This message is from Chuck Mack, Union Chairman of the Western - TopicsExpress

This message is from Chuck Mack, Union Chairman of the Western Conference of Teamsters Pension Trust. Brother Mack is commenting here on legislation being considered in Congress that could seriously impact multi-employer pensions across the nation. ____________________________________________________ Subject: Congressional Legislative Action Dear Brothers and Sisters: Over the past week, Congress has been debating possible pension legislation. If passed and signed by the President, this legislation would result in renewal of the PPA Multi Employer Provisions and may, MAY, at the end of the day provide new tools for Deeply Troubled Plans to utilize new rules that could result in more latitude to adjust benefits. This could include reducing existing retiree benefits. Events are extremely fluid in Washington D.C. and our WCTPT legislative/legal team is fully engaged in monitoring events and providing input where requested. They are keeping our Trustees fully apprised and informed. We have received phone calls from local unions, retirees and members who are confused, concerned and want to know how such legislation will effect them. Again, I emphasize the situation is fluid, cable news, newspapers and the Internet are very active on the subject. They and even the usually more trustworthy news services are not getting the facts right. This email is designed to answer questions locals may have and to answer questions from members and retirees you may have received. Lets talk about the WCTPT: 1. WCTPT is the largest multi employer defined benefit plan in the country. We are closing in on 37 billion dollars in assets. The WCTPT is not now nor has ever been a deeply troubled plan. We are in the PPA Green Zone, the best funded zone under law. We have always been Green Zone and our Actuaries believe our future funding outlook remains very strong. 2. Therefore, the possible legislative proposals that reference reduction of benefits WILL NOT affect any WCTPT retirees. Any reference a caller may have heard about Teamster Plans is undoubtedly referring to a Plan other than the WCTPT. 3. Also, Active employees will receive the value of their accrued benefits, as promised. The WCTPT is not the type of plan the proposed legislation is designed to target. 4. Plan Trustees and Staff are monitoring developments very closely and if and when legislation does become law, we will communicate formally about the matter. 5. But, again, the WCTPT is the largest, best-funded multi employer Plan in America. We are the model other plans and legislators point to as a successful model. All our financial information is up on our website, wctpension.org and can be viewed there. If you have additional questions, please feel free to contact me or staff at Northwest Administrators. Please share this email with Representatives and Staff. In Union, Chuck Chuck Mack Chairman WCTPT One Annabel Lane, Ste 215 San Ramon, CA 94583 (925) 277-1321