Central States: No Retirement till Age 57

January 20, 2011: The Central States Pension Fund will totally eliminate retirement before age 57, effective July 1.

A Central States bulletin, which will issue soon, states that “No participants, including those covered by a collective bargaining agreement under the "Primary Schedule" of the rehabilitation plan, will be allowed to retire prior to achieving age 57” [unless they retire before July 1, 2011].

Most Teamsters want to work past age 57, but this change will be disastrous for those forced to retire due to layoffs, company closures or for medical reasons. The human cost for those Teamsters and their families will be enormous.

In addition, the Central States Fund has announced that freight and carhaul employers, and others in the top pension fund bracket (class 18), will be exempt from the requirement of raising contributions by 8% per year. The cap on required employer contributions means that the union does not have to negotiate 8% per year contribution hikes for any employer in the highest benefit bracket.

Issues

Comments

With the pension fund in financial trouble and YRC Inc not paying into it, I don't believe most teamsters want to work past age 57, I believe they have no choice and are forced to. Where will they work though? Everyone can't work for UPS or (if the I.B.T. does not put them out of business) ABF. Forget about YRC, if they survive, you will have to work 10 years there to receive 1 full year pension benefit credit. What TEAMSTER companies are hiring these days? The I.B.T. is living in a world of make believe.

Why hasn't the Obama administration been there for the pension funds after we worked for his election twice now. He hasn't so much as mentioned shoring up these funds with the waves of stimulus money at his disposal. We haven't been used, have we? I guess all we can do is wait and hope.

                                                                                                 Had hoped to retire by now,

                                                                                                            Gray Shambler