sthomp2000
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The CSPF rescue plan website has updated. Everyone should take a look as the trustees of the fund want to speed up the process of reducing our pensions to put the cuts into effect in 6 months or less.
Yellow | Central States Pension Fund Rescue Plan
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Freightmaster1
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http://www.cspensionrescue.com/
Central States Letter to U.S. Treasury
On July 1, Central States’ legal counsel submitted a letter to the U.S. Department of the Treasury seeking clarification on two points within the temporary and proposed guidance regarding MPRA. This request was made to allow the Fund Trustees to develop a fair pension rescue plan that gives proper consideration to pension contributions made by employers, over time, on behalf of their employees.
http://www.cspensionrescue.com/wp-c...rification-of-Treasury-Temporary-Guidance.pdf
Why the rush Central States? Surely they must be afraid that the protestors are gaining too much traction on this issue?
Central States Letter to U.S. Treasury
On July 1, Central States’ legal counsel submitted a letter to the U.S. Department of the Treasury seeking clarification on two points within the temporary and proposed guidance regarding MPRA. This request was made to allow the Fund Trustees to develop a fair pension rescue plan that gives proper consideration to pension contributions made by employers, over time, on behalf of their employees.
http://www.cspensionrescue.com/wp-c...rification-of-Treasury-Temporary-Guidance.pdf
Why the rush Central States? Surely they must be afraid that the protestors are gaining too much traction on this issue?
Well, well, well I just learned a new term. "Terminated Vested Participant". As for me, I'm just a plain "orphan" and I know what the future holds for me. Since the pension cuts must be "equitable" and spread equally across the board all us "orphans" must experience the maximum cut allowed under MPRA. But now if I understand this "terminated vested participant" business correctly someone who left an active employer to work elsewhere and who had achieved a vested pension before leaving will also be subjected to a larger cut than someone who left the same employer and chose to draw their pension immediately. Welcome to the club all you "terminated vested participants". Those dollars paid into this fund for you and us "orphans" just didn't buy as much. Seriously, and without any further sarcasm best of luck to all of you.
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bigtruk_us
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So much for auditing the plan for misappropriated and stolen monies.Even my sister thinks that way.She isn't even involved with the Teamsters
Freightmaster1
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I guess it's time for another audit since we never got the results of these two from almost 13 years ago?
Taking Action
BY JOHN D. SCHULZ | Dec 15, 2002 7:00PM EST
Copyright 2002, Traffic World, Inc.
Teamsters union President James P. "Jimmy" Hoffa, moving to stem the staggering decline in the value of assets of the Central States Pension Fund, is taking what the union calls the "extraordinary step" of hiring outside consultants to perform a combined independent investment and actuarial evaluation of the fund.
An internal Teamsters document shows the Central States' fund may be as much as $6.9 billion short of its vested benefit levels.
The IBT retained two nationally recognized and respected firms, Independent Fiduciary Services and Watson Wyatt Worldwide, to perform an independent assessment of the asset allocation approach and the actuarial condition of the Central States Pension Fund, the largest of all the Teamsters multiemployer pension funds.
Hoffa recently moved to install Fred Gregare, an IBT at-large vice president, to replace Ray Cash on the 10-member Central States trustee board. Cash recently resigned along with longtime Central States Executive Director Ronald J. Kubalanza, who was replaced late last month by general counsel Thomas Nyhan. Gregare is the well-respected head of Local 75 in Green Bay, Wis., and the IBT dairy division.
The shakeup occurs amid a continuing financial slump in Central States' fund assets. According to Central States' internal documents, the fund suffered a net loss of $1.978 billion last year while the fund suffered a continuing decline in its contribution base and the number of Central States' retirees continued to rise.
The Central States' fund is the largest in the Teamsters. It covers 187,229 active participants and 197,011 retirees. Central States has been hurt by the downturn in the markets with net assets available for benefits dropping to $18.5 billion last year from $20.5 billion in 2000. Vested benefits last year were $25.4 billion, compared with $24.3 billion in 2000.
Long-term trends at Central States are worrisome to Hoffa as well. The fund had unfunded vested benefit liabilities in 2000 of $3.8 billion and $6.9 billion last year.
Rank-and-file Teamsters are fighting what they perceive as a pension "freeze." They are gathering petitions circulated by the Teamster Pension Improvement Committee, which is comprised of both current and retired Teamsters.
Many Teamsters were expecting a pension increase to occur after this summer's contract settlement with United Parcel Service, which is paying increased amounts for fringe benefits. But Central States is choosing to spend most of that contribution to control fast-rising health care costs.
Teamsters for a Democratic Union, the dissident wing of the IBT, claims Central States' pension benefits could be frozen for another six years. TDU says its last benefit increase in pensions was in 1997, meaning that another six-year freeze would mean benefits would be stuck at 1997 levels through 2008.
Under federal law the Teamsters union itself has no control over the management or investment strategy of the fund, which continues to operate under court and government supervision as the result of a 1988 consent decree. Under the terms of the consent decree, the fund's named fiduciaries - who ultimately are responsible for investment strategy and the overall investment program - must be approved by the federal court after appropriate notice to the Department of Labor. The current designated named fiduciaries are J.P. Morgan and Goldman Sachs. Employer and employee trustees are prohibited from making any investment decisions.
The Central States Pension Fund is "cooperating with the review," the union said.
Hoffa said the decision to seek an independent analysis of the fund has been taken, "because we cannot sit on the sidelines while the retirement benefits of our members are undermined by falling financial markets. The International Union must have the information necessary to ensure that we can take whatever action may be necessary to help preserve and protect our members' pension benefits."
Teamsters General Secretary-Treasurer Tom Keegel said the "bad investment climate" along with the bankruptcy of Consolidated Freightways makes it imperative that the union perform its own independent evaluation of the Central States Pension Fund.
Although many pension funds are suffering in the current climate, the Central States Fund suffers from the added handicap that the number of retirees drawing benefits significantly outnumbers the active participants for whom contributions are being made. This makes investment returns particularly critical for Central States and means that the current bear market has hit the fund particularly hard.
"While we cannot tell the federal government, the trustees, or the fund's named fiduciaries what to do, we owe it to our members to fully assess what the real story is," Keegel said.
Hoffa said the IBT will do "everything possible" to get to the bottom of the issues at Central States and provide a clear view of the situation to members.
"The IBT will then be in a better position to consider all appropriate action to preserve the retirement security of our members and their families," Hoffa said.
Taking Action
BY JOHN D. SCHULZ | Dec 15, 2002 7:00PM EST
Copyright 2002, Traffic World, Inc.
Teamsters union President James P. "Jimmy" Hoffa, moving to stem the staggering decline in the value of assets of the Central States Pension Fund, is taking what the union calls the "extraordinary step" of hiring outside consultants to perform a combined independent investment and actuarial evaluation of the fund.
An internal Teamsters document shows the Central States' fund may be as much as $6.9 billion short of its vested benefit levels.
The IBT retained two nationally recognized and respected firms, Independent Fiduciary Services and Watson Wyatt Worldwide, to perform an independent assessment of the asset allocation approach and the actuarial condition of the Central States Pension Fund, the largest of all the Teamsters multiemployer pension funds.
Hoffa recently moved to install Fred Gregare, an IBT at-large vice president, to replace Ray Cash on the 10-member Central States trustee board. Cash recently resigned along with longtime Central States Executive Director Ronald J. Kubalanza, who was replaced late last month by general counsel Thomas Nyhan. Gregare is the well-respected head of Local 75 in Green Bay, Wis., and the IBT dairy division.
The shakeup occurs amid a continuing financial slump in Central States' fund assets. According to Central States' internal documents, the fund suffered a net loss of $1.978 billion last year while the fund suffered a continuing decline in its contribution base and the number of Central States' retirees continued to rise.
The Central States' fund is the largest in the Teamsters. It covers 187,229 active participants and 197,011 retirees. Central States has been hurt by the downturn in the markets with net assets available for benefits dropping to $18.5 billion last year from $20.5 billion in 2000. Vested benefits last year were $25.4 billion, compared with $24.3 billion in 2000.
Long-term trends at Central States are worrisome to Hoffa as well. The fund had unfunded vested benefit liabilities in 2000 of $3.8 billion and $6.9 billion last year.
Rank-and-file Teamsters are fighting what they perceive as a pension "freeze." They are gathering petitions circulated by the Teamster Pension Improvement Committee, which is comprised of both current and retired Teamsters.
Many Teamsters were expecting a pension increase to occur after this summer's contract settlement with United Parcel Service, which is paying increased amounts for fringe benefits. But Central States is choosing to spend most of that contribution to control fast-rising health care costs.
Teamsters for a Democratic Union, the dissident wing of the IBT, claims Central States' pension benefits could be frozen for another six years. TDU says its last benefit increase in pensions was in 1997, meaning that another six-year freeze would mean benefits would be stuck at 1997 levels through 2008.
Under federal law the Teamsters union itself has no control over the management or investment strategy of the fund, which continues to operate under court and government supervision as the result of a 1988 consent decree. Under the terms of the consent decree, the fund's named fiduciaries - who ultimately are responsible for investment strategy and the overall investment program - must be approved by the federal court after appropriate notice to the Department of Labor. The current designated named fiduciaries are J.P. Morgan and Goldman Sachs. Employer and employee trustees are prohibited from making any investment decisions.
The Central States Pension Fund is "cooperating with the review," the union said.
Hoffa said the decision to seek an independent analysis of the fund has been taken, "because we cannot sit on the sidelines while the retirement benefits of our members are undermined by falling financial markets. The International Union must have the information necessary to ensure that we can take whatever action may be necessary to help preserve and protect our members' pension benefits."
Teamsters General Secretary-Treasurer Tom Keegel said the "bad investment climate" along with the bankruptcy of Consolidated Freightways makes it imperative that the union perform its own independent evaluation of the Central States Pension Fund.
Although many pension funds are suffering in the current climate, the Central States Fund suffers from the added handicap that the number of retirees drawing benefits significantly outnumbers the active participants for whom contributions are being made. This makes investment returns particularly critical for Central States and means that the current bear market has hit the fund particularly hard.
"While we cannot tell the federal government, the trustees, or the fund's named fiduciaries what to do, we owe it to our members to fully assess what the real story is," Keegel said.
Hoffa said the IBT will do "everything possible" to get to the bottom of the issues at Central States and provide a clear view of the situation to members.
"The IBT will then be in a better position to consider all appropriate action to preserve the retirement security of our members and their families," Hoffa said.
Freightmaster1
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Shake-Up at Central States: Executive Director Replaced, What's Next? (TDU 11-5-2002)
http://www.tdu.org/news/shake-central-states-executive-director-replaced-whats-next
At least Tom Nyhan has managed to increase his double-dipping salary every year for the past 13 years!
http://www.tdu.org/news/shake-central-states-executive-director-replaced-whats-next
At least Tom Nyhan has managed to increase his double-dipping salary every year for the past 13 years!
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bigtruk_us
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Hmmm stock market declines? That's what was said in that article I read above.The stock market has been in "record" territory for several years now.
Freightmaster1
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Remember that article was written almost 13 years ago!
An independent analyst is farfrom a forensic audit.I wish we could get organized and do the same thing as Mr. Kelder with the 707 fund.Anyone with any ideas? We could start here on trucking boards with a sign up sheet for those willing to donate.It would be worth it to bust those that have paid unjustifiable fees or stolen from the fund.Remember ups paid 6.1 billion to the fund since these articles.Lets bust their asses together.I guess it's time for another audit since we never got the results of these two from almost 13 years ago?
Taking Action
BY JOHN D. SCHULZ | Dec 15, 2002 7:00PM EST
Copyright 2002, Traffic World, Inc.
Teamsters union President James P. "Jimmy" Hoffa, moving to stem the staggering decline in the value of assets of the Central States Pension Fund, is taking what the union calls the "extraordinary step" of hiring outside consultants to perform a combined independent investment and actuarial evaluation of the fund.
An internal Teamsters document shows the Central States' fund may be as much as $6.9 billion short of its vested benefit levels.
The IBT retained two nationally recognized and respected firms, Independent Fiduciary Services and Watson Wyatt Worldwide, to perform an independent assessment of the asset allocation approach and the actuarial condition of the Central States Pension Fund, the largest of all the Teamsters multiemployer pension funds.
Hoffa recently moved to install Fred Gregare, an IBT at-large vice president, to replace Ray Cash on the 10-member Central States trustee board. Cash recently resigned along with longtime Central States Executive Director Ronald J. Kubalanza, who was replaced late last month by general counsel Thomas Nyhan. Gregare is the well-respected head of Local 75 in Green Bay, Wis., and the IBT dairy division.
The shakeup occurs amid a continuing financial slump in Central States' fund assets. According to Central States' internal documents, the fund suffered a net loss of $1.978 billion last year while the fund suffered a continuing decline in its contribution base and the number of Central States' retirees continued to rise.
The Central States' fund is the largest in the Teamsters. It covers 187,229 active participants and 197,011 retirees. Central States has been hurt by the downturn in the markets with net assets available for benefits dropping to $18.5 billion last year from $20.5 billion in 2000. Vested benefits last year were $25.4 billion, compared with $24.3 billion in 2000.
Long-term trends at Central States are worrisome to Hoffa as well. The fund had unfunded vested benefit liabilities in 2000 of $3.8 billion and $6.9 billion last year.
Rank-and-file Teamsters are fighting what they perceive as a pension "freeze." They are gathering petitions circulated by the Teamster Pension Improvement Committee, which is comprised of both current and retired Teamsters.
Many Teamsters were expecting a pension increase to occur after this summer's contract settlement with United Parcel Service, which is paying increased amounts for fringe benefits. But Central States is choosing to spend most of that contribution to control fast-rising health care costs.
Teamsters for a Democratic Union, the dissident wing of the IBT, claims Central States' pension benefits could be frozen for another six years. TDU says its last benefit increase in pensions was in 1997, meaning that another six-year freeze would mean benefits would be stuck at 1997 levels through 2008.
Under federal law the Teamsters union itself has no control over the management or investment strategy of the fund, which continues to operate under court and government supervision as the result of a 1988 consent decree. Under the terms of the consent decree, the fund's named fiduciaries - who ultimately are responsible for investment strategy and the overall investment program - must be approved by the federal court after appropriate notice to the Department of Labor. The current designated named fiduciaries are J.P. Morgan and Goldman Sachs. Employer and employee trustees are prohibited from making any investment decisions.
The Central States Pension Fund is "cooperating with the review," the union said.
Hoffa said the decision to seek an independent analysis of the fund has been taken, "because we cannot sit on the sidelines while the retirement benefits of our members are undermined by falling financial markets. The International Union must have the information necessary to ensure that we can take whatever action may be necessary to help preserve and protect our members' pension benefits."
Teamsters General Secretary-Treasurer Tom Keegel said the "bad investment climate" along with the bankruptcy of Consolidated Freightways makes it imperative that the union perform its own independent evaluation of the Central States Pension Fund.
Although many pension funds are suffering in the current climate, the Central States Fund suffers from the added handicap that the number of retirees drawing benefits significantly outnumbers the active participants for whom contributions are being made. This makes investment returns particularly critical for Central States and means that the current bear market has hit the fund particularly hard.
"While we cannot tell the federal government, the trustees, or the fund's named fiduciaries what to do, we owe it to our members to fully assess what the real story is," Keegel said.
Hoffa said the IBT will do "everything possible" to get to the bottom of the issues at Central States and provide a clear view of the situation to members.
"The IBT will then be in a better position to consider all appropriate action to preserve the retirement security of our members and their families," Hoffa said.
codebreaker
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Show me the Money
Just wondering how much of our money has been spent on the law firms and consulting firms that have been doing their best to screw every retiree (past, present, and future) for years. Also on how much has been spent on the best, most expensive money managing firms from New York's finest to tell the CSPF on how to invest the hard earned money of the same people that they are now going to take it away from. It would be great if someone could force the TRUE figures to be published. Oh, wait a minute cause I must be dreaming, cause we are dealing with an organization that doesn't publish real numbers only numbers that benefit them.
Just wondering how much of our money has been spent on the law firms and consulting firms that have been doing their best to screw every retiree (past, present, and future) for years. Also on how much has been spent on the best, most expensive money managing firms from New York's finest to tell the CSPF on how to invest the hard earned money of the same people that they are now going to take it away from. It would be great if someone could force the TRUE figures to be published. Oh, wait a minute cause I must be dreaming, cause we are dealing with an organization that doesn't publish real numbers only numbers that benefit them.
I'm in $$$ where do I send it
Bart I'm too dumb to organize a venture like this but , with all the active and retired teamsters who believe funds were misappropriated,kicking in 5 or 10 bucks would definitely worth the piece of mind.
If 10,000 of us pitched in just a measly 5 bucks,that's 50 grand,the same price the forensic
firm would charge for the 707 fund.Ours is bigger and would cost more.I will kick in 50 out of the gate.
I'm not on Facebook but many on here are.The locals could help with the retirees mailing list and we could post a sheet at all barns with where and how to send the money.If people are interested I'll call the same firm Mr,Kelder is using at the 707 .
Perhaps we could send directly to an account set up by the law firm and held in escrow.
This would be worth the piece of mind for all of us and I personally believe arrests would be made after the audit.
That is awesome you guys.I don't think we will have to spend that much.I think most feel like we do.If we could get just 8,000 current and retired combined to chip in just 10 bucks,that's 80 grand ,and that's plenty to do the forensic audit.
I no KK is popular on Facebook herein ATL,many at our barn get their info from him.Maybe he could help us get the ball rolling with a sticky thread also.
If we get the ball rolling a little more I'll call the firm and get specifics.
Spread the word fellas,if anyone messed with our retirees money,let's bust some balls.
bigtruk_us
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With the amount of enthusiasm for any type of audit on here and elsewhere.I think we all are in agreement that the numbers published don't seem right nor does the amount of trust thrown in to boot.Ill contact KK for a donation point.Since our beloved union administration isn't showing any signs of protecting our interest.We will have to do it.So much for the union concept