George Bauer has come face to face with the realities of his Teamster pension running out of money. You aren’t alone George. The State of Illinois pension deficit is over $111 billion. Those of us who take Social Security will have to start taking reduced benefits somewhere after 2030. Social Security Disability was going to go broke in 2016, until incompetent politicians decided to allow the Disability Fund to borrow from the Social Security Trust Fund. Remember the politicians’ motto, “Don’t fix the problem, just put it off for another decade.”
George listed a number of possible reasons for having to take a reduced pension in the article. He forgot to include the two main reasons, incompetence and politicians, which are synonyms. Just think George, you paid all those union dues and your union isn’t taking care of you. The Teamster Pension Fund has actuaries to project future risk, growth, capital infow and outflow. Believe me, they knew about the pension fund shortfall, and your leadership didn’t tell you. The federal government has known for decades when Social Security and Disability would become insolvent. Yet, the incompetents did nothing to help ensure solvency. The Illinois Democrats always knew the 8 percent annual return they promised the Teacher’s Union fund was a lie. This is a moral to this story George.
Peter Hill, Swansea