‘Devastating’ proposed pension cuts rock Teamsters in Midlands

[Omaha Steve]

http://www.omaha.com/news/metro/devastating-proposed-pension-cuts-rock-teamsters-in-midlands/article_5f03ab36-1665-5c44-a254-17c1c8ec9370.html

POSTED: SUNDAY, OCTOBER 11, 2015 12:30 AM
By Joseph Morton / World-Herald staff writer

WASHINGTON — Retired truck driver Don Ziemba of Missouri Valley, Iowa, knew the letter was coming, but it still arrived last week like a punch to the gut.

Proposed pension cuts would reduce his monthly payment by more than half, from $2,800 to $1,281.

“It was very devastating,” said Ziemba, 69. “I was glad I was sitting down when it happened. It was a real shock to see that it came to this point.”

Retirees across the country received similar letters last week detailing just how much they stand to lose under cuts proposed by the Teamsters’ Central States Pension Fund.

FULL story at link.

[yeoman6987]

1. That should be illegal

Once you retire, they should never be allowed to reduce the pension and that includes everyone. The business goes out of business, the government is on the hook for the entire pension. Sometimes I think 401k retirees might be better off. Sometimes I think that way.

[Ed Suspicious]

2. There ought to be a law . . .

[doc03]

6. It was the law up until a few months ago

when Democrats and Republicans voided it.

[JDPriestly]

3. In the end, any retirement fund including a 401(K) is insecure in a dishonest or changing

economy.

That is why Social Security is so important, and we need to raise the cap and increase benefits.

[Live and Learn]

4. Jheez. What kind of country allows this? nt

[Dustlawyer]

5. Wall Street got bailed out, why not retirees?

[merrily]

8. Because they don't make big political donations, own yachts, etc.

What kind of American are you, ffs?

OT: I've been wondering, how badly does dust need representation, really? It just seems to take over on its own.

[Dustlawyer]

9. Asbestos and silica

[merrily]

10. Ah, please pardon my ignorance.

[merrily]

7. Endorsements and political donations vs. workers.