Central States Funds Executive Salaries...For The Love Of Money!

Discussion in 'YRC Freight' started by Freightmaster1, Dec 15, 2014.

  1. Freightmaster1

    Freightmaster1 Well-Known Member

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    "Talkin' about cash money, dollar bills ya'll"



    The "Dirty Dozen"

    Tom Nyhan $662,060
    Mark Angerame $430,660
    James Condon $373,047
    Albert Madden $371,229
    Robert Coco $363,604
    John J. Franczyk Jr. $362,074
    Albert Nelson $305,811
    Peter Priede $278,407
    William Schaefer $277,391
    Patrick Moroney $223,217
    Ray Hale $221,155
    Scott Robbins $202,269

    Source: Central States Pension Fund and Central States Health & Welfare Fund (yes they double dip) Form 5500 Reports to the Department of Labor!

    :busted:
     
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  2. plato

    plato Active Member

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    no wonder Central States Pension Fund is broke
     
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  3. SuperCourse

    SuperCourse WHO IS JOHN GALT?

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    Another reason to just dissolve the fund and distribute the money to the members. These bloodsucking scumbags will be out of a job.
     
  4. cellblock309

    cellblock309 Active Member

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    over 3 million would be drawing some nice interest and every 7 years would double wish the members in 710 would also wake up and see that they have way to many people getting big fees for investing only need two good money managers ...... vanguard and one other .............. they will diversify it ........................................ not 20 plus getting big fees stealing are money at 710 remember your union is only is as good as its members and well 80 -90 percent don't vote or give a shiz so that's why we have what we have in all the pension funds and halls from bleeding the money out multiple pensions and salary for union leaders and nepotism ive tried to inform guys and they don't care or don't believe you
     
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  5. Freightmaster1

    Freightmaster1 Well-Known Member

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    With the members paying out this kind of money to Teamster officials, I'm sure they will fight hard for us when the Central States and other Fund Trustees vote to "stick it to us"!

    http://www.tdu.org/news/150000-club-report

    :hissyfit:
     
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  6. Bart

    Bart Well-Known Member

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    totatl costs to run the fund for the year 2012
    $2,902,568,554
    From form 5500
     
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  7. stoker

    stoker Member

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    You are right its no wonder the fund hasn't the money to take care of members. They have taken care of their pocketbooks, and I'm sure all members have to question the costs to the fund. What surprises me is there is only a few who suggest they should be removed from their jobs.
     
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  8. wongway

    wongway -15% Pay & Broke Pension Fund

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    Agree 100% ,no wonder the fund is BROKE , paying out way to much money for salaries & operation costs !!!!
     
  9. wongway

    wongway -15% Pay & Broke Pension Fund

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    kinda really might be the way to go just dissolve it and split up what money is left in cash to the members and put them ponzi money sucking dirtbags out of a job !!!! Union has really screwed this fund up by letting it get so for out of control before doing anything about it !!!!
     
  10. hanalad

    hanalad Well-Known Member

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    From what I have read, most multi-employer pension plans are overseen by a 50/50 combination of IBT/Company trustees. See names at the bottom.
    https://mycentralstatespension.org/about_the_fund.aspx

    Thank You Linkedin for the info below!
    https://www.linkedin.com/pub/thomas-nyhan/37/362/b16
    Manages in-house legal department comprised of 16 attorneys???

    Run the trustees out of town!
    http://www.pionline.com/article/199...msters-fund-may-hire-a-second-named-fiduciary
    "The contract was worth $14.7 million in fees in 1996 to Morgan Stanley."

    My question? If we can't trust the "trustees" to invest funds wisely, then who do we trust?
     
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  11. buffalobill

    buffalobill Well-Known Member

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    the popular answer seems to be yourself .

    i used to work at US Foods, and we had an automatic hourly contribution into a fidelity 401k.

    i'm not in central states, but i wouldnt mind if YRC/Holland came to the union and offered to start doing that. right now in the NYS plan, 25% doesnt get you anything, but it sure would if I could save it myself!
     
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  12. hanalad

    hanalad Well-Known Member

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    Ok. For almost 5 years, Western Conference Pension Trustees, have cut off current employees, because of 25% YRCF pension contributions.
    Instead, the current 25% is deferred into a Teamster/yrc 401k account.

    Instead of booting current YRCF employees, completely out of the 37 BILLION WCTPT Fund, perhaps the fund will credit current employees with a full year of pension credit, for 4 years of service?
     
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  13. Bart

    Bart Well-Known Member

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    The 25% goes to CSPF here!
     
  14. buffalobill

    buffalobill Well-Known Member

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    i doubt it, otherwise it would happen. thats pretty good though, with that 401k contribution.....
     
  15. hanalad

    hanalad Well-Known Member

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  16. hanalad

    hanalad Well-Known Member

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  17. TT411

    TT411 Member

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  18. TT411

    TT411 Member

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  19. Real Teamster

    Real Teamster Active Member

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    The WCTPT had no choice per their bylaws to take the action that they did. Remember, this is a MULTI-employer trust. To artificially boost the YRC Freight members' benefits creates a direct drain on the other companies in the Trust; that's why the bylaws are set up the way they are. Agreed, what has happened to the YRC Freight people is disgusting. Folks that had four years in have lost everything. Folks with 24 years in have to accumulate hours elsewhere just to get over the 25-year hump. What's worse, the early retirees who have not yet reached Medicare age have had their subsidy for health insurance (that they retired with) ripped out from under them. They are orphaned even though their company is still in business. The NW and CF retirees knew this pain because their companies went bust. Nearly all of those people have now reached Medicare age. YRC Freight has LOTS of retirees who have had to go back to work somewhere just to afford health insurance. It's not right, but it's the reality of the situation. While this occurs, Welch, Pierson and Hawkins are all taking home big bonuses. The amount of those bonuses is a "drop in the bucket" compared to the amount of pension and health care subsidies that aren't being paid, but there is a sick principle here that can't be ignored.
     
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  20. TT411

    TT411 Member

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    Buffalo Bill, you said it costs 2.9 billion dollars a year to run the CSPF??????? That would cover all of the decifits that are owed to pensioners. I can't imagine why the Treasury would not take the CSPFs' money and defer it to another Fund that has the members best interest at heart. They could defer this money to a Fund that does not require to be under such heavy government mandate. Thus, costing millions and millions of dollars in financial advice from the government fiduciaries each year. They could probably transfer this money over to the Western Conference, let them keep separate bank accounts and we could probably cut our overhead costs by 75%. How sure are you on that 2.9 billion number? Can anybody else verify that number?
     
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