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Yellow | A Brother's CSPF Letter

Kennesaw Kid

Kennesaw Kid

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Attached to this post is a copy of 2 pages of the 13 page letter that one our NOCPP committee members received today in the mail from the CSPF. This person gave me the OK to share this info ASAP.

This participant is 69 years old, had 34.115 credited service in the fund, and retired at age 62. The letter this participant got today said that their $3,120.04 monthly benefit will be reduced to $1,560.02!

This is a 50% cut! This will sort of give the rest of us a preview of what our benefit reductions will be!

There are a lot of questions to be answered...that's for sure! Remember though...this is just a PROPOSAL!

Take note....this Brother had 2 years in Steel haul....then 10 years at Mason & Dixon, and then his last 22 years at Holland....they cut his first 12 years back to 110% of the PBGC because that was his "orphan time" and then cut his 22 years at the Miller-Kline Bill rate, which came out to a 50% reduction....hope this helps



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Am I correct that if you retired last year you will have no reduction? But if you retire next year you will? What is the cutoff?
 
Tier 2 maximum cut can't exceed 50% of what your present pension amount is. Tier 3 (UPS) can't exceed 40%. My question is most of my contributions were at 2%. It appears they will recalculate to 1%. Then retiring at 57 will be factored in my cut would be way below 50%. But the max they can cut is 50%. Plan on a 50% cut unless your are UPS.
 
the5tolls said:
Am I correct that if you retired last year you will have no reduction? But if you retire next year you will? What is the cutoff?
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The 13 page letter you will receive in the next day or two will break down your specific situation....many will be different from others....but unless you are over 80....everyone will be cut in some form or another......KK
 
ReformTeamster said:
Yet, it somehow seems that no official anywhere is to blame!?! Nobody did aaaaaaanything wrong. It just happened all by itself! Now, can you believe that?
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Yes, I do believe that, I heard Mr. Nyhan say so. It was the dirty rotten ORPHANS and the economy. Good God Man, wake up it cannot be Central States mismanagement of the funds. You Know that. A quick Disclaimer, I am a dirty rotten orphan and proud of it. I BROKE three great companies and see what I did to the fund. :lmao::biglaugh::hysterical::hilarious: AH, I feel better now :coffee1:
 
These cuts must be voted on by us , right ? If so , one would be stupid to vote yes , these are the biggest cuts allowed , far smaller cuts would suffice and cause much less suffering . Besides , cuts at this level are not much better than PBGC levels , better to let the fund go broke in 2026 and collect full pensions in the mean time .
 
The PBGC level according to the letter is not much over $1,000 per month.

I retired in 96 @ 55 w/27 years service in CS and 5 years w/local 710. My cut is 37.5% which leaves me $1,408.25 plus my 710 pension which is not affected at this time. I will be 76 years and 3 months on 7-1-1-6.

This is a slap in the face to all retirees who put their time in. All of us older folks remember how the union squandered million on Vegas investments and mob loans years ago with fund moneys. how some officers were on boards on several locals and were in line to draw multiple pensions. They should be looking over their shoulders
 
Letter I got says if this doesn't work, Treasury can cut it to pgbc of 759.

Mine was cut from promised 2455 to 1250. I'm not retired. No longer in Freight.
 
ReformTeamster said:
Yet, it somehow seems that no official anywhere is to blame!?! Nobody did aaaaaaanything wrong. It just happened all by itself! Now, can you believe that?
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Oh yes. Republican George Miller- California and Republican Johm Kline put the bill in the Omnibis bill. President Obama signed it.Yes the same Barack Obama the Teamsters gave millions to help him get elected. Looks like that bite you square on the gluteus maximus. He has a nack for signing bills late, way after midnight.
 
I'm not defending him but in fairness to democrat Miller he is the only reason we have a vote on the cuts.
 
Crystal said:
I'm not defending him but in fairness to democrat Miller he is the only reason we have a vote on the cuts.
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If you really believe we have a vote on this I have many tickets to sell to Disneyworld in Rocky Top Tenn. ( oh yea, there isn't one). So we vote ( wink,wink) and then the Treasury Dept. overrides it. No politician in Washington is working for their constituents. That was our parents politicians that did that.
 
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