Teamster officials are doing quite well for themselves as tens of thousands of Teamster members are losing (or on the verge of losing) their pensions.
Some 72,000 participants in the New England Teamsters Pension Fund received some bad news when the fund’s actuary notified the Department of Labor that the fund is “critical and declining” and “thus could possibly be subject to cuts for retirees and active Teamsters,” according to the Teamsters for a Democratic Union (TDU).
In New York, as the pension for 4,000 Teamsters union members crashes, retired Teamsters are picking up cans and bottles for the few extra pennies.
“Even if it’s just 5 cents, it’s money, and I need it,” former Teamster driver Tim Chmil told the New York Daily News.
To make matters worse, the massive Teamster pension fund known as the Central States Pension Plan–in which hundreds of thousands of Teamsters and their families are relying on for their retirement—is grossly under funded and continues on its “downward trajectory,” losing $2 billion per year and is projected to run out of money in eight short years.
Meanwhile, as Teamster members face cuts to their pensions, Teamster officials are still taking care of themselves.
Every year, the members of the TDU pour through their own union’s annual reports, which are on file with the U.S. Department of Labor and them compile a list of union officers making $100,000 per year or more.
The most recent report—called the Teamsters’ $200,000 Club—highlights that there are 46 union officials making $200,000 or more.
However, when examining just how many Teamster officials are paid $150,000 or more on the TDU’s list, the number greatly expands.
Although, what may ultimately be pouring the proverbial salt in the wound for many union retirees facing pension cuts is the fact that, according to financial returns [Form 5500] the Teamsters officers’ pension plan is fully funded.
How is it that the Teamsters officials’ maintain six-figure salaries and fully-funded pension plans while their members are scraping to get by and having their pensions cut?