Lois Lerner chuckles as she receives her $102,600 a year government pension paid for by you and me.
Posted on 02/28/2017 2:42:02 PM PST by blam
The New York Teamsters Road Carriers Local 707 Pension Fund has won the unfortunate award for "First Pension to Officially Run Out of Money." According to the New York Daily News, and a host of angry former truck drivers who've had their pension benefits slashed, the Pension Benefit Guaranty Corp. (PBGC) has officially been forced to step in and take over payments to retirees of the Local 707, albeit at a much lower rate.
Teamsters Local 707’s pension fund is the first to officially bottom out financially — which happened this month.
“I had a union job for 30 years,” Chmil said. “We had collectively bargained contracts that promised us a pension. I paid into it with every paycheck. Everyone told us, ‘Don’t worry, you have a union job, your pension is guaranteed.’ Well, so much for that.”
“It’s a nightmare, it has just devastated all of our lives. I’ve gone from having $48,000 a year to less than half that,” said Chmil, one of five Local 707 retirees who agreed to share their stories with the Daily News last week.
“I don’t want other people to have to go through this. We need everyone to wake up and do something; that’s why we’re talking,” said Ray Narvaez.
Of course, the Teamsters 707 and other Teamster pension boards attempted to submit plans that would have cut benefits in order to prolong payments to retirees but those plans were universally rejected by the Obama administration...better that the pensions just run out of cash completely. Per Pensions & Investments
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(Excerpt) Read more at zerohedge.com ...
Lois Lerner chuckles as she receives her $102,600 a year government pension paid for by you and me.
Sorry, guys, you backed the wrong horse..................
Maybe Hillary will give you back all the money that your Union bosses donated to her campaign.
Stupid is supposed to hurt.
Suckers.
L
And you just know they will blame TRUMP when they go belly-up..............
I want to have compassion, I really do. I often try to...
No, still can’t.
Not sure what they did that was stupid.
Doubt these five guys were at the bargaining table.
And people here should have more class than to call hard working men suckers and stupid.
They’re not ###ing finance masters holders, they’re truck drivers.
A lifetime of union dues and for what? Was it mismanagement? These union workers do not deserve this.
Maybe New York taxpayers will bail you out.
Nah. That was already spent. Any excess money went to the 6 figure union boss salary’s.
Let 'em all work until they are 75. All those years of fleecing everyone in sight and now the chickens come home to roost.
An additional kick in the seat is the union bosses who will laugh all the way to their sunset years with no worries since THEY aren't participants.
And all those votes for Democrats......how’s that working out for ya guys?
See, that’s the problem with liars. They sold you a nice scheme.
Agreed.
Just like our US congress excluded themselves from Obamacare?
Or, makes it lawful for them to do insider trading and against the law for me and you?
But be...respectful.
There will be screaming to federalize all these bankrupt union pension funds.
Thank God for Donald Trump.
The Democrats would have me and you paying them.
You are so right.
Any GOP President would bail them out.
Not Trump. Not ever!
and at the end of the day, math trumps the statutes.”
Always Will!
I still don’t understand why we Don’t deal with these Fantasyland Pensions as a Law Enforcement Issue?? The vast Majority of “pensions” are Mathematically impossible to Fulfill. We call that CRIMINAL FRAUD, JAIL All the parties involved in these Fraudulent Contracts and seize all their assets for a Start.
Corrupt union thugs have been diverting pension funds to their own benefit instead of to benefit their members? I’m shocked!
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