35,000 Teamster members in New York face pension cuts
The solution is to invest in yourself
Thirty-five thousand New York Teamsters Union members may have to sacrifice a portion of their retirement income to bail out their pension fund. Current retirees will possibly see almost a third of their monthly payment wiped out next year. Those still working can count on their projected pension benefits being trimmed by 20%.
Based on financials provided to retirees and obtained by the USA TODAY Network, the plan has barely 50% of the assets needed to cover projected benefits for covered employees as of 2015 — $1.58 billion in assets with a projected liability of $3.22 billion.
To save the plan from possible insolvency, plan administrators are asking participants to make a sacrifice that they say will benefit all. “Our fund remains severely underfunded and cannot be saved unless we take additional and immediate action,” reads a letter from trustees to plan participants. “We are determined not to allow our fund to deteriorate to a point where the fund cannot be saved.” Full Story
If these chaps wanted to save the fund, they would have done the right thing long ago; such funds are doomed because they are run by bandits whose main driving force is to separate the pensioners from as much money as they possibly can.
Long-time subscribers will remember that we warned of the coming pension nightmare years ago before anyone was even talking about it. Nothing has changed, the outlook is set to worsen; the solution, live 1-2 standards below your means and put the money you save into good long-term investments.
We also warned that we would be entering a dog eat dog world, where everything would come down to money and that trust would be a forgotten concept. We are fast approaching the stage where you might not be able even to trust your shadow. As we stated years ago, and we will repeat the same thing again. If you have good friends, treat them as Gold as they are even more precious than Gold in the age of greed and treachery.
Game Plan To Deal With The Pension Crisis
If you seek freedom, the 1st task is to attain financial freedom so that you can break free the clutches of the top players who seek to enslave you. They want you to run in a circle like a hamster that runs on a spinning wheel; the hamster thinks the faster it runs the further it will go, but sadly it is going nowhere.
We teach how to use Mass psychology to your advantage, how to view disasters as opportunities and how not to let the media manipulate you and direct you towards actions that could be detrimental to your overall well-being. Visit the investing for dummies section of our website; it contains a plethora of free resources and covers the most important aspects of mass psychology.
Secondly, subscribe to our free newsletter to keep abreast of the latest developments. Change begins now and not tomorrow, for tomorrow never comes. Understand that nothing will change if you don’t alter your perspective and change your mindset. If you cling to the mass mentality, the top players will continue to fleece you; the choice is yours; resist and break free or sit down and do nothing.
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The Taft-Hartley act ensures that all union pensions will eventually be in a crisis. The union reps and company reps make up the trustees. The 50/50 board decides pension eligibility requirements. When requirements are not met, the surplus funds are to be paid to the trustees versus remaining in and supporting the fund. Including death benefits that are not paid. It works the same way on unemployment benefits. What is not paid to a beneficiary is paid to the trustee board, while unemployment funds struggle.
Trust a Union with your retirement funds will insure that you have reduced OR no retirement funds?