WHAT HAPPENED TO OUR PENSION FUND?
As you may have heard, our hard-earned pension benefits could be slashed to a negligible monthly payout once we retire. Our Fund Trustees say this is due to a series of unfortunate events, but it seems more and more clear that the true unfortunate event is that they are responsible for a decade of poor performance and have been less than transparent about the health of the Fund.
WHAT WE KNOW
- Our pension benefits are in serious jeopardy and could be slashed to as little as 110% of the amount guaranteed by the PBGC. You can calculate your potential loss here. This includes current retirees!
- Over the past decade, our massive underfunding was a result of poor investment performance. After the 2008 crash, most similar funds were healthy within 3 years. Not ours. Compared to our peers, we underperformed.
- Over the past decade, our Trustees said our Fund was healthy when it wasn't.
- Our Trustees have not reined in exorbitant costs like inflated salaries and outrageously high rent.
WHAT WE CAN DO
- We are 50,000 participants strong! Demand the Trustees take steps to improve the Fund's poor investment performance. Our investment performance can be improved by reducing investment fees and replacing ineffective financial professionals.
- Demand the Trustees reduce exorbitant costs of excessive salaries, high rent and overstaffing. Our costs are astronomical. Better management is essential to reducing administrative expenses.
- Demand our Trustees stop the hemorrhaging of the Fund! Join the mailing list to be included in action plans that will force them to take us seriously.