MINNEAPOLIS (WCCO) — Minnesota Teamsters, concerned about big cuts to their pensions, gathered Saturday to talk about their financial future.
The workers are bracing for huge cuts to their monthly benefits, because of a problem with the Central States Pension Fund. That fund has been taking in only $1 in employer contributions for every $3.46 cents paid out.
Teamsters say it’s a disaster for members.
“I feel like I’m on a lifeboat that’s kind of sinking,” retired teamster Bob McNattin said, “with a lead weight on my foot.”
Before last year, these kinds of cuts would’ve been illegal, but Congress passed a law last December allowing multi-employer pension funds to cut benefits if they’re projected to run out of money.