Freightmaster1
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Yellow | Does Hoffa want to Destroy the Central States Pension Fund?
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With Mr. Hoffa in control of the IBT, and Mr. Nyham with Central States Pension Fund things are only going to get worse for their members. Both men and their trustees have to be held accountable for their actions with their disregard to their positions both past and present to protect the fund, and their members!!! They can make as many cuts as they want, but this won't save the fund in the end with the current leadership. This will only add a couple of years to the fund if these 2 men stay in control.
Is it possible they are scheming and have joined forces to destroy the fund to the point of where Retirees will be paid pennies on the dollar… While protecting their family's future and income?
Is it possible they are scheming and have joined forces to destroy the fund to the point of where Retirees will be paid pennies on the dollar… While protecting their family's future and income?
Daddy built it and the son destroyed it
Brother Bart, get yourself a copy of "The Teamsters" by Steven Brill. Available on Amazon. Read it front to back. I read it 40 yrs. ago, then sold it at a garage sale when I moved to PA. You''ll see where the Pension went and who sent it.
mysticobra
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I don't know why but I laughed out loud when I saw that pic.
Daddy built it and the son destroyed it
Thanks for posting it.
I do not know if little boy Hoffa, can keep a company in the plan, if they want out and can pay the fee. I just had a thought, if Kroger can buy out at a billion for 7000 active. Then what would be the fee for ABF, I do not know how many actives they have, I am guessing 15,000. No I did not just have a thought, I had a nightmare, a real horror story. There may be more to all of this than we ever imagined. Freightmaster1, can straighten me out here. But for all purposes, YRCW has already gotten out of the fund, only paying 25%, which if I am right is being held in escrow. I am just thinking out loud here, with no facts. I know you all will help be back down to earth in just a few posts. If Kroger can save money by doing this , will ABF? We may actually be the first and the last to join the PBGC, weather we like it or not. I am not defending young Hoffa. I grew up and got my wings, under his dad, a man of may talents. Rest in peace, the real HOFFA ! That is. Mysticobra, I like that picture also. Here we are, all wondering what the cuts will be and we get no or very little information from the ones in charge. So we are left with time to wonder, and to take things a bit too far. What are your thoughts?
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mysticobra
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Hoffa could demand because everything was regulated- artificially kept alive and passed on to consumers by law. Can't do that today. No matter who is in charge. Different situation, different laws, different economics. People today wish for 1960s results but 2015 convenience and prices
I have been monitoring all of the recent posts and researching articles on the internet. There is a lot of misinformation out there. The new law has some specific guidelines that need to be met. Some of the guidelines have not been put forth by the Dept. of the treasury as of yet. Here are some of the things that I have been able to glean from my research:
1. Central States has applied for benefit modifications. This started the clock ticking. The new law is very specific on a timeline that includes review by the Dept. of the Treasury, voting on any proposal by active and retired members, another review by the feds with the possibility of them overriding the vote outcome. After all of this a plan may be implemented. Central States says the earliest any changes will take place is 2016. That is because each of these steps have a prescribed allotment of days for each step.
2. The Dept. of the Treasury, the IRS, And the Dept. of Labor are still analyzing the new law. They have not published any guidelines as of yet. Central States at this point is waiting for these guidelines. That why they are telling us that they won't know anything until June or July. They probably have a good idea what the regulations will be, but they can not act until they are certain.
3. The new law clearly states that any changes must ensure that the fund will remain viable and meet all obligations for the next 30 years.
4. (my opinion) Drastic across the board cuts will not ensure the viability of the fund for the next 30 years. If they cut fully contributing employers too harshly, they will leave the fund in droves. Other options within the new law will be considered. Plan partitions and mergers will be discussed. This could lead to a mixture of changes that will be applied unequally. Nyhan tried to get a law passed a few years ago that would have partitioned Orphans into PBGC. He also tried to get a law passed that would have allowed 30% across the board cuts. The new law gives him far more leeway. YRCW retirees and active employees should be concerned about their status of being in a rehabilitation plan. Retirement ages could be raised and adjustable benefits could be eliminated. They also will look at surviving spouse benefits.
5. It also is not too late to stop this. But the amount of time we have to do anything is short. That is why it is important to get involved now. Contact your elected representatives. Join one of the many retiree movements that are fighting the new law. Make your voice heard. Once the Federal Govt. puts out the regulations and Central States begins to implement changes, it may be too late. Now is the time to act!
mysticobra
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Great research.
I don't think there is any escrow. I believe YRC's contribution is paid into the pension pool just as any other participating employers are. YRC employees, depending on their retirement dates, are now being and have already been effected by having their benefits reduced. Now they stand to take further reductions? The question is by how much. I know as has been discussed, but there huge withdrawal assessment to leave the Fund. There is another hybrid option now available in CSPF which allows for the segregation of an employers participants from those of other participants but in choosing this option a withdrawal fee of some sort is also assessed. The question raised by BaBaLoo in part 4 of his post is in my opinion a valid one. If as an employer, you see that your contributions are not returning much in terms of a retirement for your employees why make any further contributions into such a poor plan? That would be especially true if you can afford to pay the withdrawal assessment and leave. My thought now is and has been for some time are all these changes really just rearranging the deck chairs on the Titanic? I still believe if the plan were to fail that the PBGC insured minimum obligations would be met. I can't see the Feds just walking away from this long standing obligation. But since that would only a hundred bucks more per month than I stand to receive under the Rescue Plan and because I'm just pissed off anyway I really don't care if this MF dies or survives.
mysticobra
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Best thing to do is cover your own ass right now. You cannot depend on the retirement they provide. Start saving now... No matter how old you are. It may be all you have.
Cooper, I am beginning to feel the same way. I am having a hard time keeping my true feelings in check. I must deal with this matter from within, because it does not appear to be any help coming for the Lasterd Orphans, who have paid the full price already. " I guess I am listed as an Orphan" Good Luck my Friend.
I couldn't agree more. I'm glad my late great employer offered a 401k and that I had the vision or luck to take advantage of IRA savings plans. Less than half of my fellow employees took advantage of these plans and a lot of them that did used the 401k as a cookie-jar to raid for the purpose of buying toys. I'm only a couple of years from having to take my RMD on these plans and that will replace the lost pension. If you can at all afford it my advice is to always PAY YOURSELF FIRST.
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The withdrawal liabilities should have stopped 25 years ago,before 500 union lines shut down.Not a single reasonable person can justify a company making pension contributions for people who never worked for them.Hollands liabilities were over 300 million several years ago.The union,the government and the workers should be ashamed to have allowed it to get to this point.
Not to be repetitious, but if the pension funds hadn't promised such overly large payouts (which we all liked hearing over the years) and were more conservative in the way they operated (unlike the Ponzi Scheme manner in which they did) there would be no such thing as "unfunded liability" or "orphans". Simply speaking each and every retiree would only receive whatever contributions were make on his/her behalf plus the investment returns earned by those particular amounts. Unfortunately it's too late for that scenario now.
You are absolutely correct Cooper. For the first 10 years of my adult working life I have no pension credits of any kind. Back in those days you had to have at least 10 years in to be vested for any pension. I changed jobs a number of times in those early years and never got vested anywhere. Because of that I started to contribute to an IRA as soon as they were available. Later on at different jobs I maxed out contributions to 401-K's. If I had been vested early on for a pension I may not have invested for my retirement on my own with IRA/401-K contributions so maybe that was a blessing in disguise considering where we're at with pensions these days.
prochauffer
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HOFFA WANTS TO ADD EVERY MEMBER TO 401K PLAN,FUTURE PENSIONS WILL BE FUNDED AND PAID BY THE IBT.LOOK FOR CONSOLIDATED PENSION FUNDS TO BE ADDED IN THE NEAR FUTURE.HOW CAN THE IBT ORGANIZE ANY NEW TEAMESTERS WITHOUT SECURE RETIREMENT BENEFITS?THOUSANDS WILL OTHER WISE TAKE WITHDRAWAL CARDS FROM THE IBT, BECAUSE THEIR PENSION IS CUT IN HALF OR MORE.THIS WILL BE DONE WHILE OBAMA IS STILL IN OFFICE,SO TIGHTEN YOUR BELTS FOR THE RIDE COMMING TO ORGINIZED LABOR AND ALL WHO DEPEND ON PENSION FUND CHECKS TO SURVIVE............