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Yellow | Central States Fund Falls To $12.3 Billion -- Senate Action Needed

Freightmaster1

Freightmaster1

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http://www.tdu.org/central_states_fund_falls_to_12_3_billion_senate_action_needed

The Independent Special Counsel report covers a number of subjects, mostly repeated from past quarterly reports. One noteworthy report: the trustees agreed to allow YRC to freeze its pension payments to the fund at $106.55 per week ($2.65 per hour) until March 31, 2024. YRC argued that a freeze was needed because of the of continued weak condition of the company.

nDsATWc.jpg

Hey Ernie! Did the members get to vote on this new "pension contribution freeze"? Just wondering!
:wtflol:
 
Freightmaster1 said:
http://www.tdu.org/central_states_fund_falls_to_12_3_billion_senate_action_needed

The Independent Special Counsel report covers a number of subjects, mostly repeated from past quarterly reports. One noteworthy report: the trustees agreed to allow YRC to freeze its pension payments to the fund at $106.55 per week ($2.65 per hour) until March 31, 2024. YRC argued that a freeze was needed because of the of continued weak condition of the company.

nDsATWc.jpg

Hey Ernie! Did the members get to vote on this new "pension contribution freeze"? Just wondering!
:wtflol:
Click to expand...

So let me get this right, in a 5+ year bull market where the S&P 500 Index has grown by over 42% the Central States Fund is only 11% invested in stocks. Are they kidding?
 
Freightmaster1 said:
http://www.tdu.org/central_states_fund_falls_to_12_3_billion_senate_action_needed

The Independent Special Counsel report covers a number of subjects, mostly repeated from past quarterly reports. One noteworthy report: the trustees agreed to allow YRC to freeze its pension payments to the fund at $106.55 per week ($2.65 per hour) until March 31, 2024. YRC argued that a freeze was needed because of the of continued weak condition of the company.

nDsATWc.jpg

Hey Ernie! Did the members get to vote on this new "pension contribution freeze"? Just wondering!
:wtflol:
Click to expand...
We were told we still would get 25% contribution to the pension on this contract if I'm not mistaken...
 
Triplex said:
So let me get this right, in a 5+ year bull market where the S&P 500 Index has grown by over 42% the Central States Fund is only 11% invested in stocks. Are they kidding?
Click to expand...
What do you expect when the top officials receive a full pension for every board they sit on. But we have to take the cuts and abide by their rules as to how much money we can make or where we choose to work after retirement!!
 
Freightmaster1 said:
http://www.tdu.org/central_states_fund_falls_to_12_3_billion_senate_action_needed

The Independent Special Counsel report covers a number of subjects, mostly repeated from past quarterly reports. One noteworthy report: the trustees agreed to allow YRC to freeze its pension payments to the fund at $106.55 per week ($2.65 per hour) until March 31, 2024. YRC argued that a freeze was needed because of the of continued weak condition of the company.

nDsATWc.jpg

Hey Ernie! Did the members get to vote on this new "pension contribution freeze"? Just wondering!
:wtflol:
Click to expand...
The Article reported on the 198,600 retirees, but ignored that 410,000 participants are in the fund and more than half will recieve nothing after 2025 unless changes are made- either to the Fund, to the Pension Guarantee Premiums, or thru a Bailout.
 
ED FORCE ONE said:
In a perfect world how many participants would need to be in the fund ?
Click to expand...
Participants , or payors into the fund? Participants (Teamster members) could be from 1 to as many people on earth, IF there were companies paying enough to fund the promised payouts. US Entitlements are in the same boat. Congress has promised paying more than $220 TRILLION in Future Entitlements, yet there only $60 TRILLION Wealth in all the World's Wealth Combined, and the USA runs a constant Deficit and has Unsustainable Debt.

Right now, CSPF has slightly more than Double the promises made compared to what it can pay if it continues unchanged.

If my math is right, 410,000 Teamsters dividing up $12.3 Billion in a one time payout (Congress won't allow) is $33,333 per member. Not enough to fund anyone's retirement.
 
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Triplex said:
So let me get this right, in a 5+ year bull market where the S&P 500 Index has grown by over 42% the Central States Fund is only 11% invested in stocks. Are they kidding?
Click to expand...

I'm thankful I didn't invest that 11%, we all would be up the creek, "Big Time"
 
jimmy g said:
Participants , or payors into the fund? Participants (Teamster members) could be from 1 to as many people on earth, IF there were companies paying enough to fund the promised payouts. US Entitlements are in the same boat. Congress has promised paying more than $220 TRILLION in Future Entitlements, yet there only $60 TRILLION Wealth in all the World's Wealth Combined, and the USA runs a constant Deficit and has Unsustainable Debt.

Right now, CSPF has slightly more than Double the promises made compared to what it can pay if it continues unchanged.

If my math is right, 410,000 Teamsters dividing up $12.3 Billion in a one time payout (Congress won't allow) is $33,333 per member. Not enough to fund anyone's retirement.
Click to expand...
At least offer up a vegas hotel room to retire in
 
Bailout? Why would the government bail us out when they won't even bail out their own? Talk to Kentucky state employees about this.
 
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