James_P._HoffaTeamsters members who labored for years with the assurance their pension would take care of them in their final years are in for a shock.

The union has announced they may be cutting pensions.

“The somber notifications began going out from the Teamsters Central States Health and Welfare Pension Fund this spring, a decision that could ultimately affect 410,000 current pension participants and a total of more than 10 million U.S. workers nationwide. Cuts could begin as early as next year,” The Washington Times reports.

How can they get away with doing this?

Well, last year Congress passed the Multiemployer Pension Reform Act, which allows any multiemployer pension fund to slash benefits if the plan is underfunded.

Well, you can bet the Teamsters opposed that.

No, wait. They supported the pension-cutting scheme.

Well, I’m sure they’re moving money into their plan to keep it from becoming underfunded.

No, wait. They spent $5.9 million lobbying Congress last year to pass the pension-slashing scheme and other bills.

“Like many of our nation’s multiemployer pension funds, Central States Pension Fund (CSPF) has become severely underfunded and is headed toward financial failure if we don’t take immediate, decisive action,” read a CSPF letter to Teamsters dated April 8.

The Teamsters blamed Congress…for not letting them slash benefits earlier.

Not all Teamsters are feeling the pinch. Union president James P. Hoffa makes $387,000 annually.

In all, eight employees in the top office make $200,000 or more in 2009.

In addition to the $5.9 million they spent on lobbying Congress, the Teamsters are also pumping members’ paychecks into political campaigns instead of pension plans.

The union gave $3,685,602 in political contributions in 2014, making them one of the nation’s biggest political spenders. They spent $4,426,332 in 2012.

The Teamsters have spent $43,065,898 on political contribution since 1990, and another $24,790,100 on lobbying since 1998.

That’s $67.9 million that could have been put into interest-bearing pension plans or stock options, instead of being spent bankrolling anti-capitalist candidates who are killing the trucking industry.