This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Taxpayers Protection Alliance: Teamsters Vote To Leave Failing Central States Pension Fund

More Than 300 Teamsters Vote Themselves Out of Bankrupt Pension Fund

ALEXANDRIA, Va., March 27, 2013 /PRNewswire-USNewswire/ -- Today, the Taxpayers Protection Alliance announced that over the weekend more than 300 Teamsters representing Locals 247 and 332 in Detroit, Pontiac and Flint, Michigan voted to leave the financially troubled Central States Pension Fund.

David Williams, President of The Taxpayers Protection Alliance said, "We applaud the actions of the local rank and file Teamsters who voted themselves out of Central States – a pension fund that is most known for being $14 billion in debt, losing $6 billion in the stock market in three months, and investing in a Russian bank that went bankrupt."

Added Williams, "After the International Brotherhood of Teamsters made these financial blunders with Central States, Teamsters President Jimmy Hoffa asked Congress for a bailout in 2008 to pay for these mistakes."

For current Teamster members in Central States, Williams warned that their benefits may be cut. "No wonder the Michigan Teamsters left Central States. From asking for bailouts to cutting retiree benefits, the International Brotherhood of Teamsters has demonstrated that it will do anything and everything but change its ways to keep Central States afloat."

The International Brotherhood of Teamsters, however, may be running out of time to save Central States. The fund's own Executive Director, Thomas Nyhan, testified to Congress in 2010, that without a bailout or legislative action, the fund will be insolvent in the next 10 to 15 years.

In addition, Central States remains $14 billion underwater and the government agency, the Pension Benefit Guaranty Corporation, designed to help Central States current and future retirees is $34 billion in debt – this can only mean that the Teamsters will ask once again for a taxpayer bailout.

Said Williams, "We are warning American taxpayers to be vigilant because the International Brotherhood of Teamsters has twice gone to Congress looking for a bailout. Now, with its own rank and file members voting to leave Central States, we are sure that the Teamsters will ask again."

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,501.65 -12.72 -0.08%
S&P 500 1,875.39 -4.16 -0.22%
NASDAQ 4,126.9670 -34.4910 -0.83%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs