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BaBaLoo

BaBaLoo

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Here are my comments on the phone call:

1. How did the fate of our pension fund end up in the hands of the U. S. Treasury?

2. Am I supposed to believe that the treasury does not know what the law states? Is it still open to interpretation?

3. Am I also supposed to believe that the CSPF does not have any idea on what they are going to do until the Treasury interprets the new law?

4. I noticed that Nyhan said that everyone would be treated fairly. According to what standard?

5. I also noticed that he used the word fairly and did not say equally.

6. Does he know some things that are going to happen and will not reveal them for now?

7. As I remember Nyhan lobbied for, and probably helped to write the new law.

8. It is really hard to believe that he doesn't know exactly what is about to come down.

9. The phone call revealed very little new information.

10. Nyhan said every penny goes towards pension benefits. I guess he forgot to mention his salary.
 
BaBaLoo said:
Here are my comments on the phone call:

1. How did the fate of our pension fund end up in the hands of the U. S. Treasury?

2. Am I supposed to believe that the treasury does not know what the law states? Is it still open to interpretation?

3. Am I also supposed to believe that the CSPF does not have any idea on what they are going to do until the Treasury interprets the new law?

4. I noticed that Nyhan said that everyone would be treated fairly. According to what standard?

5. I also noticed that he used the word fairly and did not say equally.

6. Does he know some things that are going to happen and will not reveal them for now?

7. As I remember Nyhan lobbied for, and probably helped to write the new law.

8. It is really hard to believe that he doesn't know exactly what is about to come down.

9. The phone call revealed very little new information.

10. Nyhan said every penny goes towards pension benefits. I guess he forgot to mention his salary.
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There are no pennies in his salary silly.
 
Still needs an internal investigation.This investigation shall include all investment transactions and divestures.Before anything gets cut
 
BaBaLoo said:
Here my comments on the phone call:

1. How did the fate of our pension fund end up in the hands of the U. S. Treasury?

2. Am I supposed to believe that the treasury does not know what the law states? Is it still open to interpretation?

3. Am I also supposed to believe that the CSPF does not have any idea on what they are going to do until the Treasury interprets the new law?

4. I noticed that Nyhan said that everyone would be treated fairly. According to what standard?

5. I also noticed that he used the word fairly and did not say equally.

6. Does he know some things that are going to happen and will not reveal them for now?

7. As I remember Nyhan lobbied for, and probably helped to write the new law.

8. It is really hard to believe that he doesn't know exactly what is about to come down.

9. The phone call revealed very little new information.

10. Nyhan said every penny goes towards pension benefits. I guess he forgot to mention his salary.
Click to expand...
The phone call revealed nothing.Well almost.They cant reveal nothing.If they don't know nothing.They are still trying to figure out.How and why that much money disappeared.Without divulging the real truth.They put on hold.The very much needed firing of certain clowns.The answer is an investigation.Noooo someone(s) job may be on the line.Dont be so quick to institute cuts.Until we all know more besides the old cliche.There are more taking out.Than there are putting in.Thats a cop out.Quit selling us lies Mr.Nyhan.It wasn't that long ago.The fund was ok.The stock market has been at record number levels.Where is all the money?
 
This issue about the CSPF being underfunded.May be brought up to a vote by the participants.80 year Olds would be exempt from cuts and the 75yo would be partially responsible.How can you have already retired individuals.Be asked to vote on something that they had no fiduciary respinsibility for their promised pension??That is absurd.Most if not all retirees are on a fixed budget.Thats all they have is their retirement pension check.If they are given a chance to vote.You really think they really will vote to cut their own throats? I seriously doubt it.especially on something that they didn't have anycontrol over tthe funding of their pension.Its absurd.Then you look at the Pension Guaranty Fund.The fund that the government has.To protect these MEPF.In case they go belly up.The Pension Guaranty is underfunded to the tune of 34billion dollars.Hypocracy to say the least
 
bigtruk_us said:
As much as I hate to say.YRC wouldn't want some of these retired people back.The company already has a high work mens comp number.High risk
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Tommy said, "we are looking into the re-employment rules, to see if we can make it better". That is not to say, you can have your old job back. That is never going to happen.
 
Big Truk, if you are retired, you need to write Susan Mauren, a letter telling her just how you feel about everything that may have happened. She is there for us to vent. Who Knows?, she may even do something to help. Even if you are not retired, a letter is needed.
 
BaBaLoo said:
Here are my comments on the phone call:

1. How did the fate of our pension fund end up in the hands of the U. S. Treasury?

2. Am I supposed to believe that the treasury does not know what the law states? Is it still open to interpretation?

3. Am I also supposed to believe that the CSPF does not have any idea on what they are going to do until the Treasury interprets the new law?

4. I noticed that Nyhan said that everyone would be treated fairly. According to what standard?

5. I also noticed that he used the word fairly and did not say equally.

6. Does he know some things that are going to happen and will not reveal them for now?

7. As I remember Nyhan lobbied for, and probably helped to write the new law.

8. It is really hard to believe that he doesn't know exactly what is about to come down.

9. The phone call revealed very little new information.

10. Nyhan said every penny goes towards pension benefits. I guess he forgot to mention his salary.
Click to expand...
YUP! on #4 thru #8, He knows and does not want to spill his milk. You may be able to clean it up. This mess is going to be cleaned up by the rank and file. No one group created this mess. No one group should be singled out. This should be equal sacrifice across the board. If anything the so called Orphans have had more money paid in for them than anyone. Think about that. Think real deep. Extra % was charged to the companies for the issue. The companies are not going to fix this, we are. Are we bothers or not? BABA, write a letter to Susan, explain how you feel. I know we are all :1sm364jumpbed:now is the time to :36:Get the letters flowing,
 
"Ms. Sue Mauren,a Central States Pension Fund retiree whose own benefit is subject to reduction"
Thomas Nyhan

POOR SUSAN!!!
https://www.tdu.org/news/sue-mauren-representative-central-states-retirees
PENSION BENEFITS

Mauren had other pension and lump-sum retirement plans as well:

  • She retained rights to her pension credits earned at the University of Minnesota.
  • As an officer of Local 320, she benefited from the Joint Council 32 plan, which is only for officers and agents; it paid a sizable lump sum upon her retirement.
  • As an officer of Local 320, she enjoyed a matching 401k plan, with contributions from her and matching sums from the Local 320 treasury.
  • As a BA and later the secretary treasurer of Local 320, she earned about 20 credited years in the Central States Fund.
 
What i dont understand is why are the 80 yr olds exempt? they worked their 25-30 yrs in the industry and collecting $2500-$3000 month check for yearsThey have withdrawn far more money than what was put in for their behalf. Now that I'am getting ready to retire with 40 yrs in I have to take the cut. Sounds like reverse age discrimentation to me. If one of us has to take a cut than all of us should feel the pain
 
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Not all 80 and above make big bucks, most only draw 1200 or less. However I do agree with you that many draw as much as 3500. Not many thou. Think about this. How would you like to be born on Dec 31, and you will be 80 day before the cuts begin. You are then safe. How about the person who turns 80 the day of the cuts. He is not safe. I know there has to be a cutoff, with a rule like that. Too late now, but a different way to handle this would be to have all who make less tan 1200 to be exempt. So I understand they did not call me for advise, DAMN
 
bigtruk_us said:
The phone call revealed nothing.Well almost.They cant reveal nothing.If they don't know nothing.They are still trying to figure out.How and why that much money disappeared.Without divulging the real truth.They put on hold.The very much needed firing of certain clowns.The answer is an investigation.Noooo someone(s) job may be on the line.Dont be so quick to institute cuts.Until we all know more besides the old cliche.There are more taking out.Than there are putting in.Thats a cop out.Quit selling us lies Mr.Nyhan.It wasn't that long ago.The fund was ok.The stock market has been at record number levels.Where is all the money?
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I would also like to know about all the retirees currently drawing on multiple pensions, including some of Teamster leaders. Stop the retirees from drawing multiple pensions!!!
Also, why pay all of those financial organizations the millions upon millions of dollars every year to manage our fund's money. It doesn't look like they have done a very good job since we are in the financial shape that we are currently experiencing. If they were put on a salary based on percent of gains, we might be in a better position than we are now. Consequently, if they were not paid when we don't make money. I guarantee that the fund would never lose money again.
 
codebreaker said:
I would also like to know about all the retirees currently drawing on multiple pensions, including some of Teamster leaders. Stop the retirees from drawing multiple pensions!!!
Also, why pay all of those financial organizations the millions upon millions of dollars every year to manage our fund's money. It doesn't look like they have done a very good job since we are in the financial shape that we are currently experiencing. If they were put on a salary based on percent of gains, we might be in a better position than we are now. Consequently, if they were not paid when we don't make money. I guarantee that the fund would never lose money again.
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JImmy G, where are you? I am going to let you answer this one. Have at it G. :shakehandsnah:
 
All I know codebreaker is Tommie said, "Everything Is on the up and up and we had record income from the investments" On the other side, he said we lost the billions in 08. UH!
 
ESP said:
JImmy G, where are you? I am going to let you answer this one. Have at it G. :shakehandsnah:
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I'm sitting back, watching you straighten em out as much as you can, so when I adopt you, I'm hurt the least amount you ORPHAN!:1036316054:. I need to publish you a list of famous orphans who overcame being dumped and went on to greatness! You need Inspiration!:bowdown:
 
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ESP said:
All I know codebreaker is Tommie said, "Everything Is on the up and up and we had record income from the investments" On the other side, he said we lost the billions in 08. UH!
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People seem to be forgetting what happened in 2008. Too many have never lived through bad rimes and economic downturns and somehow believe that things always get better without any hiccups along the way. That's not reality.

"The financial crisis of 2007–2008, also known as the Global Financial Crisis and 2008 financial crisis, is considered by many economists to have been the worst financial crisis since the Great Depression of the 1930s. It threatened the total collapse of large financial institutions, which was prevented by the bailout of banks by national governments, but stock markets still dropped worldwide. In many areas, the housing market also suffered, resulting in evictions, foreclosures and prolonged unemployment. The crisis played a significant role in the failure of key businesses, declines in consumer wealth estimated in trillions of U.S. dollars, and a downturn in economic activity leading to the 2008–2012 global recession and contributing to the European sovereign-debt crisis. The active phase of the crisis, which manifested as a liquidity crisis, can be dated from August 9, 2007, when BNP Paribas terminated withdrawals from three hedge funds citing "a complete evaporation of liquidity".

http://en.wikipedia.org/wiki/Financial_crisis_of_2007–08
 
I would like to know why the insurance premium paid by CS to PBGC isn't refunded ? The fund does pay to insure themselves with PBGC, now they say they cannot cover what they promised in insurance.

They should either refund our premiums paid in full immediately or be investigated for fraud.
 
freight jockey said:
I would like to know why the insurance premium paid by CS to PBGC isn't refunded ? The fund does pay to insure themselves with PBGC, now they say they cannot cover what they promised in insurance.

They should either refund our premiums paid in full immediately or be investigated for fraud.
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Does your auto insurance give your premiums back if you don't have a claim?
 
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