The union didn't put the money into the private companies hands.the government did! The union has nothing to do with the pension fund and how its run,the government did! So quit blaming our union for it!Central sends a plan, that can't pass muster, then say's that it doesn't have time to submit a plan based on more realistic estimates, and kicks the can to Congress wanting money to cover their private enterprise screw up. Here's an idea. Stop bitching about deregulation, it had nothing to do with it. Stop bitching about the feds stepping in and taking over what amounted to Hoffa's little slush fund and own the fact that you gave your money to a private enterprise and your particular management team screwed up and lost your money. How about these other plans that didn't screwup, pony up the 11 billion and help their union brothers and sisters out. What, use union money to fix a union screwup. Why didn't the union management think of that. You know why. Why spend union money, we are entitled.
Yes. Congress gave control to Nyhan. And it's not union money. It is money contractually put in by our companies.I've been a teamster in central states since 2001. Central states has been warning about critical status every year sense I've had a pension fund. I'm not saying this is right what they're doing, but they have been warned for the past, at least, 15 yearsReally? The money deposited into Central States Pension fund is not union money? You're saying that the union just stood by and watched the fund go dry, even after Nyhan was warning of this tsunami as early as 2010. You wouldn't do that with your personal checking account, kind of stupid to do it with your retirement money.
http://www.joc.com/regulation-policy/central-states-pension-fund-warns-insolvency_20100527.html
or how about this article,
http://www.marketwatch.com/story/lo...n-trust-accelerated-teamsters-cuts-2016-04-06
Everybody is pointing the finger at everyone else, literally, but the bottom line is that the union allowed it's money to be invested in a private fund and now, for whatever reason, that fund is drying up. All I keep hearing is that the fed needs to fix it. What I don't read is that the union asking Congress to close tax loopholes that they use and funneling that money into the fund. Why I don't read is how union members are volunteering an hours wage per week to help Central States tread water. It's hard to pull for you guys when all you have done is demand a do over after setting by and watching this situation roll downhill like the pile of crap that it is.
No, control of the CSPF was taken away from the Teamsters Union years ago. The Teamsters Union has had no control over the CSPF for years.Really? The money deposited into Central States Pension fund is not union money? You're saying that the union just stood by and watched the fund go dry, even after Nyhan was warning of this tsunami as early as 2010. You wouldn't do that with your personal checking account, kind of stupid to do it with your retirement money.
http://www.joc.com/regulation-policy/central-states-pension-fund-warns-insolvency_20100527.html
or how about this article,
http://www.marketwatch.com/story/lo...n-trust-accelerated-teamsters-cuts-2016-04-06
Everybody is pointing the finger at everyone else, literally, but the bottom line is that the union allowed it's money to be invested in a private fund and now, for whatever reason, that fund is drying up. All I keep hearing is that the fed needs to fix it. What I don't read is that the union asking Congress to close tax loopholes that they use and funneling that money into the fund. Why I don't read is how union members are volunteering an hours wage per week to help Central States tread water. It's hard to pull for you guys when all you have done is demand a do over after setting by and watching this situation roll downhill like the pile of crap that it is.
My point is, we have thousands of fellow Americans whose promised pensions could be cut in halve. Would you rather have your tax dollars sent overseas to help or bribe or sent into a dark hole to do who knows what, or would you rather have your tax dollars help fellow Americans. Help fellow American issues versus your tax dollars spent helping illegal immigrants. Either way it's becoming a question of how we want our politicians to spend the money taken from us every payday. More and more we have no control over what our elected politicians are doing. And I'm getting tired of it.No, control of the CSPF was taken away from the Teamsters Union years ago. The Teamsters Union has had no control over the CSPF for years.
I punched the "like" button, but you speak the truth which I "dislike". The truth also is that Hoffa and Nyhan have been running a ponzi scheme ever since Nyhan and Hoffa teamed up around 2001. The Fed Gov't watchdogs through Erisa was supposed to watch over corruption beginning in 1972. Instead, nobody did anything to stop or even slow down the corruption and theft from CSPF. Hoffa, Nyhan and all their cronies went happily along draining the Fund for their own enjoyment. Nyhan gave himself a $32000.00 raise in pay in 2014 to now over $694,000.00 for doing such a stellar job as chief manager of the CSPF. As for the gov't "watchdogs", Hoffa and Nyhan "threw them a bone" every so often (in the form of untraceable cash) to just keep on doing nothing. That was no problem for our members of Congress, both Dems and Repubs. That is what they do best. Spend other peoples' money and do nothing constructive. When and if the truth ever comes out, this ponzi scheme will make Bernie Madoff's Wall Street ponzi scheme look like small potatoes.Central sends a plan, that can't pass muster, then say's that it doesn't have time to submit a plan based on more realistic estimates, and kicks the can to Congress wanting money to cover their private enterprise screw up. Here's an idea. Stop bitching about deregulation, it had nothing to do with it. Stop bitching about the feds stepping in and taking over what amounted to Hoffa's little slush fund and own the fact that you gave your money to a private enterprise and your particular management team screwed up and lost your money. How about these other plans that didn't screwup, pony up the 11 billion and help their union brothers and sisters out. What, use union money to fix a union screwup. Why didn't the union management think of that. You know why. Why spend union money, we are entitled.
Partly true, but Hoffa, Nyhan and their cronies did nothing but very feeble attempts to stop it. In fact, they liked it. It is always nice to be able to blame other things or other people when you are caught with your hand in the cookie jar'The union didn't put the money into the private companies hands.the government did! The union has nothing to do with the pension fund and how its run,the government did! So quit blaming our union for it!
In my mind (and in the eyes of the law) those that stand idly by and watch an injustice or crime happen and do nothing to stop it or correct it are also guilty of a crime. With the exception of one feeble attempt by Nyhan in 2010 (before a completely Democrat controlled Congress and White House) to get a bail-out, nothing has been done or attempted by either the IBT or CSPF in all the years since 1972 to avert the bankruptcy of the CSPF that they all knew was coming if nothing was done. Instead they all lied to the contributing members about the CSPF being secure and our pensions safe. As late as April 2014, I got a signed letter of assurance from Nyhan in the mail (I still have it) assuring me that my full pension was secure since I DID retire before April 2008. One year later, that proved to be just another lie. I will be cut over 50%. My wife's survivor benefit that I have been contributing 15% ($510.00) of every retirement check ever since 2007, totaling now over $60,000, will also be cut after my death. Will any of the IBT or CSPF salaries or retirement bonuses be cut? No, not a penny. If THEY would have been looking at a pension, bonus or retirement cut in the future, then something would have been done. For me personally, I was lied to from 1972 until 2015 about how my pension was secure. "Can't be touched", they said "ERISA is there to protect the pensioners", they said. In the meantime, Lichtenwald used $6.5 million in members' money to bribe members of Congress to abolish ERISA in Dec 2014. Hoffa, Nyhan and Murphy had already planned the cuts through the NCCMP.....BEFORE Erisa was abolished. They knew what Congress was going to do months before they did it. They paid for it. They used Teamster members' own money against them to eliminate Erisa protections that stood for 40 years. They didn't care if Goldman and Northern Capital were taking money off the top so long as they (IBT and CSPF officials) skimmed off their share. All ponzi schemes eventually fail when the bottom of the pyramid drys up.The truth is the government took over the fund in the 80"s because they said the Teamsters were corrupt & had invested in Las Vegas real estate & casinos which were owned by the mob. The funds were to be managed by banking firms Northern Capital & Goldman-Sachs which lost billions. None of the bankers lost any of their money but our fund did.
I would venture a wager that the investments made in Las Vegas real estate would have returned quite a profit on our pension funds instead of losing billions in the stock market.
Who is more corrupt the government that caused billions to be lost or the ones who were making a profit on investments with our pension fund?
You have my permission to do whatever you want. One person (yrc-atm) seemed offended by my comments. I don't know why, especially since he and I worked for the same company (Holland) both before and after the Yellow takeover in 2005. I don't know him, but he seems bitter. I do hate to be the bearer of bad news, but I believe the truth, as I know it, should be told.You, my friend spent a lot time to put out the truth, the whole truth and nothing but the truth. I have the same letter from April 2014. You put this in writing of what I have been saying all along. With your permission I want to send this letter to every Congressman and woman. I know they know this, but SO WHAT, I think they need to be reminded of what has been happening. I also think Congress as well as all politicians need to be cut on their pensions, as their funding is also in debt, by about 21 Trillion. Great job my friend. This fight will never be over, we have to win every time, they will only need to win once. What a shame.
Nyhan says in part, "We're going to go into bankruptcy" No WE are not. YOU Mr Nyhan are doing just fine with your $694,000 per year (plus percs). I'm sure you and the other members of the CSPF executive board have your backside covered very well. The aggregate total salary for all members is over $8 million per year. None of these people have given up a penny of their salary. To the contrary. Mr Nyhan GAVE HIMSELF a $32,000 raise in 2014. Let's look at Mr Nyhan past history as a financial genius.