Central States Teamsters pension collapse

[DTEJD1997]

Hey all:

 

Just down the way from me there is a big hearing on the Central States Teamsters pensions today at Wayne State.  Turns out their pension system is bust.  Most retirees are going to take at least 1/2 cut in their pension.

 

I read up a little bit about it, and was shocked by what I found out.  They have about $17 billion in assets with 440k (220k retired) members.  That is only $42,500 in assets per member!  Most of their pensions are paying out at $3k per month!

 

Simply shocking...I don't see how they even maintain the pension after 1/2 cuts.  Lots of people are going to be hurt bad.  It is unfortunate, but I don't see any other way.  There simply is no money...

 

Anybody hear/know anything about this?

[petec]

Nope but in real terms at least I don't expect many such pensions to pay out what their beneficiaries are expecting.

[fareastwarriors]

We definitely need some pension reform in this country.