Iron Workers pension cuts approved; retirees to get smaller checks
Source: Cleveland
In a vote pitting current workers against retirees, the retirees in the Iron Workers Local 17 union in Cleveland lost.
Starting next week, their pension payments will shrink, some by half or more.
The Iron Workers Local 17 fund is the first pension fund to get Treasury Department approval for these kinds of cuts under congressional authority. Treasury rejected a similar request for a vote from a much larger fund, the Central States Pension Fund, after concluding its plan for post-voting survival was still risky
The size of the cuts depends on each worker. While the fund has said average cuts are about 20 percent, that includes those for workers who won't retire for years, when the fund is expected to be in better shape. The fund's current 336 retirees will see cuts of 30 percent to 60 percent, according to the Pension Rights Center, an advocacy group.
Read more: http://www.cleveland.com/nation/index.ssf/2017/01/iron_workers_pension_cuts_are.html
I have a feeling that this will be more common in the future.
OnlinePoker
(5,719 posts)That's not the way a union is supposed to treat its members.
dchill
(38,492 posts)It's so Trumpian.
Wellstone ruled
(34,661 posts)Many younger Union Members are forgetting the What Where and Why they have a job. Been down this ugly road,all it takes is a small cabal of people promoting some cock a mammy idea and off the rails things go.
Wounded Bear
(58,654 posts)Not "just starting," it's just accelerating.
Wellstone ruled
(34,661 posts)Noticed this in 73' with the returning Vets. And today,they are the Tea Baggers. Talk about herding cats,these folks sure liked the pay check,but could give a rip about how and why they able to have a living standard above most folks in our Region.
cloudbase
(5,514 posts)on becoming retirees themselves.
groundloop
(11,519 posts)We know that union membership has been declining because of more effective measures by big business to discourage union membership. THAT is a major cause of this, fewer union members means fewer people paying into the pension system. The 1% must be loving this - seeing union members being forced into votes like this.
raccoon
(31,110 posts)hollowdweller
(4,229 posts)They don't see the union as helping them so they vote on other issues.
The gov't should guarantee those salaries.
How about a small tariff on imported iron to be added to these guys retirement.
anneboleyn
(5,611 posts)hollowdweller
(4,229 posts)Drahthaardogs
(6,843 posts)Thanks for playing
NWCorona
(8,541 posts)Blue Idaho
(5,049 posts)The current workers think that by fucking over current retirees they will be saving their own necks. By the time they retire they will get squat and no one will give a shit. They will have sold their souls and they won't even get 30 pieces of silver in the bargain.