so he retired @ 60, got $20,000 for eight years and is now whining... i think i see the problem. if they weren't allowed to draw until they are 65 there prolly wouldn't be a problem with their cash flow
Posted on 10/19/2015 4:10:51 PM PDT by afraidfortherepublic
No wonder Tom Minerath is angry.
Sixty-eight years old and retired since 2007, the Town of Merton man is about to have about $20,000 taken away from his annual pension — money he earned, money that was promised him, money guaranteed in contracts negotiated by one of the country's strongest labor unions.
"I'm going to make it through this, but it's just not right," he said. "It's just not right."
Which probably sums up the feelings of more than 270,000 people, including thousands in Wisconsin, who have been told by the financially troubled Central States Pension Fund that their pension payments must be cut, in some cases by 50% or more.
It's a breaking wave in a financial tsunami created in significant part by a change in government policy more than three decades ago that set in motion overwhelming economic forces.
But where the federal government stepped in to prop up giant investment banks after the 2008 crash — a financial debacle the banks helped cause — no bailout is in sight for Minerath and other retired Teamsters truckers. Barring a huge change in congressional sentiment, they'll have to do the bailing themselves.
"It's going to take our living wage, comfortable living wage, and make it non-livable," said retired driver Thomas Botic, 69, of Pewaukee, who recently got notice that his $2,800-a-month pension would be sliced to $1,400. "And at (almost) 70 years old, I don't feel like going out and finding a new job.
"It doesn't sit well with me, that's for sure."
Many of the deepest cuts are being dealt to retirees who worked 30 years and earned relatively large pensions — on the order of $35,000 annually or more — that have let them retire comfortably, but not lavishly.
(Excerpt) Read more at jsonline.com ...
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.
“Tom Minerath”
But, but, all of those Democrats were elected using YOUR money, tom.
And after all, isn’t that what is REALLY important??
So,
Some bureaucrat will decide how much money they deserve each month.
Welcome to America.
so he retired @ 60, got $20,000 for eight years and is now whining... i think i see the problem. if they weren't allowed to draw until they are 65 there prolly wouldn't be a problem with their cash flow
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.
>>Many of the deepest cuts are being dealt to retirees who worked 30 years and earned relatively large pensions — on the order of $35,000 annually or more<<
That’s large? My planning calls for MINIMUM $65K/year in today’s dollars (and I own my home free and clear). That gets me to subsistence.
I don’t know how anyone can make it for less after retirement. My plans do NOT include SS, which, if I get it, will be a nice bonus.
I am planning on retiring in 5 years, but I might shoot for sooner if possible.
...270,000 people, including thousands in Wisconsin, who have been told by the financially troubled Central States Pension Fund that their pension payments must be cut, in some cases by 50% or more... But where the federal government stepped in to prop up giant investment banks after the 2008 crash -- a financial debacle the banks helped cause -- no bailout is in sight for Minerath and other retired Teamsters truckers.
Partisan Media Shills Alert!
He retired with 3.8 million logged miles.
But Social Security says it was income and docked him a good portion of it.
Their dues helped destroy America. No pity here. There was plenty of money made in indy trucking.
I am not a union fan, but the union leader/thugs/felons promised the money. If they cannot deliver, they should be dealt with by the law.
And if that fails, dealt with by the union members themselves.
In any way they chose.
Tom, how about all that money the union gives to elect Democrats.
Big banks repay bailout money
http://abcnews.go.com/Business/story?id=7868310
And how would have the Teamsters repaid???
>>The question is how did the Teamsters fail to preserve the capital needed to honor the known pension benefits. <<
Those funds have bee lining the pockets of the leaders and their Mob enforcers for years.
And I guarantee no matter how deep the cuts to the rank and file those green linings will continue as long as a dime is left to be taken from their “brotherhood.”
Teamsters arent cutting their election spending by 50%, so they are siphoning $ from pensions to pay for politicking.
Must have a big election coming up...
After the Central States Teamster Fund built Las Vegas, they probably didn’t have a whole lot left for their members.
don't f with us.
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