The 'it' being the dismal failure of union pension funds that is affecting thousands of retired teamsters in NY state (and will soon probably affect thousands if not tens of thousands in other states). Regardless of written promises that their pensions were safe, thousands of retied teamsters in NY have received notices that their pensions have been being drastically cut.
Imagine trying to live on $3,479 a month in one of the most expensive states, if not the most expensive state, in the USA. Then imagine your pension being cut by more than 1/3 to $2,000 a month just one year ago. It just got worse. This month everything reportedly changed again when the pension was turned over to a government guaranty corporation. Those pensioners now reportedly can expect to receive about $1,170 a month. That is $14,040 per year - hell, illegal aliens working shadow jobs make more than that and those on welfare are probably much better off because they don't need to pay income taxes; yet, the retired teamsters do have to pay them. Those figures just quoted are the case of Ray Navarez, a former truck driver but thousands of other teamsters are in the same financial shape after the pension fund failed. Others are in worse shape:
"Ex-trucker Edward Hernandez, 67, went from $2,422 a month to $1,465 last year. As of this month, his gross check is $902. After federal taxes, it’s $721 — but he still has to pay state and city taxes." (That $902 is $10,824 gross per year and would work out to $5.20 an hour based ion a 40 hour work week.)
Some of the retired teamsters have had to sell their homes and at least one is collecting cans and bottles to get the 5 cent deposit money for each one! I would guess more will soon be doing likewise. That, by the way, is only the tip of the iceberg. It is feared that other union pension plans across the USA will soon suffer similar fates and that municipal and state funded pensions will be soon to follow.
More here: http://www.nydailynews.com/new-york/n-y-retirees-struggle-survive-pension-fund-bottoms-article-1.2982399
This is the shit that liberal and even conservative politicians have caused with their political shenanigans and their forcing unions upon the workers of America. It is my bet that while union pension plans are suffering, those who control the unions are still sucking in big pay checks and pensions but as I said that is my guess. It will be likewise if government pensions fail. Those in power will still be raking in the big bucks while more pensioners have to sell their homes to survive if they are unable to return to the workforce. I have always considered unions much the same as government - both being breeding grounds for incompetence.
All the best,
Glenn B
Imagine trying to live on $3,479 a month in one of the most expensive states, if not the most expensive state, in the USA. Then imagine your pension being cut by more than 1/3 to $2,000 a month just one year ago. It just got worse. This month everything reportedly changed again when the pension was turned over to a government guaranty corporation. Those pensioners now reportedly can expect to receive about $1,170 a month. That is $14,040 per year - hell, illegal aliens working shadow jobs make more than that and those on welfare are probably much better off because they don't need to pay income taxes; yet, the retired teamsters do have to pay them. Those figures just quoted are the case of Ray Navarez, a former truck driver but thousands of other teamsters are in the same financial shape after the pension fund failed. Others are in worse shape:
"Ex-trucker Edward Hernandez, 67, went from $2,422 a month to $1,465 last year. As of this month, his gross check is $902. After federal taxes, it’s $721 — but he still has to pay state and city taxes." (That $902 is $10,824 gross per year and would work out to $5.20 an hour based ion a 40 hour work week.)
Some of the retired teamsters have had to sell their homes and at least one is collecting cans and bottles to get the 5 cent deposit money for each one! I would guess more will soon be doing likewise. That, by the way, is only the tip of the iceberg. It is feared that other union pension plans across the USA will soon suffer similar fates and that municipal and state funded pensions will be soon to follow.
More here: http://www.nydailynews.com/new-york/n-y-retirees-struggle-survive-pension-fund-bottoms-article-1.2982399
This is the shit that liberal and even conservative politicians have caused with their political shenanigans and their forcing unions upon the workers of America. It is my bet that while union pension plans are suffering, those who control the unions are still sucking in big pay checks and pensions but as I said that is my guess. It will be likewise if government pensions fail. Those in power will still be raking in the big bucks while more pensioners have to sell their homes to survive if they are unable to return to the workforce. I have always considered unions much the same as government - both being breeding grounds for incompetence.
All the best,
Glenn B
