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Yellow | Central States Pension Fund Rescue Plan

ESP said:
Nobody is disputing the facts as you have stated. I am concerned with the using of discrimination in deciding who gets cut first and foremost and by how much. No one group should be singled out and cut first. All cuts should be in place at the same time. Or I would think no thought went into this as to how it would work. Try this, if not enough, try this. I call that bull and Discrimination. ORPHANS cannot shoulder this burden alone. :cuss::emoticon digging:
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After absorbing way too much information there are a couple of conclusions that I have come to :

1. Truckers and Dockworkers have become an afterthought as far as the International Union is concerned. No one talks much about their failure to organize new companies to help replace the ones that have left the fund.

2. The leaders of the Union and the Pension Fund have been bought off. They are in bed with the Wall Street.

3. They continue to give the membership lip service while they pull strings behind the scenes that result in the outcomes they want.

4. If the cuts to the fund benefits go too deep, solvent employers will withdraw, leading to the end of the fund.

5. That means the ones that have little or no say will get hurt the most.

6. Their decisions have nothing to do with fair and equitable treatment of all concerned parties.

7. The demise of the Central States fund is just the beginning.

8. This is part of an ongoing assault on the middle class.

9. In the strictest sense, this is nothing more than another form of union busting.

10. The majority of people in the U. S. Have no idea of what is going on.
 
BaBaLoo said:
After absorbing way too much information there are a couple of conclusions that I have come to :

1. Truckers and Dockworkers have become an afterthought as far as the International Union is concerned. No one talks much about their failure to organize new companies to help replace the ones that have left the fund.

2. The leaders of the Union and the Pension Fund have been bought off. They are in bed with the Wall Street.

3. They continue to give the membership lip service while they pull strings behind the scenes that result in the outcomes they want.

4. If the cuts to the fund benefits go too deep, solvent employers will withdraw, leading to the end of the fund.

5. That means the ones that have little or no say will get hurt the most.

6. Their decisions have nothing to do with fair and equitable treatment of all concerned parties.

7. The demise of the Central States fund is just the beginning.

8. This is part of an ongoing assault on the middle class.

9. In the strictest sense, this is nothing more than another form of union busting.

10. The majority of people in the U. S. Have no idea of what is going on.
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You know, I have been thinking about your list here. I believe I can agree with 9 of them. I am trying to agree with # 2, But have no proof as of yet. Try researching, who contributed to the campaigns of Kline and Miller. Try researching, who helped write and research the Reform bill passed by Kline and Miller. Very Interesting to say the least. I really agree with # 7, 8, 9, 10. Then #4, is very possible. What I want to know is, what is our Teamsters Union doing to help us? I must be overlooking what Hoffa is doing. #6, this one stands out in front of the pack. I do not think they are looking for a fair way to handle this. MY OPINION, If Mr. Nyhan,has the right and the power of law behind him to do as he see's fit he may cut to the bone, the Orphans First and foremost. If the law says he can do this in steps, he may not have to do any more cutting and the rest will escape the cuts for now. The Treasury says any plan has to be proved to work, numbers talk, we have been getting different numbers on everything we are told about. To all of you out there, I am not a nut job, I am affected as an Orphan, A situation I did not cause. I have no problem to receive equal cuts across the board to fix this problem.( that is what Mr Nyhan called for in the beginning, Will he hold to that?) I just Remember Mr Zollars, bringing up the Orphan issue and now it is all over the new Law. Why is being an Orphan so terrible? If this Law goes as I believe it will, we will all be Orphans ,even ABF and YRCW #4 and #7. AS Kline and Miller said, " This is the right thing to do ", then when they could not get this bill to the Congress on a stand alone bill, which they tried to do. They put it in the Spending Bill, the rest is history. That is only my opinion. What is yours?
 
This whole pension stinks to high heaven with scandal.Until the whole thing is investigated.I will continue to think the scandalous way.I do give the administrators a little leeway.The other elements of the fund i dont.
 
bigtruk_us said:
This whole pension stinks to high heaven with scandal.Until the whole thing is investigated.I will continue to think the scandalous way.I do give the administrators a little leeway.The other elements of the fund i dont.
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This will never be investigated for anything. Marching around in front of their building with signs and flags is fruitless. next time we bring crowbars and torches.
 
I think you guys ( last several posts, except mud) are delusional. Coming from a kook, that's pretty bad....
 
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jimmy g said:
I think you guys ( last several posts, except mud) are delusional. Coming from a kook, that's pretty bad....
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We are. Just trying to. Get to the bottom. Of this Ponzi freakin. Scheme, that YRC and Nylan. And the union are. In on. Shameful. Shame on you.
 
BIG R GUY said:
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We are. Just trying to. Get to the bottom. Of this Ponzi freakin. Scheme, that YRC and Nylan. And the union are. In on. Shameful. Shame on you.
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And I almost forgot. Mud is our partner in our law firm, Mud, Bag, Guy, and Plex LLC
 
imported_pamlico said:
Exactly who will be saved if the CS Rescue Plan is approved? Number 1 of course will be Mr. Nyhan. He will retain the $200,000+ salary that he gets from the pension fund. (Does not count what he gets from the H&W side). And let not forget CS lawyers. CS employs 26+ lawyers. Some making $200,000 plus. It will also save the pages and pages of investment firms that offer their "services". Last it will "save" the Teamster who gave up wage increases so his pension might better be funded. The Teamster who got up in the middle of a snowy night to drive 500 miles to Chicago so a person at a store would have merchandise to sell the next day. It will "save" the dockworker who worked all night in 10 degree weather so the truck could leave on time in the morning. Yes the CS Rescue Plan will save a lot of people. It will "save" the Teamster who is 2 years away from retirement who now faces a dark future. It will "save" the Teamsters who are still working. They will be "saved" from a future where they could depend on a pension. I guess, in closing, we can all thank CS for "saving" us!!!!
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Warning ..... RANT........and to add a little fuel to the fire, we have the bureaucrats in Washington DC that want to enact changes to save the "entitlement program" called social security program. It really irritates me that they can call SS an entitlement. A young persons that invests 15% of their income when they enter the workforce will have millions. Hey Social Security, where are our millions? Oh I know it was spent on other things

And another thing.....The AMERICAN REINVESTMENT & RECOVERY ACT provided alot of money to the states for alot of different things which allowed states to shore up their budgets. You can bet this infusion of cash enabled the states to shore up their pubic employee pension funds. So Federal Government, where is our infusion of cash?
 
Terry LaCasse, a consultant for Tankstar U.S.A., Milwaukee, a holding company of Schwerman Trucking Co., a tank carrier that operates in seven Midwestern states. He said Schwerman’s withdrawal liability has increased about 800 percent over the last decade.

“Withdrawal liability is the root cause of problems that multiemployer plans are having,” LaCasse said on Oct. 29 in testimony before the House Subcommittee on Health, Employment, Labor and Pension (HELP). “As long as there is substantial withdrawal liability for contributing employers, these plans will never become healthy.”

Does this sound delusional ?
 
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BIG R GUY said:
fC3Xbpv.jpg


We are. Just trying to. Get to the bottom. Of this Ponzi freakin. Scheme, that YRC and Nylan. And the union are. In on. Shameful. Shame on you.
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Under a multiemployer pension fund such as the Central States fund, if some contributors go out of business then others have to pay the obligations. This concept is known as ‘last man standing.’ . . . With fewer workers joining unions, the collectively-bargained multiemployer pension funds are characterized by an increasing number of retirees supported by fewer younger workers. Many systems are typical Ponzi schemes, with new contributions paid out in benefits rather than being saved for contributors’ retirement.

“Union pension funds can only survive through new contributions. That’s why unions will do anything to raise participant levels—including taking away secret ballots and forcing workers into underfunded pension plans.”

This should help you get to the bottom of understanding the Ponzi scheme.
 
falconfan said:
Under a multiemployer pension fund such as the Central States fund, if some contributors go out of business then others have to pay the obligations. This concept is known as ‘last man standing.’ . . . With fewer workers joining unions, the collectively-bargained multiemployer pension funds are characterized by an increasing number of retirees supported by fewer younger workers. Many systems are typical Ponzi schemes, with new contributions paid out in benefits rather than being saved for contributors’ retirement.

“Union pension funds can only survive through new contributions. That’s why unions will do anything to raise participant levels—including taking away secret ballots and forcing workers into underfunded pension plans.”

This should help you get to the bottom of understanding the Ponzi scheme.
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I was representing a client that I cannot identify, but will give you a hint: His TB name is synopsis with a (large vehicle) !!!!!
 
jimmy g said:
I think you guys ( last several posts, except mud) are delusional. Coming from a kook, that's pretty bad....
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Removing withdrawal liability would allow new employers to join multi-employer plans without worrying about paying for such retiree benefits, Aitken said. The downside of removing that liability also could remove a limited source of revenue for these multi-employer plans, he added.

Another source of relief may include higher premiums to the PBGC from multi-employer plans in order to pay for insolvent plans. That would require more money from already overstressed contributing employers such as YRC and ABF.

Jimmy, I don't know if you were referring to me and if you were I respect you and want to know if I'm getting out there (I've never been the sharpest knife in the dwarer).I know this is a pressing issue with the companies and would make them substantially healthier.Abf offered the exact amount of pension payments to their employees,they just didn't want to make contributions to people who never worked for them. I will stand by my post,at least this time.
 
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