></p>
[QUOTE="Mugarolla, post: 2680040, member: 8481"] No wonder the pension fund went bankrupt. [B][I]Yellow Roadway was allowed to skip its pension contributions for 18 months. When the company started paying again, it was at 25% of the previous rate. [/I][/B] And then there is people like this guy. [I]Milton Acosta, 75, was a dockworker in Local 707. He retired at age 62, figuring his union pension of $2,300, coupled with his Social Security, would keep him and his wife afloat. Now his pension is $760 a month after taxes, he said. [B]“I pay $13,000 a year in property taxes alone. My mortgage is $2,300 a month,” Acosta said.[/B][/I] Yet this guy decided to retire. While it may be too late for 707 and possibly a few others, I am hopeful for some of the other funds now that the stock market has eclipsed 20,000 and the future looks good, for the time being. [I][/I] [/QUOTE]
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