Yellow | Central States Loses 3 BILLIONNNNNNN
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imported_bigdaddy43
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what did we think would happen . There is not a single person watching out 4 us anymore taking care of themselves.Better get the mentallity 2 work til you drop.
S
Stan Smith
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The proof is in the pudding and the pudding is killing people. I believe there needs to be a change in the way the leadership gets paid. More transparency in the system is needed too...:shutup2:
Docksteward
Teamsters Local 71
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So, I'm guessing that will fix CSPF and the other 200 or so pension funds in the Teamsters Union? I'm no economist but my fund's problem is more monies are paid out in both the pension and health parts than is taken in.
I guess you could vote in Tom L., reelect Ron C. his buddy Bob H. and "mother trucker" and all the pension problems will be alleviated, just like that.
Do you really think the current administration likes the falling numbers that come out of these pension funds? They know the numbers hurt them in upcoming elections and IMHO would do anything to get off that slippery slope. There is no "easy fix" there is plenty of blame out here........in the end, the cost of health care, **** poor economy, more members collecting benefits than paying in, bankruptcy of companies paying into the funds, current companies trying to cut costs by working as few members as they can, pension withdraw liability, etc, etc, etc. Are the real problems the funds are dealing with.
So we can play the political blame game all day long, what every makes you feel better. In reality......until some of those things I mentioned above change our pension funds will continue to suffer. DS.
I guess you could vote in Tom L., reelect Ron C. his buddy Bob H. and "mother trucker" and all the pension problems will be alleviated, just like that.
Do you really think the current administration likes the falling numbers that come out of these pension funds? They know the numbers hurt them in upcoming elections and IMHO would do anything to get off that slippery slope. There is no "easy fix" there is plenty of blame out here........in the end, the cost of health care, **** poor economy, more members collecting benefits than paying in, bankruptcy of companies paying into the funds, current companies trying to cut costs by working as few members as they can, pension withdraw liability, etc, etc, etc. Are the real problems the funds are dealing with.
So we can play the political blame game all day long, what every makes you feel better. In reality......until some of those things I mentioned above change our pension funds will continue to suffer. DS.
fr8hauler333
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when you let ups (the largest contributor) out of the fund, and get no other companies in to replace their contributions, what do you think is going to happen? you now could organize all the non-union companies (which isnt going to happen, but lets just say it did) and none of them would sign on to the central states fund. how does this help?
Docksteward
Teamsters Local 71
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You are right.......
With the current economic conditions, NO newly organized company (trucking or not) will choose to enter a multi employer pension fund. Those are just the hard facts. DS.
Yep, fr8hauler..............I hate to say it but the UPS members got what they wanted, out of CSPF. They voted to get out, not us. We just have to live with what's left.
With the current economic conditions, NO newly organized company (trucking or not) will choose to enter a multi employer pension fund. Those are just the hard facts. DS.
I guess we need MORE members
We have to get more people into the funds instead of the other way around .
The best investments in the world won't replace the monies that don't come in.With the companies going with part timer's and such that don't recieve H&W credits . Right now it's not looking good.
That with the Pension Security Act of 2006 . (I don't know the whole skinny on it) But I do know that with this act by law the pensions can by law be reduced if the funds aren't at certain levels . In fact increases that have been promised can not by law if the funds don't reach certain levels .
I know that the companies pushed for this in Congress . This has certain benefits too. But it is a war on defined pension plans .
I'm sure that someone on this forum will know more than I do and can inform us on this forum.
We have to get more people into the funds instead of the other way around .
The best investments in the world won't replace the monies that don't come in.With the companies going with part timer's and such that don't recieve H&W credits . Right now it's not looking good.
That with the Pension Security Act of 2006 . (I don't know the whole skinny on it) But I do know that with this act by law the pensions can by law be reduced if the funds aren't at certain levels . In fact increases that have been promised can not by law if the funds don't reach certain levels .
I know that the companies pushed for this in Congress . This has certain benefits too. But it is a war on defined pension plans .
I'm sure that someone on this forum will know more than I do and can inform us on this forum.
Docksteward
Teamsters Local 71
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Bingo, Mike. So in order to accomplish this, companies in the plan have to have enough business to bring their employees back from layoff and do some hiring. That just isn't happening right now. Also, most supplements have language addressing casuals and pension payments.
Here's what I think......Neither YRC nor ABF have enough and/or can't raise enough money to buy their way out of CSPF. So what's another way to get out? Let the government mandate pension changes and thus , in my opinion, reducing the costs to the companies. I'm sure there is a money trail from the contributing employers straight to the passage of the Pension Protection Act. If you remember the Teamsters were against the passage from the get go. Well we lost that battle so we must do what we can with what we've been handed.
Yes sir..........very well put. DS.
So you think this is BULL! THEN Give US some REAL FACTS!!!!!
Mustache Retired Roadway:smilie_132:
Freightmaster1
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The IBT "Sold" The UPS Members The Contract!
Yeah, the members at UPS did vote for the Central States Pension pullout because it was recommended by the IBT leadership! Supposedly Ken H. and Jim H. consulted with the trustees of the Central States Pension Fund and figured that $6 Billion was enough! The members never did see any actuarial studies on the Pension Fund, and were not educated enough to make a sound decision! UPS management wanted this big time...and they got it! The members got the shaft, one of our employers, UPS ,was successful in busting up one of our biggest multi-employer pension funds, and then there was UPS Freight! They got UPS Freight (Overnite) organized, but they DID NOT get them into the Central States Pension! Freight members at the YRC companies are left holding the bag! LETTING UPS MEMBERS OUT OF THE CENTRAL STATES WAS THE WORST THING THE IBT EVER RECOMMENDED TO THE MEMBERSHIP! Whatever happened to "A Harm To One Is A Harm To All"?!
Yeah, the members at UPS did vote for the Central States Pension pullout because it was recommended by the IBT leadership! Supposedly Ken H. and Jim H. consulted with the trustees of the Central States Pension Fund and figured that $6 Billion was enough! The members never did see any actuarial studies on the Pension Fund, and were not educated enough to make a sound decision! UPS management wanted this big time...and they got it! The members got the shaft, one of our employers, UPS ,was successful in busting up one of our biggest multi-employer pension funds, and then there was UPS Freight! They got UPS Freight (Overnite) organized, but they DID NOT get them into the Central States Pension! Freight members at the YRC companies are left holding the bag! LETTING UPS MEMBERS OUT OF THE CENTRAL STATES WAS THE WORST THING THE IBT EVER RECOMMENDED TO THE MEMBERSHIP! Whatever happened to "A Harm To One Is A Harm To All"?!
you know i' am retired to so have seen a few things myself maybe they lost it and maybe they didn't i don't know one way or the other sure hope they didn't. i know everytime it get time to vote things start coming out how bad thing are. all i'am saying this not the place to be saying it.we need new life and we need it now and if we don't get we are going to die . just don't buy everything tdu has to say and that go's for jimmy too
P
Piasared
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ok The Fund is DOWN but it did NOT LOSE 3 billion.
you can say the above is correct ,but its not. The fund buys shares lets say share for 1 bil. they have 23 shares total.
market dips and now each shares is worth 900,000,000 now so thats 20.7 bil
ZOMG THEY LOST 3.3 BIL!!! nope. they still have the shares , the shares arnt as highly valued as before, but that can change for the better to.
the fund seems to be fairly well managed and has a decent track record( anyone pension check not able to be cashed?)
When the economy picks up who will claim they made 3 bil back?
https://www.centralstatesfunds.org/cs/Pdf/teamworkSpring2008.pdf
you can say the above is correct ,but its not. The fund buys shares lets say share for 1 bil. they have 23 shares total.
market dips and now each shares is worth 900,000,000 now so thats 20.7 bil
ZOMG THEY LOST 3.3 BIL!!! nope. they still have the shares , the shares arnt as highly valued as before, but that can change for the better to.
the fund seems to be fairly well managed and has a decent track record( anyone pension check not able to be cashed?)
When the economy picks up who will claim they made 3 bil back?
https://www.centralstatesfunds.org/cs/Pdf/teamworkSpring2008.pdf
sounds like a future union president
I've heard your argument before when investors say they haven't lost money until they sell. Any way you want to look at it the fund has less money. Of course you could argue that this is a cyclical thing and it will correct itself. The main problem i see is that $287 million every six months is no longer entering the fund from UPS?
I've heard your argument before when investors say they haven't lost money until they sell. Any way you want to look at it the fund has less money. Of course you could argue that this is a cyclical thing and it will correct itself. The main problem i see is that $287 million every six months is no longer entering the fund from UPS?
Docksteward
Teamsters Local 71
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In my opinion, the majority of UPSers got what they wanted. When Central States first announced funding problems TDU was all over it. This, in turn, riled up the membership and they wanted a way out of CSPF. It was used as a political ploy by TDU and it worked. At our meetings about the troubles that Central States were having, it was the UPSers that wanted another option when it came to their pension and they wanted out of CSPF. The majority spoke and they got what they asked for..........period the end.Yeah, the members at UPS did vote for the Central States Pension pullout because it was recommended by the IBT leadership! Supposedly Ken H. and Jim H. consulted with the trustees of the Central States Pension Fund and figured that $6 Billion was enough! The members never did see any actuarial studies on the Pension Fund, and were not educated enough to make a sound decision! UPS management wanted this big time...and they got it! The members got the shaft, one of our employers, UPS ,was successful in busting up one of our biggest multi-employer pension funds, and then there was UPS Freight! They got UPS Freight (Overnite) organized, but they DID NOT get them into the Central States Pension! Freight members at the YRC companies are left holding the bag! LETTING UPS MEMBERS OUT OF THE CENTRAL STATES WAS THE WORST THING THE IBT EVER RECOMMENDED TO THE MEMBERSHIP! Whatever happened to "A Harm To One Is A Harm To All"?!
Pressure from TDU and members threating to vote out current leadership at both the local and national level is what pushed the button to let UPS out of CSPF. The IBT put out questionnaires of what the membership wanted....and they said they wanted out of Central States.
That's where we are today. DS.
Docksteward
Teamsters Local 71
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Hey excfman........you noticed that too?!? DS.
Now that is a done deal was it the right thing for UPSers? Sounds like CSPF people got a raw deal, but how is their pension now?