So We Got Screwed

My last post was April 28, 2019. That day was my official last day of school, my bachelor's degree completed. One of the best days of accomplishments in my entire life. Then the bottom fell out.

Later on that day we learned my union practically destroyed my plans by removing most options for collecting the pension, including the thirty years and out option I was banking on for retiring early and doing something else. This coming Saturday the 15th is my 27th year anniversary. I needed 36 more months to complete my 30 years. That dream is gone, the light at the end of the tunnel went out.

I got a text, read my mail, and then watched a YouTube video that explained how and why my union, my side, the people I've paid dues to most of my adult life, the ones that had my professional back, took away my pension plan. Well they didn't take it away but what is going to happen is a death spiral now. They have more going out than coming in. Future employer contributors will opt as they will find it cheaper to offer a matching 401k and not be throwing good money after bad.

This will spiral into being under 65% funded which will trigger federal take over of the fund. While the pension is guaranteed, we are basically guaranteed the minimum return of about 10% on the dollar as a retirement. The pension ruining crooks will no longer be in control of the fund. They've done their damage.

There are more details like the thug president and his cronies using our pension fund for their personal expense accounts and yet they are not in jail. They supposedly made restitution after being sued by the U.S. Treasury. I doubt that happened but who knows. They are crooks and if karma is real, they should all wind up in tragic circumstances for destroying the retirement plans of thousands of union members. One more addendum to the thugs in charge, the sprinkles on top of the corruption cake, they have their own pension fund and guess what? Yeah, it's over-funded.

They broke us instead of protecting us. Their corruption and disdain for the blue collar worker that supports them is tangible and real. President Robert Martinez, IAM crook in charge should personally go to each local in the nation and explain how this happened and how he's alright with it. Then he can take his chances getting out of each union hall.

He decries how companies are dishonest and against the working class while he and his mob took apart the rank and file and sold their retirement plans down the river. He's a criminal and God help him if he ever darkens my path or some of my more redneck union brothers who'd love to show him a good time in the country.

It's June, we learned about this on April 28th as I explained and it took me this long to be able to gather my thoughts enough to write about this.