Freightmaster1
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Holland | FAQs: What the Pension Bill Means for You
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Northern Flash
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This says it all. If you're in Central States......you're screwed.
The Director of the Fund, Thomas Nyhan, was a principal lobbying force for this bill, and has stated that CSPF will impose cuts on retirees and active Teamsters. The Trustees of the fund, who are 50% management and 50% Teamster officials politically aligned with Hoffa, support the bill and support cutting pensions. They will make the decisions on when, who, and how much to cut, within the bounds of the new legislation.
The Director of the Fund, Thomas Nyhan, was a principal lobbying force for this bill, and has stated that CSPF will impose cuts on retirees and active Teamsters. The Trustees of the fund, who are 50% management and 50% Teamster officials politically aligned with Hoffa, support the bill and support cutting pensions. They will make the decisions on when, who, and how much to cut, within the bounds of the new legislation.
Northern Flash
Today's Democrats are similar to Commies.
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This says it all. If you're in Central States......you're screwed.
The Director of the Fund, Thomas Nyhan, was a principal lobbying force for this bill, and has stated that CSPF will impose cuts on retirees and active Teamsters. The Trustees of the fund, who are 50% management and 50% Teamster officials politically aligned with Hoffa, support the bill and support cutting pensions. They will make the decisions on when, who, and how much to cut, within the bounds of the new legislation.
The Director of the Fund, Thomas Nyhan, was a principal lobbying force for this bill, and has stated that CSPF will impose cuts on retirees and active Teamsters. The Trustees of the fund, who are 50% management and 50% Teamster officials politically aligned with Hoffa, support the bill and support cutting pensions. They will make the decisions on when, who, and how much to cut, within the bounds of the new legislation.
I said this long ago and got poop-pooped for it by the Hoffa athletic supporters, Active Teamsters should get the cash that has been given to the Pension funds in their name and get a check from that fund (TAX FREE) to make their own retirement investments. If they **** it away, OH WELL! I think that I can handle my money as well if not better then CSF without paying a blowhard like Nyhan $600,000.+ a year to screw me and I'm not even getting a kiss. There will be enough left in the fund to care for the retirees until it collapses, and it will collapse because we haven't had a single company added to the NMFA/Pension Funds in as many years as I have vested (23). When you have 4.2 retirees drawing and 1 paying, just do the math, it's unsustainable.
Northern Flash
Today's Democrats are similar to Commies.
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The pension was a huge draw for non-Union employees to switch over to Union, but that "bait" no longer draws anyone in since the concessions began. The first few years of the slashed pension, we were optimistic that it would someday get back to 100%, but clearly the optimism has long faded. Not only do the current employees understand that it's never going back to 100%, but the nons also realize it. Good luck organizing without having good bait to draw the employees in. The fund is destined for total failure. I blame YRCW and their bed buddy Hoffa for a horrible decision.
ronaldjake
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The fund should be disolved . Why would we keep putting money in something we know is going to go broke? Give me my share and I"ll take care of my own pension. Keep your hands off my cash!!
Michigan Bill
Good luck!
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i dont know that it has been "bait".for as long as ive been driving, everyone has said the funds are going broke.
this is WHY you should NEVER ever let somebody else to be in control of your pension !!! I have always said a matching 401-K that YOU are in control of , or just give YOU the weekly pension cash and you can invest how ever you want to !!! it's never a good idea to have somebody or company or union in control of your money/pension and making all these no work rules after you retire and not having any control what so ever over your pension money on how it is managed or spent ??? just my opinion, and YOU are entitled to your opinion on this subject too !!!
Northern Flash
Today's Democrats are similar to Commies.
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A pension has always been one of the biggest draws for union companies. That's not even debatable. And now that draw is gone.
Michigan Bill
Good luck!
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i know that, but since ive been driving, everyone has been saying this is going to happen, get what im saying now? mention the pension to a non union guy and the first thing they have always said is "yeah, it would be nice, but its broke"...
It's only broke because the IBT never tried to organize or add to any of the pension funds. The cost involved were so high that most companies ran from it. Can't blame anybody but Jimmy Hoffa.
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That's what the members should be pushing for. If you roll it into another retirement vehicle like a 401K or IRA it will be tax free, and it will be yours. Otherwise these fools will suck it dry with fees from financial planners, tax consultants, teams of legal advisors, ERISA consultants, overpaid trustees and whatever else they can syphon off. Take the money and run. As it stands right now CSF is in a death spiral.
freight jockey
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It is broke due to gross mismanagement of our money and bad decisions. Hoffa allowing UPS to exit the fund was a major mistake. Then the fund proceeded to lose the $6 + billion UPS buyout money within 9 months playing the market. Another example is the $77 million CS lost investing in a Russian bank that went bankrupt.
A high school economics class could make wiser investing decisions than the fools playing with our money, unfortunately we will never see anybody prosecuted as a result of this "mismanagement".
Northern Flash
Today's Democrats are similar to Commies.
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The fund will never be solvent again, and the slow cut will continue......until it's final death.
slowroller6319
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I don't like it one bit we retirees deserve everything we get we sign a contract that that we'd receive that amount for the rest of our life's and in return we stay out of the craft to help younger people to make a living that just not freight but any mom and pop business union or non also so if Central States is going to break that contract why do we have honor the one we sign i SAY NO we don't have to their the ones breaking it not us this is bull::
:: and Central States can kiss our
:: and Central States can kiss our
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I've said it before and I'll say it again, the best possible outcome for CSPF members is for the members to band together and demand the fund be dissolved and the money equitably distributed to the members with those still working having any future contributions put into a 401K.
hemorrhoid
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If a buy out were to ever occur it would almost have to be based on pension credits or years put in and on a volunteer basis and only apply to current retirees and a one time deal if not what would happen to the poor guy who is looking a 1 or 2 years to retire they would only receive 2 years in a 401k??
I am not saying that a buy out is not a smart thing and for some people it would work out great guess a lot would depend on your age and your finances..
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Keep in mind, Hoffa did NOT let UPS out of CSPF....UPS had the right, as well as other participates to pay out their liability to the fund and go to another pension plan.....they paid over $6 Billion to do so on a huge gamble and it paid off for them.....YRCW companies obviously do not have the deep pockets as UPS does and cannot do it.....KK