Pension Wars -- It's every man for himself
For those of you wondering what the future holds for union pension plans, here's a quick glimpse of what the future will bring. This just in from the Duluth News Tribune: "An estimated 700 people packed Coffman Memorial Union at the University of Minnesota on Tuesday to oppose major pension cuts proposed by the Teamsters’ Central States Pension Plan. One by one the Teamsters, many of them retired, stepped to the microphone to ask the U.S. Treasury to reject the cuts and find a different solution to the sea of red ink threatening to swallow the giant retirement fund. “We worked hard for our money,” said Teamster Dennis Henderson of North St. Paul. Others angrily described the proposed cuts as unfair and devastating. Kenneth Feinberg, the Treasury appointee who hosted the session, said he was determined to make sure retirees were heard. It’s the seventh feedback session on the cuts he’s held around the country. There was a similar turnout for a session in Detroit on Monday.