Leaders Send Letters to Trustees and Executive Director Today
(WASHINGTON) – In a letter sent today, Teamsters General President Jim Hoffa called on the trustees of the Central States Pension Fund to recall the proposal made to the Department of Treasury that calls for deep cuts for thousands of participants.
“You are aware that our union opposed the MPRA legislation that led to the formulation of the plan you have put forward,” Hoffa wrote to the trustees. “Nevertheless, and while I understand your fiduciary responsibility and the fact that I do not have any power over your decision making as a Trustee, I am calling on you from a moral standpoint to act in whichever way you deem fit to SLOW this TRAIN down: recall the proposal made to the Department of the Treasury; rethink its implications on the lives of real members; and seek more equitable ways to achieve its objectives.”
International Vice Presidents John Murphy and John Coli also called on the pension fund’s Executive Director Thomas Nyhan in a separate letter to correct misinformation that has be disseminated to the participants and improve outreach to those impacted by the proposed cuts.
“You represented during your presentation the average pension cuts would be 22.6 percent and that no one would receive a reduction greater than 50 percent,” Coli and Murphy wrote. “The reality is much worse for a majority of the Fund’s beneficiaries because there is a portion of the participants (48 percent) whose benefits are not slashed under the ‘rescue plan.’ Those who are being cut will suffer on average a 40 percent reduction. Some will see their retirement checks reduced by a staggering 60 percent.”
The letters can be viewed at this link.