By Post Editorial Board
October 10, 2015 | 8:00pm
Pay attention, government workers — and taxpayers — in New York and New Jersey.
Last week, letters informed these Teamsters they’re facing cuts in benefits of up to 60 percent. Why? Because their pension fund is going broke.
The Central States Pension Fund covers workers from more than 1,500 trucking, construction and other companies in 37 states. Thanks to trucking deregulation, declining union rolls, aging workers and weak stock-market returns, the fund is now paying out $3.46 in benefits for every $1 it takes in. That’s $2 billion a year in red ink.
At that rate, doom arrives in 2026, sinking Central States and maybe even the federal fund that’s supposed to insure such private-sector pensions. Retirees would get even lower benefits — or maybe nothing at all.
Which is why Congress and President Obama last year gave “multi-employer” funds like Central States the green light to restructure if necessary — and slice benefits.
https://snip.ly/CmWW#https://nypost.com/2015/10/10/when-pension-funds-go-empty-all-bets-are-off/
There’s only so much can-kicking and blame-apportioning you can do before the realities of economics emerge. That time is here.
Not to worry. When it comes down to crunch, they’ll find a way to raid taxpayer funds
F*&^ that…the unions in NJ can kiss my ass if they think there getting another dime out of my pocket.
enough is enough…the citizens of NJ have had it with the bullshit…
NJ Pension plan will also pay more in benefits this year than it made in performance and new contributions in the FY ending June 2015…. something like $3.50 in benefits for every dollar it took in. That’s obviously not sustainable, so public workers will have to contribute more than 7-10% of their total comp to their own pensions, and also see cuts in the percentage of payout based on final total compensation for pension calculation. You can’t just keep raising taxes on the most heavily taxed people in the country.
union power bro, stop your crying mr 5,44 hahah
NJ Pension plan paid out over $8B in pension checks in FY-ended in June 2015. That compares with pension contributions by public sector employees of only $3B. That means you put a dollar in and take out almost three. Why are taxpayers subsidizing this unsustainable insanity?