Major changes are coming to multi-employer pension plans as two of the largest Teamsters-covered plans have adopted a new "hybrid" pension model to repair the broken system of the past.
Pension and Benefits
TDU in Action—Pension and Benefits
“TDU will support any fight launched by the International Union to defend our benefits. And we will continue to inform members so we can put pressure on the employers and on Hoffa, when necessary, to save and strengthen our benefits.”
K.W. Phillips, Roadway
Local 667, Memphis, Tenn.
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TDU brings together concerned Teamsters and pension experts to share information and build a movement to restore our benefits and strengthen them for the future.
Pension and Benefits Newswire
Hostess Brands Inc. said it used wages that were supposed to help fund employee pensions for the company's operations as it sank toward bankruptcy.
November 20, 2012: Two of the biggest Teamster Pension Plans have adopted a new pension model. What does it mean for members' pensions?
November 20, 2012: Under the "Hybrid" model, the Pension Fund sets up two departments: the traditional pension model and the new one with no employer liability.
November 5, 2012: The Central States Pension Fund's mid-year financial report indicates that the fund's assets stand at $17.7 billion, just about exactly where they stood at the beginning of 2012.
September 17, 2012: UPS Teamsters in New England have voted by a large margin to approve a pension change favored by the company and the pension fund.
John Greene worked for 30 years at an Oscar Mayer plant in Madison, Wis., deboning hams and loading boxes of hot dogs. His 401(k) plan grew to $60,000, and soon after retiring he began withdrawing $3,600 a year from it, money that allowed him and his wife to take what he called a wondrous two-week trip to Scotland, his ancestral homeland.
September 7, 2012: Over 10,000 UPS Teamsters in New England are set to vote on a massive change in the structure of their pension plan.
September 5, 2012: The 2012 first quarter financial report from the Central States Pension Fund has finally issued, and is available only on this website.
United Parcel Service Inc., Atlanta, expects to pay $1.2 billion in withdrawal liability from the $2.6 billion New England Teamsters & Trucking Industry Pension Fund, according to a UPS statement.