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Dissolve and disperse central states pension fund now !

Do you want what's yours from Central States ?

  • Yes

    Votes: 52 85.2%

  • No

    Votes: 9 14.8%
  • Total voters
    61
I called my pension fund office in Syracuse,NY,Monday to see if I could oped out of the survivor benefit.
When I first applied to start my pension payments it was an option for my wife to get a percentage after I kicked the bucket.

Well any who the fund rep.,said no,once you apply for your benefit,however you set it up,it is locked in.

Then she wondered why I wanted to discontinue the survivors clause?
I told her I received my letter informing me that my pension payments are going to be cut in July,so I want my whole earned amount.

Of course she said no can do,however she also claimed our pension payments may not be cut in July?
Who knows the only thing I know now,is time will tell,I'll have to wait till July to see if my direct deposit is smaller,or not.
 
You may not like my opinion on this issue.With the elimination of the ERISA which was founded to protect multi employer pension funds and with that elimination and the installment of the MPRA.I would suggest combining all these pension funds.From having different conferences there would be just one multi employer pension fund fashioned after the western conference pension fund.I suggest the western pension fund because it is a proven fund that has been managed well and absent of the Nyhan's of the world.There would be more money combined to invest into the western conferences model.Then and only then when the funds get back up to proven solvency and stability then maybe the funds could be placed back to separate conferences or not do that at all.But I caution we must do this soon so that we can take part in the improving markets and economic conditions.We should quit begging the government to solve this problem.We see where that is going.
 
The big difference as I see it is that the Central States Fund, unlike any other Fund, was overseen by the Federal Government. In 1982 a decent decree was agreed to between Central States and the Federal Government. Just where were these "monitors" when key decessions that effectived thousands were made?? I can easily see that the Federal Government has a large stake in the creation of this problem.
 
yellow11 said:
The big difference as I see it is that the Central States Fund, unlike any other Fund, was overseen by the Federal Government. In 1982 a decent decree was agreed to between Central States and the Federal Government. Just where were these "monitors" when key decessions that effectived thousands were made?? I can easily see that the Federal Government has a large stake in the creation of this problem.
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That's not the only thing that the gubment did...Federal regulations required upping the payout when the funds were flush with cash instead of packing it away for a rainy day and that has played its part in putting the funds where they are today.
 
ABFer said:
That's not the only thing that the gubment did...Federal regulations required upping the payout when the funds were flush with cash instead of packing it away for a rainy day and that has played its part in putting the funds where they are today.
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Bingo!
 
deadeyetwo said:
http://bnymellonforexsettlement.com/docs/Amended_Class_Action_Complaint .pdf
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how much money is hoped to be recovered? is it more than the 341 million dollars that C. F. stiffed the pension fund for? is it more than the 660 million dollars that hostess stiffed the pension fund for? how about the 900 plus million allied stiffed the pension for. Obama didn't prosecute anyone involved in the massive mortgage fraud that caused the crash of 2008. it's been 2 years and 5 months since this law suit was filed and the big VICTORY is it is back at square one. If this law suit is won how many weeks of benefits will it pay? The pension fund is going to be declared insolvent just like 707. and maybe someday when the retired to active ratio improves retirees will get more than pbgc guarantee.
 
Bubba Gump said:
how much money is hoped to be recovered? is it more than the 341 million dollars that C. F. stiffed the pension fund for? is it more than the 660 million dollars that hostess stiffed the pension fund for? how about the 900 plus million allied stiffed the pension for. Obama didn't prosecute anyone involved in the massive mortgage fraud that caused the crash of 2008. it's been 2 years and 5 months since this law suit was filed and the big VICTORY is it is back at square one. If this law suit is won how many weeks of benefits will it pay? The pension fund is going to be declared insolvent just like 707. and maybe someday when the retired to active ratio improves retirees will get more than pbgc guarantee.
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Maybe Landol Fletcher, a union trade division Representative of the Teamsters, will make the world a better place for posterity. Get on the band wagon and fill your pockets with the money before it's gone. Better hurry....
lead council appointed by the judge gets the big cut followed by the lawyers.
 
Central States Fund was saved from the "Corrupt Union" by the government. Until then our pension was secure. The government oversight has been responsible for the billions the fund has lost. The familiar words " I'm from the government & I'm here to help" come to mind.
 
Supposedly the mob was investing funds from Central States in Las Vegas real estate, casinos & cat houses. I wonder how much the property would be valued at today if they had continued to invest. The fund would not have lost the billions it did if the corrupt politicians had not "rescued" us. I don't remember anything politicians have been involved in that made a profit.
 
bigtruk_us said:
You may not like my opinion on this issue.With the elimination of the ERISA which was founded to protect multi employer pension funds and with that elimination and the installment of the MPRA.I would suggest combining all these pension funds.From having different conferences there would be just one multi employer pension fund fashioned after the western conference pension fund.I suggest the western pension fund because it is a proven fund that has been managed well and absent of the Nyhan's of the world.There would be more money combined to invest into the western conferences model.Then and only then when the funds get back up to proven solvency and stability then maybe the funds could be placed back to separate conferences or not do that at all.But I caution we must do this soon so that we can take part in the improving markets and economic conditions.We should quit begging the government to solve this problem.We see where that is going.
Click to expand...
Why punish the Western Conference or any other successful fund for that matter. Central States is done. Disperse the monies it has and close it. Let those who have some years left to work take that money and invest it for themselves so they at least have SOMETHING when its time to pull the pin.
 
yrc-atm said:
Why punish the Western Conference or any other successful fund for that matter. Central States is done. Disperse the monies it has and close it. Let those who have some years left to work take that money and invest it for themselves so they at least have SOMETHING when its time to pull the pin.
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That takes Congressional Action, I believe?

We're in this mess mostly because the greedy IRS made it illegal to overfund a pension, so Central States enriched the payouts to conform to the law. Too late now to make it up. Basically, we promised twice as much as we could deliver. Then companies closed, leaving survivors holding the bag. UPS saw it coming, and bailed, the Treasury and Lobbyists won't allow cuts- and us not yet retired are the ones screwed.
 
jimmy g said:
That takes Congressional Action, I believe?

We're in this mess mostly because the greedy IRS made it illegal to overfund a pension, so Central States enriched the payouts to conform to the law. Too late now to make it up. Basically, we promised twice as much as we could deliver. Then companies closed, leaving survivors holding the bag. UPS saw it coming, and bailed, the Treasury and Lobbyists won't allow cuts- and us not yet retired are the ones screwed.
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That statement shows your ignorance of what is actually going on in our pension reform movement. We want full restitution from those who mishandled our money in the fund, and for those in the federal government who did not check on those trustees that President Reagan appointed when he put CSPF under trusteeship in the early 1980s....more to the story than you know....KK
 
Kennesaw Kid said:
That statement shows your ignorance of what is actually going on in our pension reform movement. We want full restitution from those who mishandled our money in the fund, and for those in the federal government who did not check on those trustees that President Reagan appointed when he put CSPF under trusteeship in the early 1980s....more to the story than you know....KK
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That takes Congressional Action to fund.
 
jimmy g said:
That takes Congressional Action to fund.
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It was in regards to your ignorance of what started this mess, and what happens after over 33 years of no government oversight and checks and balances on those Trustees that REAGAN appointed. That is what the GAO and the Congressional Committees are investigating.....not the IRS causing the problem....kk
 
Kennesaw Kid said:
It was in regards to your ignorance of what started this mess, and what happens after over 33 years of no government oversight and checks and balances on those Trustees that REAGAN appointed. That is what the GAO and the Congressional Committees are investigating.....not the IRS causing the problem....kk
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It takes government money to pay. Requires an appropriation. Government is the taxpayers.

IRS caused the underfunding thru laws banning overfunding in 74 or so. That started the 'at any age' payouts.
 
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