Are they collecting Social Security on top of their pensions? I’ll bet most of them are, so I don’t feel to sorry for them, although I’m sure it’s a blow.
FReep Mail me if you want on, or off, this Wisconsin interest ping list.
They earned and paid for both their pension and Social Security. So they should get both. Every penny.
The question is how did the Teamsters fail to preserve the capital needed to honor the known pension benefits. I doubt the pensioners had anything to say about those decisions.
If they paid into both, why shouldn't they draw from both? Would you feel the same about someone who paid into SS but also invested in a 401k type plan that was reduced by a stock market crash? You know damn well the Union Officials aren't seeing any reduced payouts.
I do, you work your entire life based on a contractual agreement between you and your employer that you will receive "x" dollars per year once you retire and now they're going to cut it...
That's no different from me agreeing to hire you at $5,000 per month then at the end of the month telling you that I can only afford to pay you $2,000........
I'm receiving a promised pension from my previous employer as well as social security and I planned my retirement years based on those promises to pay.
Should my prior employer reduce or terminate my pension, ( which is a good possibility since they are filing bankruptcy) I am going to be screwed!!@!
Not necessarily,before law was changed companies could opt out of Social Security. The railroads do not pay into SS and the retirement is funded by their Retirement Fund.
So it could be the Central States Pension Fund is the same way, that may be their only retirement.
Don’t forget back in the in the day The Central States Pension Fund made all those loans to the mob guys to build the casino’s in Las Vegas.
I have not any specific details about how former Brotherhood of Locomotive Engineer and Trainmen have been affected directly, but a few years back they merged with the Teamsters. In the case of BLET brothers, they would be collecting Railroad Retirement on top of a pension. Railroad Retirement has traditio ally been known to be (unlike Social Security) very secure.