Yellow | Central States Pension Annual Financial: $15.3 billion

Freightmaster1

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http://www.tdu.org/central_states_pension_annual_financial_15_3_billion

  • The fund claims that “the trustees have also resolved to cooperate with Congress, regulatory agencies, unions, employers, and private parties and organizations to search for a solution….”
It is high time for the fund to not only cooperate, but put on a full-court press to find a legislative solution to the pension crisis.

The Hoffa administration has done almost nothing to help, and the crisis is spreading to member Teamsters. As the report makes clear, the IBT has even sided with Kroger Corp. against the Fund to try to pull 7,000 more members out of fund.

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Since you brought up 401k. A lot of us have worked 20-40 or even more years in the freight business. A large amount of money was paid to the fund on your behalf over the years! Pay raises were even given to the funds instead of your pocket to secure your retirement! The amount of $$$$$ is not small, large amounts were paid on your behalf! If you would have had this money paid to a personal retirement account I think it is safe to say a lot of us would have $ MILLIONS $ for our retirement!!!!
 
My 401 was started too late for me. Of course the reason is the company didn't offer it until late into my years of employment. But I started as soon as it was offered but it still only adds up to grocery money in retirement. Had I known I would have had nothing for retirement I sure would have covered my butt. It would take a few million to get through the retirement years and be comfortable and have a sense of security even if you don't us it all. By that I mean that in case some major medical event occurs. That would eat up any 401.
Who knows what one will need and how long you will live into your retirement. Nobody.
But. I would try with a few million in my K. No doubt.
:17142:
Nothing will come of an investigation. Not to do any of us this close to retirement. Doesn't seem like it would.
But it's a good thing they are looking at it.
Cause it's a big wtf happened here?
 
Since you brought up 401k. A lot of us have worked 20-40 or even more years in the freight business. A large amount of money was paid to the fund on your behalf over the years! Pay raises were even given to the funds instead of your pocket to secure your retirement! The amount of $$$$$ is not small, large amounts were paid on your behalf! If you would have had this money paid to a personal retirement account I think it is safe to say a lot of us would have $ MILLIONS $ for our retirement!!!!
Agree & this has been my point for past 20 years is that we should have control of it ,NOT the union and then plus then when you Die 6 months after you retire you could give the 401-K to your kids instead of the union & Hoffa keeping it !!
 
Agree & this has been my point for past 20 years is that we should have control of it ,NOT the union and then plus then when you Die 6 months after you retire you could give the 401-K to your kids instead of the union & Hoffa keeping it !!
Partner. You,me,and thousands of others all thought 30 years ago we would be looking at 3000,plus a month. We can all sit here and give our opinions,thoughts,vent our anger, and think we have an answer for this. I am not so sure that even with alleged mafia involvement that caused the government to step in back in the 80's,and give control of the fund to Wall Street, that had the Feds stayed the hell out of it,we may have been better off. But that too,is all speculation.
 
Maybe so ,but still think of the size of your 401-K would be if it was put in there 20 or 30 years ago ?? and key point to is that you would control it NOT the Union !!! very key point !!
 
Maybe so ,but still think of the size of your 401-K would be if it was put in there 20 or 30 years ago ?? and key point to is that you would control it NOT the Union !!! very key point !!
I guess shame on me for trusting people whom I never have met in my life to look after my pension.....
 
I guess shame on me for trusting people whom I never have met in my life to look after my pension.....
It's our own fault for trusting.
And that's a shame.
Aren't gets us no where. Maybe. I doubt it. But maybe something will come out of this investigation they are talking about if it ever happens.
 
I guess shame on me for trusting people whom I never have met in my life to look after my pension.....
Kinda learned in life to trust nobody with money , as Greed comes into play and Union has a History of Greed & Corruption , think about it everything the union does is to benefit and make the Union more money !! and from day one, 20 plus years ago I thought this CSPF was a ponzi fund scam and now 20 years later it proves true !! It's really a shame in what the union has become !!
 
Sorry don't mean to cut into your thread. But i would like to point out that it's not just the Teamster's having to cut pensions. In my opion after deregulation corporations got full power of what they could do in their industry so why give when they can take away,there's no repercussion.and they can grow their bottom line. Your lucky to find a good job that still offers any kind of pension and what guaranty do you have that you'll get what you were promised when you took the job?sample....

https://www.google.com/amp/s/calpen...ers-cuts-la-works-pensions-whos-at-fault/amp/
 
Maybe so ,but still think of the size of your 401-K would be if it was put in there 20 or 30 years ago ?? and key point to is that you would control it NOT the Union !!! very key point !!
wongway, you had that chance 20 or 30 years ago or how many years you put in. You said you knew the pension fund was a ponzi scheme back then, my question to you again is why did you stay with the union? You knew a ponzi scheme wasn't going to pay you $3000 a month when you retired so why in the hell did you stay if you had that special power to see into the future? Oh by the way the government, central states trustees and the investment firms shoulder most of the blame for us losing our pensions. Also the union should have been organizing for all these years but didn't. You should stop blaming everyone else for your problems and start taking charge of your own life as soon as possible, times running out.:sadwavey:
 
wongway, you had that chance 20 or 30 years ago or how many years you put in. You said you knew the pension fund was a ponzi scheme back then, my question to you again is why did you stay with the union? You knew a ponzi scheme wasn't going to pay you $3000 a month when you retired so why in the hell did you stay if you had that special power to see into the future? Oh by the way the government, central states trustees and the investment firms shoulder most of the blame for us losing our pensions. Also the union should have been organizing for all these years but didn't. You should stop blaming everyone else for your problems and start taking charge of your own life as soon as possible, times running out.:sadwavey:
Roady , I'm taking charge of my life , just pointing out the truth here ,which pisses some of you guys off !! Truth Hurts :6788:
 
Now this one is a public pension fund not private. Illinois State Employees Pension is under funded by 86 Billion dollars. Yes folks, I said Billion. Now they are trying to raise the taxes to pay for it. Why. The Illinois Supreme Court ruled 7 to 0 that the state promised the money, so the must pay all of it. No relief from their Last court of resort, and the Feds said it was not a Federal issue. So the elected officials tried to change the Illinois Constitution so they wouldn't have to pay so much. For now that issue has been put on hold. Stay tuned for your upcoming tax increase if you live or make purchases in Illinois. Oh & that figure does not represent the Chicago Teachers Pension Fund, another 23 Billion under funded Pension Plan. Ya all might want to stock up on lubricant, for if you live in Illinois, ya gonna need it. von.
 
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