Discussion in 'Central States Pension Fund Discussion' started by Apostolic, Oct 28, 2016.
tom baum is nothing but a puppet for the pension fund.
It's not the same article.
Both A-holes, Kline and Miller failed in their last attempt to deeply cut CSPF pensions. Kline is now OUT, (retired) as of 1/1/17 but the other one (Miller) is now still a lobbyist after HE retired as California Congressman (Democrat) 2 weeks after giving retirees the shaft on Dec 13, 2014. I guess now he's back to try a second time to stick a knife in our backs.
We KNOW members of the US Congress are always willing to take bribes. After all, they secretly took $6.2 million in bribes from Ohio Teamster boss Lichtenwald in 2014 to get the ERISA Law abolished that cleared the way for the cuts announced by Nyhan in April of 2015. Lichtenwald, a close friend of Hoffa, used Teamster members' own money to bribe those in Congress allowing the cuts to go forward.
This is directly from Ken Stillwell of the NYSTPF in response to some questions:
"The Pension Fund does not receive final investment results until later in the year. However, we have received a preliminary report from State Street, the Fund’s asset custodian, showing a 9.33% return net of fees. This does not include the alternative investment returns, because these investment results must be reviewed and audited by the Fund’s CPA firm. Those final audited financial statements from the alternative investments will not be available until around May/June. Based on the preliminary analysis, the Fund’s investment consultant expects that the performance of the alternative investments will boost the Fund’s overall returns for 2016 to around 10%, net of fees. Once we have the final investment returns, the actuaries will be able to provide the Trustees with an analysis of how the additional investment performance will affect the Pension Fund on a long-term basis.
Fund performance in 2017 has been strong. Through February 21, we estimate that the Fund has gained 5.3% year-to-date. Over this period, global stocks rose 5.9%, investment grade bonds returned 0.4%, high yield bonds have returned 2.4%, and real estate returned 2.9%.
The Fund continues its efforts to seek a legislative solution for the multiemployer pension problem facing our Fund, and one that hopefully can avoid the MPRA benefit reductions altogether. The Fund and covered Local Unions have established a legislative committee to push for legislative action. Fund representatives and Locals have had meetings with representatives of the U.S Congress and N.Y. State legislature to educate them about the pension problem, to tell them that the MPRA benefit reductions are unfair and to push for a larger solution. We also are telling these elected officials that without a fix, our participants could face the prospect of no pension benefits at all if our MPRA application is denied and the PBGC runs out of money as well, as expected."
Potential pension cuts for 5,200 local Teamsters delayed
New York State Teamsters Pension Fund Withdraws Application
Thanks for your post deadeye two,The New York pension fund is the one I'm in,so this may be good news.
As my pension has been slated to be cut by 31% starting with my July 1st payment.
It would be nice to see this action delayed.