The omnibus pension bill passed the Legislative Commission on Public Pensions and Retirement (LCPR) and the Minnesota Senate. Teamsters Local 320 supports the bill and was involved in the process from the very beginning. This is a compromise bill and has nominal benefit reductions. However, the bill has broad support from not only Teamsters 320, but AFSCME, Education Minnesota, IAFF, MAPE, MMA, MPPOA, SEIU, and the State Troopers Association. Employer groups and the pension fund administrators support the bill as well. The bill provides direct state aid payments to the different pension plans until 2048 or the attainment of a funded ratio of 100%, whichever scenario plays out sooner.

This is a good bill in its current status, but the legislative process can be tenuous and even dangerous for our retirement funds. Teamsters Local 320 is concerned that legislators in the House of Representatives will not agree to spend the money and/or other legislators will tack on harmful amendments before full legislative passage – this happened last year when the Legislature attempted to pass a comprehensive pension bill.  

On Wednesday, April 4, 2018, Teamsters Local 320 will host a phonebank at 3001 University Ave SE, Minneapolis, on the 4th Floor from 6:00 - 8:00 PM. Local 320 is requesting member volunteers to contact other Local 320 members to discuss the bill and patch members through to their state representatives. Local 320 will continue this process every subsequent Wednesday until the omnibus pension bill is passed or with other notice.