America and the Teamsters Union face a jobs crisis. What many people are not aware of is that the jobs crisis is connected to the strains placed on pension funds by the Wall Street financial collapse.
So to create jobs, we also must protect pensions.
Our nation's retirement plans need help. The financial crisis caused billions of dollars in losses in pension plans. A crisis in retirement security is threatening retirees, older workers and every person who depends on a wage or a wage-earner to survive. We must ensure the solvency of these plans to protect the jobs and security of our workers, Teamster members and retirees.
A new website has been launched for participants of the UPS/IBT Full-Time Pension Plan, announced Ken Hall, Package Division Director and International Vice President.
A new bill passed by the Illinois House of Representatives would bring sweeping changes to police and fire pension systems in Chicago and its surrounding municipalities, including raising the retirement age and altering how individual pensions are calculated.
The IBT has submitted comments to the Financial Accounting Standards Board on proposed reporting requirements that would burden multi-employer pension plans.
The National Coordinating Committee for Multiemployer Plans reports that the enactment of the “Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010” on June 25 gives multiemployer plans “a substantial measure of funding relief.”
We need your assistance to save jobs and protect pensions for Teamster members, our families and our communities. Multi-employer pension plans are essential for the retirement security of millions of working families, and relief for these plans is needed immediately to retain tens of thousands of jobs.
The time to act is NOW! The International Brotherhood of Teamsters has been lobbying Congress and working with a broad-based coalition in Washington, D.C., for the last year to raise the importance of this issue and to seek relief through federal legislation. It is now time to engage and mobilize Joint Councils, Local Unions, and members to make our pension plans secure for the future.
America and the Teamsters Union face a jobs crisis. What many people are not aware of is that the jobs crisis is connected to the strains placed on pension funds by the Wall Street financial collapse.