please tell andrew cuomo and thebigot kevin mccaffrey thst nassau itb must be open whenever tracks are running outside of ny thst bettors want to bet
UPS Profits Off Pension Cuts
December 15, 2014: The lame duck Congress has attached pension cut legislation to the end-of-year spending bill that will pave the way for the worst pension cuts in Teamster history.
Leave it to UPS to find a way to make billions off this disaster.
UPS lobbyists fought for and won a special interest loophole that shifts $2 billion in the company’s pension responsibilities on to the backs of Teamster retirees in the Central States. These retirees will now face even bigger pension cuts as a result.
Claude Solnik
Long Island Business News
2150 Smithtown Ave.
Ronkonkoma, NY 11779-7348
Home > LI Confidential > Stop scratching on holidays
Stop scratching on holidays
Published: June 1, 2012
Off Track Betting in New York State has been racing into a crisis called shrinking revenue. Some people have spitballed a solution: Don’t close on holidays.
New York State Racing Law bars racing on Christmas, Easter and Palm Sunday, and the state has ruled OTBs can’t handle action on those days, even though they could easily broadcast races from out of state.
“You should be able to bet whenever you want,” said Jackson Leeds, a Nassau OTB employee who makes an occasional bet. He added some irrefutable logic: “How is the business going to make money if you’re not open to take people’s bets?”
Elias Tsekerides, president of the Federation of Hellenic Societies of Greater New York, said OTB is open on Greek Orthodox Easter and Palm Sunday.
“I don’t want discrimination,” Tsekerides said. “They close for the Catholics, but open for the Greek Orthodox? It’s either open for all or not open.”
OTB officials have said they lose millions by closing on Palm Sunday alone, with tracks such as Gulfstream, Santa Anita, Turf Paradise and Hawthorne running.
One option: OTBs could just stay open and face the consequences. New York City OTB did just that back in 2003. The handle was about $1.5 million – and OTB was fined $5,000.
UPS is the one and only company that benefits from the loophole on pages 81-82. Its purpose is to ensure that the Central States Pension Fund will not reduce the pensions of UPS workers who retired after January 1, 2008.
Not reducing pensions. Isn’t that a good thing? Of course! But UPS retirees in the Central States are already protected from having their pensions reduced.
In the case of any pension cuts by Central States, Article 34, Section 1 of the UPS master agreement, requires the company to make up any lost pension benefits.
UPS’s special interest loophole means the company won’t have to make up for any pension cuts. The loophole doesn’t save UPS retirees a dime, but UPS will save a fortune.
Teamster retirees and their widows will face $2 billion more in pension cuts so UPS can get out of paying the obligations it agreed to in the contact.
What can Brown do for you? Certainly, not this.
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