An article just came out from USAToday about NY States pension fund

Discussion in 'Central States Pension Fund Discussion' started by Apostolic, Oct 28, 2016.

  1. Apostolic

    Apostolic Super Moderator Staff Member

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    However this is old news to me,as I never agreed to my pension to be cut by a third.
    I was informed in a letter from my NY State Pension office.
    Like it or not my pension is being cut beginning July first of 2017.
    With this news all over the media,I can't see how anyone would want to become a Teamster at this present time.

    http://www.usatoday.com/story/money...-members-new-york-face-pension-cuts/92909734/
     
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  2. ABFer

    ABFer Super Moderator Staff Member

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    I'm not so sure that it will be cut July of 2017 and I would not expect that plan to go into effect at all. A similar plan was attempted by Central States Pension Fund (CSPF) and was rejected by the US Treasury, who has to approve all bail out plans before implementation. Unfortunately, the outcome is even worse than that proposed plan and includes the Pension Benefit Guarantee Corporation (PBGC) taking over the plan and only allows for a maximum monthly payment of about $1100 for a retiree with 30 years.

    On the issue of joining the Teamsters I agree, between the well publicized pension debacle the Teamsters just plain old suck, their representation and their contract are horrible and the way they treat us (the members) is despicable.
     
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  3. deadeyetwo

    deadeyetwo Member

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  4. deadeyetwo

    deadeyetwo Member

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    Persona non grata former Rep. George Miller now paid lobbyist 2 help Kline get MPRA II pushed through & cut earned pensions
     
  5. tutone710

    tutone710 Your Retirement Canceled

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  6. Apostolic

    Apostolic Super Moderator Staff Member

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    What the?
    I thought I just posted the link you posted about our NY State Teamsters pension cuts?
    tutone710 you have no explanation of why you reposted this news link a day after mine,so whats up?

    Anyway I just received another letter in the mail which is asking me to voice my opinion of the cuts.
    Funny that after a year of warnings & then letting me know that my benefit will be cut by 31%,now they want to know what I think.

    Well yes you better believe I'm going to write back with my 2 cents,how do they think I'm liking it?
    For crying out loud, its not rocket science,how do they think someone is going to feel about receiving less then they earned over the years.
     
  7. ABFer

    ABFer Super Moderator Staff Member

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    Yes, technically the beneficiaries are supposed to vote on the matter, as if it matters...
     
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  8. deadeyetwo

    deadeyetwo Member

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  9. Apostolic

    Apostolic Super Moderator Staff Member

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    I was sent a letter from my NY State Teamsters Conference Pension & Retirement fund Retiree Representative.
    With a website I can use to make my comments,with a deadline of November 14th.
    It is nice that I have plenty of time to collect my thoughts & report my feelings without looking like an idiot.

    They've also provided government tips for commenting which is something I've never hear of?
    However this is 5 pages to read through.

    Wonder if all of the paper & printing for all of us retired & future retirees came out of the fund?
    Just kidding on that point,the money had to come from some place.
    So then I better get reading & zip off my comments before its to late,which I'll only have myself to blame if I miss out.
     
  10. deadeyetwo

    deadeyetwo Member

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    Treasury Dept has REJECTED Iron Workers Local 16's application 4 MPRA retiree pension benefit cuts https://www.treasury.gov/services/R...Local 16-Pension-Fund-Notification-Letter.pdf
     
  11. deadeyetwo

    deadeyetwo Member

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    Treasury denies Teamsters Local 469 bid to reduce pension benefits
    http://www.pionline.com/article/201...ters-local-469-bid-to-reduce-pension-benefits
     
  12. Apostolic

    Apostolic Super Moderator Staff Member

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    So now what?
    I know part of the problem of under funding is all of the union LTL's that have gone under & are not contributing anything.
    Another reason is the funds are invested in the stock market which has not had very good returns.
    One other issues is one that most of the old timers like me are aware of,but very hard to prove.
    Which is the bleeding from some of the local,as well as some of the top officials for many years.

    So I say now what is the next step in keeping the pension benefits we earned during our Teamsters trucking career, without seeing any cuts?
     
  13. mud

    mud Wonderin'

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    As we watch our past and present administrations spend my and your tax dollars, to help everyone else in the world.
     
    Last edited: Nov 11, 2016
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  14. Bubba Gump

    Bubba Gump Active Member

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    It is hard to get accurate information. 4 teamster funds have filed mpra applications. Typing "mpra application" will give the treasury departments list of mpra applications. ten so far. New York state teamster conference application was an eye full. $5,000 and out after 30 years. after a proposed 31% cut still a $3,450 a month pension.
     
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  15. deadeyetwo

    deadeyetwo Member

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    Central New Yorkers among thousands bracing for major pension cuts
    http://www.localsyr.com/news/local-...mong-thousands-bracing-for-major-pension-cuts
     
  16. Bubba Gump

    Bubba Gump Active Member

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    Votes are being counted today. Go to TEAMSTERS UNITED they have it broken down by region and local.
     
  17. deadeyetwo

    deadeyetwo Member

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  18. Apostolic

    Apostolic Super Moderator Staff Member

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    Deadeye two thanks for posting this letter,I may be receiving it shortly,but it was easier to read on your post.

    My pension is based on all of the old years,so I didn't get as much as those with the same years currently.
    31% is going to hurt,however my wife & I have been working hard to pay down our debt to prepare for the loss.

    Its just a real kick in the teeth so to speak, after counting on a good teamsters pension while putting up with everything LTL.

    Wish I had an indication that the pension would have gone south,I'd have started saving more & buying less on credit.
    Although Forth sight is golden while hind sight is worthless.
     
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  19. deadeyetwo

    deadeyetwo Member

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    Trifecta Of Imprudence: Forensic Investigation Of Critical And Declining New York Teamsters Pension http://www.forbes.com/sites#/sites/...ning-new-york-teamsters-pension/#1e9914eb3a4e
     
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  20. Apostolic

    Apostolic Super Moderator Staff Member

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    Thanks for your post deadeye two.
    Good article,even though most of it is old news to all of us New York State Teamsters.

    Although I was surprised to see that we will be able to vote on the cuts?
    All of the letters I received from my pension fund administrators have made it clear the coming cuts were written in stone.
    Unlike the many Teamsters contracts we all voted to agree on over the years, with the raise in our wages & benefits.
    The cuts show me that those contracts regarding our pension benefits,are now null & void.
     

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