Teamsters pension cuts to take effect despite 2-1 opposing vote
But since most of the 34,000-plus eligible
For most retired
The voting period opened
Of the ballots returned, there were 9,788 against the pension cuts and 4,081 in favor; the other 20,767 ballots that had been sent out were not returned and so became "yes" votes.
The
He said it's a common problem for this type of pension.
"The
Ring said there are not many good long-term solutions to the pension fund's problem, which is simple: More money being paid out than put in.
The pension fund is growing through investment in various vehicles, but that also is not enough to offset payouts, Ring said. Aside from the disastrous years of 2001 and 2008, the pension fund has performed well and averaged an 8.5 percent annual return, he added.
On Wednesday, he repeated his criticism of MPRA, under which a non-vote is counted as a "yes" vote.
He had predicted a lot of "no" votes but nonetheless had expected a "yes" outcome due to the "rigged" rules.
But he's glad it's over.
"Do I like it? No. I'm just hoping that down the road there's a better solution than the 29 percent," Baum said.
"The numbers tell it like it is. It's a very sad scenario. There's a lot of people that are going to be in trouble because of it."
Baum's only immediate suggestion is for pensioners to consider changing their tax withholding.
"I encourage them to change their federal income tax benefit," he said. "I did it myself."
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