This article appeared online at TheNewAmerican.com on Thursday, March 2, 2017:
When Teamsters Local 707’s pension plan ran out of money in February, it sought assistance from the federal Pension Benefit Guaranty Corporation. Said PBGC Director Tom Reeder:
This is a big issue for us. It’s a big issue for Local 707 and it’s a big issue for others in the same situation across the country.
We’re projected to run out of money in eight to 10 years. Many union pension plans are projected to run out in 20 years.
The federal insurance agency is now paying out $1.7 million every month to the stranded retirees of Local 707.
707’s problems have been decades in the making.