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Q & A on Western Teamsters Pension Trust.


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#1 alex_y

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Posted December 04 2003 - 07:44 PM

Some statements I made re. the The Western Conference of Teamsters Pension Trust in one of my posts about 2 weeks ago were challenged by poster -scb- so I went and checked them out and here are some answers. (Obviously I was right and he was wrong). I would like to point out though that only the Pension Trust has authority to outline or interpret the provisions of the´trust´. The questions and answers in this post pertain to some of the more frequently voiced concerns, and you will note that I have avoided specifics and only deal with the general subject matter. For specific information you must ask the ´trust´. Their website with their 800 tel number as well as email connections can be acessed thru the ´web links´ area of TeamsterNet.

1.- Q. Have the benefits of those that are presently retired been cut?
A. No, and there are no plans to do so.

2.- Q. For those that are presently working; have their previously earned/accrued benefits been cut?
A. No, they have not been cut and the Trustees have not authorized cuts on benefits that have been earned.

3.- Q. Have the Trustees determined that there is a need to reduce future benefit accrual and have they authorized the reduction of the formula for earning future benefits?
A. Yes they have. This action is reversible if and when they determine that the ´trusts´ finances are adequate.

4.- Q. Will those that are working under the terms of this ´trust´ continue to augment/increase their total benefit level?
A. Yes they will continue to increase their pension entitlement, but at the new and reduced level established by the Trustees.

5.- Q. Does the reduction in benefit accrual in any way reduce the employer´s pension payments/contributions?
A. No it does not, as the level of pension contributions are proscribed in the labor agreements (contracts) and that has not been changed.

6.- Q. What is the structure for trustee voting on matters of the ´trust´?
A. There are an equal number of employer and Union trustees but each side is only granted one vote, so it actually takes a majority of both sides for passage of matters ´put´ to the ´trust´. This system is often referred to as a ´unit´ vote system.

7.- Q. How solvent is the´trust´ and is it presently fully funded.
A. The ´trust´ is presently fully funded through the year 2003. The figures and actuarial projections for 2004 and beyond are not in and not available to me. ´Fully funded´ means that there are sufficient funds in the trust to not only pay the pensions of all those that are presently retired but also enough funds to pay the prospective/future pensions that have already been earned by those that are presently working as they continue to earn and accrue future benefits.

Now, I want you to know that I am not a representative of or emplyed by the ´trust´ nor am I an officer or emplyee of the Teamsters Union, although I am an active member. I am neither authorized or qualified to give out information regarding the ´trust´. This post is for the information of those that choose to use it. Hopefully a comprehensive Q & A will be produced and distributed by the Western Conference of Teamsters Trust that provides the detailed information that is necessary to counter all of the disinformation.

Some of the misinformation occurs because the WesternCTPT is frequently lumped into discussions of the trust and pension difficulties encounteredt by participants of the Central States Pension fund. The 2 trusts are unlike each other in many ways. The problems in Central are much deeper rooted and difficult because the trust provides for retiree health care coverage as well as pension benefits. The 2 most vexing problems facing Union negotiators these days are maintanence of pension benefits and the maintenance of health care benefits.
alex y.

[ This message was edited by: alex_y on 04-12-2003 21:47 ]
alex y.

#2 EdNeisler

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Posted December 04 2003 - 07:51 PM

If local 63 (you know the phone back local) hires me I will raise everybody´s pension. (Like my idol Carey did during the ´94 strike with the strike benefits).

Oh I wasn´t on strike I worked like a banshee in April of ´94. Never walked a picket line either.

#3 Farley

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Posted December 05 2003 - 04:21 AM

Alex,
Do you think the toodleoo will be deterred by facts and logic?


#4 EdHeisler

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Posted December 05 2003 - 05:22 AM


AAhhhhh ... finally found out what toodleoo means. It´s a common British expression used when saying goodbye to someone.

Are you leaving us Farley? Toodleoo my friend!

#5 Farley

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Posted December 05 2003 - 06:38 AM

Well, Ed you are an expert on British expressions.
Then look up "Carey Street" it means "bankrupt!"

Carey and the toodleoo really tried to put the Teamsters on "Carey Street" didn´t they?

#6 EdHeisler

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Posted December 05 2003 - 06:43 AM


Since your a self-proclaimed expert on union finances tell us the condition of the IBT Central States Pension fund when Carey was the General President compared to now.

I´m sure the Central States Fund must be in much better shape now since that´s Hoffa´s turf.

Move along folks .... nothing to see here ..... everything is just peachy!

#7 gruzchic

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Posted December 05 2003 - 07:01 AM

Alex_y,It is good to see you have taken the time and effort to ask some questions on your pension.Most don´t and only become aware of problems when it is too late.I know nothing of your plan.The answers you got,to me,seem reassuring but only cover the plans "as of now".Similar answers would have been given at Central States up to a year ago.Like I said ,I don´t now anything of your plan,but I hope you keep on top of it.It is your money and your right to ask questions about it.The economy changes so rapidly it is best to watch your investments.Good Luck

#8 Farley

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Posted December 05 2003 - 12:33 PM

Ed, are you really that ignorant?
1. Carey gifted millions of those Central States dollars to UPS upon settlement of the 1997 negotiations, surely you must remember that?
2. Since Bush has acted as president (you know Jan 2001 til present) the economy has tanked driving all investments down. Did you think that pension funds were immune to market forces?

Ed, even you cannot possible be that stupid, can you?

#9 EdNeisler

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Posted December 05 2003 - 05:49 PM

What the hell do you think!

As the only verified poster (Bob Doss) who has known me (for years), give Bob Doss at local 63 a call and ask him. In fact here is a message he posted for me. Read it and find out what Bob thinks about me:

Author: Bob Doss (---.proxy.aol.com)
Date: 08-24-01 01:57

Although I will not have time to monitor this site as often as some I see here, I feel a need to have my say, so to speak. Unlike some others here I´m going to use my real name because there is nothing I´m going to say that is not true.

Ed, as I told you a couple of weeks ago when I talked to you, you cannot take everything you read here as the gospel. When you say that Hoffa has exceeded your worst expectations I wonder how you could possibly judge such a thing while holding up in some back room some where. The hard facts you speak of are what you read here. Your life has been reduced to reading the posts on this site and they have become your reality. Let me make a suggestion, come out of your hide out, get involved in some real life situations and maybe help out rather than hide behind your computer pretending to be something you are definately not. You seem to go out of your way to provolk and generally piss people off. Ed, we both know that in real life, face to face life that is, you always knew better than to do such a thing.

Let me explain to you how a retiree can be suspended from membership. After retiring you went to work and paid dues while you worked. When you stopped working you failed to go back on withdrawl, thus your current suspended status. Most real Teamsters know that it is their responsibiliy to get a withdrawl card when they are not working. Instead you try to blame the Local Union for not notifying you. As you might recall, notices have been posted at worksites as well as the Union Hall for years notifying members that it is their responsibility to get a withdrawl card.

NOW, for all you TDU Leedum lovers, ask that limp wristed noodle nipper if he recognizes my name, it would be the name that appeared on many phone messages to him while he was the National Warehouse Director. He never once returned one of my calls. Maybe he was just to busy watching as Kroger walked over smaller Local Unions across the country giving good Teamster jobs to third party operators. As far as I´m concerned he had no balls then and I´m not aware of anybody hanging a set on him since.





#10 sfoairborne

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Posted December 05 2003 - 08:10 PM

I am now convinced certain poeple have no life.
alex_y thanks for posting some information that actually effects us Western Conference Teamsters. Thanks farley and ed for taking alex_y´s infomitive post and taking to you´re no life world!!!!