Many pension funds have struggled as fewer workers pay in and older workers retire, threatening retirement holdings. Pensions have grappled with cutting payments or increasing employee contributions. Multi-employer funds, such as Central States, also have the added burden of looking after so-called orphan retirees from bankrupt member companies.
I can't tell you how many trucking companies I've seen go out of business in the last 25 years, plus the former companies who were bought out by bigger fish - Rodeway/Fedex springs to mind.
So the companies went belly up and the retirement payments evaporated with them. Legally the Teamsters Central States were on the hook for payments, but apparently their money management skills left them $36 billion short in a pinch.
This can happen to any of us union or not; company crashes, pension disappeared. Workers need to have a plan B that they personally control.
This senile shit and/or his handlers are wildly inconsistent. Why force an end to the rail strike, denying workers fucking paid sick days of all petty things, while giving 36 BILLION to a corrupt union?
So, you have older union member retiring with gold plated pension obligations and new non-union employees telling the unions to fuck off with their dues, well, you get a severely upside down funding model, and those funds evaporate like water on a hot plate.
I like you.
But it's not just union pensions, it's everybody. What happens when Uber and Doordash leave a goodbye note on the front door? These VC funded short term fly-by-nights are going to leave a lot of people shocked when their web pages disappear and there's nobody to sign the payroll checks. Plundering pension planning version 2.0.
The salient point to the story worth remembering,
I can't tell you how many trucking companies I've seen go out of business in the last 25 years, plus the former companies who were bought out by bigger fish - Rodeway/Fedex springs to mind.
So the companies went belly up and the retirement payments evaporated with them. Legally the Teamsters Central States were on the hook for payments, but apparently their money management skills left them $36 billion short in a pinch.
This can happen to any of us union or not; company crashes, pension disappeared. Workers need to have a plan B that they personally control.
Most of my friends a few years younger than me literally don't know what those are, I had to explain them.
Ironic how my union used to be considered Republican. Then again they had Hoffa as a leader, so I guess they always sided with criminals.
At least the criminals they sided with back then used to be a little cooler.
This senile shit and/or his handlers are wildly inconsistent. Why force an end to the rail strike, denying workers fucking paid sick days of all petty things, while giving 36 BILLION to a corrupt union?
I like you.
But it's not just union pensions, it's everybody. What happens when Uber and Doordash leave a goodbye note on the front door? These VC funded short term fly-by-nights are going to leave a lot of people shocked when their web pages disappear and there's nobody to sign the payroll checks. Plundering pension planning version 2.0.