A recent article in Forbes reports that retired Teamster members are requesting that the Department of Labor investigate why multi-employer Teamster pension plans are woefully underfunded and is criminal activity the cause.
Teamster retirees are claiming the Teamster-run pension plans could have locked in an eight percent return on assets for 15 years back in 2000 when the plans were overfunded. Now the plans are heading for collapse and so is the retirement security of thousands of Teamster retirees.
"Some Teamsters want answers but aren’t getting them. What caused their pensions to plummet in the past decade," wrote Forbes reporterTed Siedle. "Was the demise of their pension entirely unforeseeable, due to unknowable market forces or was foul-play involved?"
Read the article here.