NY Teamsters’ Pension Fund Goes Belly Up Disgruntled members call for audit to ensure against ‘foul-play’

BY: Bill McMorris
March 1, 2017 3:50 pm

A New York labor union has exhausted its pension fund, leaving thousands of retirees at risk and sparking calls for a forensic audit.

Teamsters Local 707, which represents 4,000 retirees out of Long Island, became the first of several embattled Teamster locals funds to fully exhaust its money. The union was forced to turn over its pension fund to the Pension Benefit Guaranty Corporation (PBGC), an independent federal agency.
Several retirees discussed their distress with the New York Daily News. Tim Chmil spent 30 years as a trucker and deducted portions of every paycheck to cover the costs of a defined benefit pension. He has now seen that money dry up as the pension fund teetered toward insolvency.

“It’s a nightmare, it has just devastated all of our lives. I’ve gone from having $48,000 a year to less than half that,” Chmil told the Daily News.

Neither Local 707 President Kevin McCaffrey, nor the PBGC returned requests for comment

https://freebeacon.com/issues/ny-teamsters-pension-fund-goes-belly/