Via peoplesworld.org,
By Bruce Bostick, People’s World,
November 2, 2015,
Thousands of retired Teamsters have been blasted this month by major cuts to their pensions. The cuts are part of a little known part of the 2012 Omnibus Spending Bill (Pension Reform Act of 2012), which was put forward supposedly to help fund the underfunded Pension Benefit Guaranty Corporation (PBGC).
The cuts are averaging 22 percent per retiree, according to the Central States Pension Fund. Central States Fund is the only pension fund to file for “relief” this far under the 2012 act. The biggest employers in that plan are Yellow Roadway Corp. and Kroger.
Teamsters were gathered, this past weekend at a conference in Cleveland dealing with these cuts and how to organize the fight against them.