According to a recent report by the Teamsters for a Democratic Union, current and former sanitation workers belonging to Teamsters Local 377 will see their pension payments slashed by more than 50 percent should a legislative plan endorsed by the International Brotherhood of Teamsters and other labor unions become law. That plan endorses one similar to the Central States Pension Fund, which is key to negotiations between Republic Services and its employees who are members of Teamsters Local 377.
According to recent published reports, the Central States Pension Fund is underfunded by $14 billion. Republic has proposed that its employees move to a more financially stable 401(k) retirement plan, which is the same retirement plan enjoyed by Republic’s management.
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