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ABF | Central States town hall meeting call

grovercxl

grovercxl

HUH?
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Did anyone call in to the town hall meeting that Central States had Thursday night? I was working and couldn't call in. Just wondering what was discussed. Does anyone know if it is available to listen to anywhere?
 
It was interesting to hear Nylan say. That the average cut was between 22-29 per cent. I have not found one person under 38 % most are between 40 to 50%
 
papejr said:
It was interesting to hear Nylan say. That the average cut was between 22-29 per cent. I have not found one person under 38 % most are between 40 to 50%
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That's because included in that average is all the people who get no decrease, due to age or disability.
 
TT411 said:
There were 118,000+ people in tier two with no cuts. You think all these people are over 80 years old or on a disability?
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I don't think I said any percent of the people were over 80 or on disability let alone all of them. My only point was that the averages are skewed by the people who are getting no reductions.
 
grovercxl said:
I don't think I said any percent of the people were over 80 or on disability let alone all of them. My only point was that the averages are skewed by the people who are getting no reductions.
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Oh ok.
grovercxl said:
I don't think I said any percent of the people were over 80 or on disability let alone all of them. My only point was that the averages are skewed by the people who are getting no reductions.
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i was a little confused the sentence was a little tricky. It didn't mention anything about people with no deductions for some unknown reason. The ,age and disability threw me off. It is BS that 33% of people will get 0 cuts!
 
I wonder how they could cut a survivor benefit because the member paid fot that amount to be paid their spouse while they were alive?
 
grovercxl said:
I don't think I said any percent of the people were over 80 or on disability let alone all of them. My only point was that the averages are skewed by the people who are getting no reductions.
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Yes exactly. The number or percentage of participants not receiving any reductions is not made up solely of those on disability or due to their age. The Fund includes hundreds of small employers who make contributions into pension classes that are much lower. If your pension is smaller and falls within the amount covered by PBGC insurance it will not be subject to reduction. Remember, under MPRA, a pension may not be reduced below 110 percent of the PBGC coverage. If your pension is within the amount of PBGC coverage it will not be cut. If your pension is above the amount covered by the PBGC it cannot under MPRA, be reduced beyond 110 percent of PBGC coverage.
 
COOPER said:
Yes exactly. The number or percentage of participants not receiving any reductions is not made up solely of those on disability or due to their age. The Fund includes hundreds of small employers who make contributions into pension classes that are much lower. If your pension is smaller and falls within the amount covered by PBGC insurance it will not be subject to reduction. Remember, under MPRA, a pension may not be reduced below 110 percent of the PBGC coverage. If your pension is within the amount of PBGC coverage it will not be cut. If your pension is above the amount covered by the PBGC it cannot under MPRA, be reduced beyond 110 percent of PBGC coverage.
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Do you know what the amount covered by PBGC insurance is? Is that the 1175 number they talk about? So 110 percent would be about 1290?
 
the5tolls said:
Do you know what the amount covered by PBGC insurance is? Is that the 1175 number they talk about? So 110 percent would be about 1290?
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You can go to the PBGC website for the multiemployer guarantee. There are some examples posted on the site showing how it is figured. The guarantee is figured on your yearly accrual rate. The PBGC guarantees the first $11.00 of your accrued pension at 100% and the next $33.00 of your accrued pension at 75%. So the maximum guarantee is $11.00 plus $24.75 (75% of $33.00) making the PBGC MAXIMUM rate $35.75. Multiply the guarantee of $35.75 times your years of service for your MAXIMUM monthly guarantee. Another example is for someone who has a monthly accrual of only $16.00. In that case the first $11.00 is again insured at 100% and the balance of the pension or $5.00 is multiplied times 75% equaling $3.75. The total guarantee in that case would be $14.75 which would again be multiplied by the total years of service for the monthly guarantee. Now remember....... that is only the PBGC insured rate. Hopefully I've done my math right.
 
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