Protecting Our Pensions

Teamster leaders and retirees spoke out strongly on the third day of the 29th International Convention for the need to enact pension reforms that would ensure the nest eggs of everyday Americans who work hard and deserve greater retirement security.

They detailed the union’s successful fight to push back on steep mandatory cuts of the Central States Pension Fund, but also made clear that the work to ensure the future of all pensions is ongoing and will require the work of all Teamsters, both active and retired.

“Now we are on to the bigger fight—finding funding for our pension funds through legislative means,” said John Murphy, International Vice President.

Mike Walden, a Local 24 retiree from Ohio who played an active role in organizing the fight against Central States, said if Teamsters unite on the issue, the union can win.

“We need to come together to find a better solution that doesn’t hurt active participants or retirees,” he said. “Brothers and sisters, do not give up, do not lie down.”

In response, Convention attendees approved a resolution calling for pension reforms. As part of the resolution, the Teamsters committed to protecting the retirement security of Teamster members and retirees, as well as to “engage political leaders, financial institutions and regulatory agencies to find creative and enduring solutions that strengthen Teamster-affiliated pension funds.”

The union also said it would work to repeal provisions of the Multiemployer Pension Reform Act that force pension cuts on participants as well as pass legislation that would bolster pension plans like its own.