Where's their pension money? Was foul play or Wall Street greed to blame?
Teamsters Group Funds Forensic Investigation of $1.6 Billion New York State Teamsters Pension
Edward Siedle ,
Contributor
Since 2013, I have written about the plight of Teamsters multi-employer pensions across the nation on the brink of insolvency...
Many active and retired Teamsters have contacted me in recent years asking questions such as: What caused their pensions to plummet in the past decade? Was the demise of their pension entirely unforeseeable, due to unknowable market forces? Was foul-play or Wall Street greed to blame? They want answers no regulator or pension board is providing...
Teamsters Alliance for Pension Protection commissions a forensic investigation of the failing New York State Teamsters Pension. With approximately 1.4 million members, Teamsters could lead the way in investigating the causes of pension failures-- to the benefit of workers globally...
“For years and years our pension fund was one of the best funded in the country. Now our plan, in a very short period of time is one of the worst funded of all US multi-employer pensions and categorized as being in declining-critical status. Only 9% of multi-employer plans (which includes us) find themselves in this dire situation. Retired and active Teamsters in New York are now facing crippling cuts under new pension legislation. Throughout 2016 we have been fundraising for an independent forensic investigation, and have decided to “leave no stone unturned” with a goal to understand better how we got to this point,” said Mark Greene of TAPP.
http://www.forbes.com/sites/edwardsiedle/2016/11/01/teamsters-group-funds-forensic-investigation-of-1-6-billion-new-york-state-teamsters-pension/#19f0963a4b5c
