CRIMINAL CAPITALI$M
Ex-LiUNA construction workers shocked to lose half at pension cash-out
Members of Laborers' International Union of North America thought they were building a future, but pulling out of pension plan early means losing half.
CHRIS SO / TORONTO STAR Order this photo
Tony Cordeiro, a former member of the Laborers' International Union of North America, was shocked to learn he was eligible to receive only 47 per cent of his earned pension if he pulled the money out early.
Tony Cordeiro earned a pension worth more than $221,000 during a 25-year career digging tunnels and sewers beneath Toronto as a member of the country’s largest construction union .
But Cordeiro and his family won’t get even half of that.
When concerns among his colleagues started spreading in recent months about the pension fund run by the Laborers’ International Union of North America (LiUNA), the 47-year-old construction worker inquired in May about cashing out before reaching retirement age.
To his shock, Cordeiro found out he was eligible to receive only 47 per cent of his earned pension — $104,000 — if he pulled the money out early.
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