Bigger cuts coming.

[Kennesaw Kid]

QUOTE="superstar, post: 1051766, member: 1306"]Talked to someone on Thursday. ( please guys this is not a truckdriver, nor did I hear it on the CB or in the breakroom ) In roughly 14 days from this past Thursday CS will float a new plan. This man told me if you think people were upset with this rejected one he said they'll "be howling" when they see this one. The Treasury wants the new plans based on 6.25% interest, not 7.5 to 8.5. Before you accuse me of being a bullshitter this individual also heads a another fund so this is fact not BS.
The clock now resets at another 225 days for the application process. He told me that they are bothered by the fact that the Treasury is forcing their hand as to where their investments have to be allocated ( or rather the investments must be much more coservative. ) While historically this fund has averaged pretty close to 8% (excluding the recession) he objects to the Treasury now telling them to be conservative. They also now (not just CS) have to rework the numbers for bigger cuts seeing they are forced to working with a 6.25% return.
The problems some of the fund managers across the nation are having with the rejection is not that it was rejected but that through the ongoing process with CS the Treasury didn't work with CS so that the final application was accepted. By rejecting it with little guidance now all the funds working on applications have to go back and start over again. -----Bigger cuts-----.
He says there is one thing to hope for when these bigger cuts are presented - that all the politicians that were quick to jump on board and say to reject the CS cuts had better come to the table and start talking about new funding and revenue sources other than just offering lip service.[

I guess your "source" was wrong?
http://www.tdu.org/central_states_director_says_no_resubmission

Hey Jim let me tell you something, AS OF THE MOMENT WE TALKED --THAT WAS THE PLAN!!!!!!
Read carefully - IT SHOULD BE OBVIOUS WHO I TALKED TO. I'll tell you one thing right now. That will be the last time I tell you guys anything I am told that could effect your life. The few guys that ever tell you people the truth and the reality of the situation you rather gloat and throw water on them. I guess Ian Gold was a bullshitter too huh? Gordon Sweeton? He's another bullshitter too right?
You guys can kiss my ass.

Dont take it personal. ...I just said YOUR source was 100% wrong, whomever it was...I waited until AFTER Nyhan finished to conference call with ALL CSPF Locals before putting the documented facts out...nothing personal with you.....but your source was VERY off....

KK

 

[Banned for Life]

First off, I want to just throw this out there. I do not believe there is a deal in the works, just yet, but it will come. My Opinion is that the bill will be worked on in Congress after the General election ( not before). Yes big cuts will come along. I also believe thousands of 80 year old retirees make more then you think, 18 years ago was when the pension was raised to three grand, with 30 years and as much as 3500 with 35 years. I know of many of these people. If you were 62 then you are 80 now. Leave all that aside. This whole thing is over studied. I do not have the facts, as Wolf says "they did not call him or me for that matter." However I did submit this plan to Nyhan in writing before the cuts were announced, he did not reply.
So maybe I am full of crap. There was going to be 270,000 retirees taking cuts. the plan pays out 2 billion per year. We need to find 2 billion dolllars to break even. 270,000 people times a cut of $700 each equals $189 million per month not going out. Take that times 12 months and you have $2,268,000,000 dollars not going out per year. BINGO, what am I missing? No need for high risk investing. Anybody that was going to get cut will still get cut, the age protections are still there. I don't want cut but 700 is better than 1300 as cuts go. One more thing, age protection is age discrimination, plain and simple. My plan said, if you make $1900 or more you get cut $700. That would take you to the 110% mark of PBGC. That way if you are over 80 and not making more than 1900, then you do not get cut. AS Jimmy G, my step father says" math is math". I really believe this can be settled without Congressional bailouts. Just rewrite the bill to take out the Orphan issue and the age protections and go with real numbers. But then again I am a simple butt headed retired stupid Orphan truck driver.One important thing to remember, when one does not take a cut, another takes a bigger cut. WE ARE ALL IN THIS TOGETHER.

nice drahthaar/gwp mine have passed on will get another when I retire