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Yellow | Central States Pension Fund Rescue Plan

No falconfan, you weren't in that group. I apologize for not specifically listing the ones. I was speaking of the normal bigwongs who seemed to be emotional but not logical. Falconfan, you have s deep understanding of finances and my deepest respect! The ones I. Speak of are. The ones. Who seem to. Believe that investigating. And picketing will. Magicly cure our. Financial problems.

Our problems are only one simple thing: we promised more than we can afford...

Well, i guess its two things. The other is,.-- no one wants left out of the lifeboat...
 
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jimmy g said:
No falconfan, you weren't in that group. I apologize for not specifically listing the ones. I was speaking of the normal bigwongs who seemed to be emotional but not logical. Falconfan, you have s deep understanding of finances and my deepest respect! The ones I. Speak of are. The ones. Who seem to. Believe that investigating. And picketing will. Magicly cure our. Financial problems.

Our problems are only one simple thing: we promised more than we can afford...
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Way to tell em, big_kook !!!!
 
Here's an irony: many of the retired who don't want cuts also voted for the democrats to run congress from 2008-2010 and passed Obama care. That law is based on The Whole Lives System, where a group decides what care you get based on Not What you Did or Earned- but instead how much longer you can/,will contribute to Society. The plan there is to deny/ limit care for the elderly so money is saved for the younger generation. Now the people who voted for that system (,that will kill them, probably painfully) don't want to live under that system financially.. I need to run that past a shrink. Makes no sense. The american Indians used to give their aged a blanket, then leave them behind and move the village. What seems to be is most retired on here demand their all and leave the kids zero...
 
5. If benefit cuts go into effect under a rescue plan, can you guarantee that the Fund will remain fully funded forever—and no further cuts will be needed in the future?

The Multiemployer Pension Reform Act of 2014 (MPRA) requires that any pension rescue plan developed must ensure that the pension fund will never go broke. However, nothing is guaranteed because the Fund is still dependent upon factors completely outside its control (i.e., number of active participants, retirement rates, investment returns, etc.), which fluctuate over time. The Trustees will take these factors into account as they work on a pension rescue plan. Our goal is to protect your retirement and the financial well-being of the Fund by developing a fair rescue plan that will allow us to provide benefits to our participants for years to come. While this would not be the first time we have made benefit modifications to protect and secure the Fund, our rescue plan will be designed to ensure that it is the last.

According to the FAQs on the Rescue Fund Website, the rescue plan must ensure the fund will never go broke. How are they going to make it "Solvent Forever" The only way I can figure out how this one rescue plan would create solvency forever would be to make pensions variable. Today the fund is paying $3.56 for every $1 it collects. To make it solvent forever, it would need to cut pensions by 64.4% which is .356 cents for every dollar of pension. The amount would vary year over year depending on the ratio of income to expenses.

One year Central States, sent a letter about the Pension Benefit Guarantee Corporation which would take over if the Central States goes broke. The PBGC uses a couple of different formulas to determine how much pension you would receive, but basically, it works out to about 30 cents on the dollar I find it interesting that this about where Central States is now for solvency. It is in PBGC best interest for the fund to remain solvent because they're going broke also. Interestingly, one of the board of directors of the PBGC is the Secretary of Treasury, the overseer of the Central States Rescue Plan.
 
Trucker18 said:
5. If benefit cuts go into effect under a rescue plan, can you guarantee that the Fund will remain fully funded forever—and no further cuts will be needed in the future?

The Multiemployer Pension Reform Act of 2014 (MPRA) requires that any pension rescue plan developed must ensure that the pension fund will never go broke. However, nothing is guaranteed because the Fund is still dependent upon factors completely outside its control (i.e., number of active participants, retirement rates, investment returns, etc.), which fluctuate over time. The Trustees will take these factors into account as they work on a pension rescue plan. Our goal is to protect your retirement and the financial well-being of the Fund by developing a fair rescue plan that will allow us to provide benefits to our participants for years to come. While this would not be the first time we have made benefit modifications to protect and secure the Fund, our rescue plan will be designed to ensure that it is the last.

According to the FAQs on the Rescue Fund Website, the rescue plan must ensure the fund will never go broke. How are they going to make it "Solvent Forever" The only way I can figure out how this one rescue plan would create solvency forever would be to make pensions variable. Today the fund is paying $3.56 for every $1 it collects. To make it solvent forever, it would need to cut pensions by 64.4% which is .356 cents for every dollar of pension. The amount would vary year over year depending on the ratio of income to expenses.

One year Central States, sent a letter about the Pension Benefit Guarantee Corporation which would take over if the Central States goes broke. The PBGC uses a couple of different formulas to determine how much pension you would receive, but basically, it works out to about 30 cents on the dollar I find it interesting that this about where Central States is now for solvency. It is in PBGC best interest for the fund to remain solvent because they're going broke also. Interestingly, one of the board of directors of the PBGC is the Secretary of Treasury, the overseer of the Central States Rescue Plan.
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Interesting to say the least, Thanks for the info, I gave you a like for the info, I do not really like what it said. It is what it is, thanks again.
 
Does anyone know if this is only isolated to Pensions, or will it include Medical Benefits as well? We are on our third stint with Teamsters and are in it for the Medical Benefits so I'm just curious to know if the "rescue plan" entails cutting Medical for current members. After a few years on Obamacare, you'll do desperate things to get good insurance, lol.
 
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Trucker18 said:
Does anyone know if this is only isolated to Pensions, or will it include Medical Benefits as well? We are on our third stint with Teamsters and are in it for the Medical Benefits so I'm just curious to know if the "rescue plan" entails cutting Medical for current members. After a few years on Obamacare, you'll do desperate things to get good insurance, lol.
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Welcome back and too the boards.:1036316054: Those are two separate issues. This new Law, is only about the pension. Now you can feel better, take a breath. I have been retired for a while and am not the one to tell you about medical. I do not think it is about to be changed thou. I know what you are saying about O care. My son is self employed and thought he could keep his plan he liked, but it is not the same and he is unhappy. He can and he can't keep it. Go figure !
 
jimmy g said:
No falconfan, you weren't in that group. I apologize for not specifically listing the ones. I was speaking of the normal bigwongs who seemed to be emotional but not logical. Falconfan, you have s deep understanding of finances and my deepest respect! The ones I. Speak of are. The ones. Who seem to. Believe that investigating. And picketing will. Magicly cure our. Financial problems.

Our problems are only one simple thing: we promised more than we can afford...

Well, i guess its two things. The other is,.-- no one wants left out of the lifeboat...
Click to expand...

OR, they could have cut and ran as you did and not even be bothered as to the day to day dis-functions at YRCW....so don't mock the ones who did stay and are helping the others to fight for what they believe in, just because you do not believe in being a Teamsters anymore.....I am proud to stand with our retirees in this CSPF debacle.....at least they are fighting for their pensions instead of leaving and letting someone else do it for them and gain the benefits.....KK
 
Kennesaw Kid said:
OR, they could have cut and ran as you did and not even be bothered as to the day to day dis-functions at YRCW....so don't mock the ones who did stay and are helping the others to fight for what they believe in, just because you do not believe in being a Teamsters anymore.....I am proud to stand with our retirees in this CSPF debacle.....at least they are fighting for their pensions instead of leaving and letting someone else do it for them and gain the benefits.....KK
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:clapping::clapping: Truer words have never been spoken.
 
Oooh yeah, I still owe jimmy g an apology. Here ya go jimmy.:moon2:
 
jimmy g said:
Here's an irony: many of the retired who don't want cuts also voted for the democrats to run congress from 2008-2010 and passed Obama care. That law is based on The Whole Lives System, where a group decides what care you get based on Not What you Did or Earned- but instead how much longer you can/,will contribute to Society. The plan there is to deny/ limit care for the elderly so money is saved for the younger generation. Now the people who voted for that system (,that will kill them, probably painfully) don't want to live under that system financially.. I need to run that past a shrink. Makes no sense. The american Indians used to give their aged a blanket, then leave them behind and move the village. What seems to be is most retired on here demand their all and leave the kids zero...
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Before Roadway was gobbled up they used to give out safety awards. I earned a nice blanket with the Roadway logo on it. Now that I am retired I lay down on my bed, cover up with it, and watch old westerns. Would that be the same thing? Here is what I am leaving to my kids.


EMdzjMT.jpg
 
Kennesaw Kid said:
OR, they could have cut and ran as you did and not even be bothered as to the day to day dis-functions at YRCW....so don't mock the ones who did stay and are helping the others to fight for what they believe in, just because you do not believe in being a Teamsters anymore.....I am proud to stand with our retirees in this CSPF debacle.....at least they are fighting for their pensions instead of leaving and letting someone else do it for them and gain the benefits.....KK
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Somebody has to take a stand.Everyone has to get together for anything to be accomplished.Just one person can't get this going.We all sit and read and listen to what THEY (fund administrators) are going to do or plan to do.Without one stick of evidence from any investigations and auditing.Because just this too many are taking than paying in rhetoric should appease us.No I believe an audit should be performed.To see where the mistakes have been made.How will anything be corrected if we don't demand an audit? Even with the so called remedy of up to 30% cut from retirees pay.If there are mistakes in the system.It can be corrected.If not.Then we all are wasting our time.even if the audits find fraud or theft.That would be a step in the right direction.Too many of us have taken this passive stance way too long.Ignoring the possible wrongdoings will not solve anything.Yeah yeah we all have heard the too many taking out then paying in stuff.Thats too easy of a cop out.Not to say it isn't true.We are talking about a fund that has billions of dollars in it.That doesn't include the YRCW 25% pension payment account.We haven't heard how much is in that account lately.
 
Kennesaw Kid said:
OR, they could have cut and ran as you did and not even be bothered as to the day to day dis-functions at YRCW....so don't mock the ones who did stay and are helping the others to fight for what they believe in, just because you do not believe in being a Teamsters anymore.....I am proud to stand with our retirees in this CSPF debacle.....at least they are fighting for their pensions instead of leaving and letting someone else do it for them and gain the benefits.....KK
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Nice. Really really nice. Do you say that .about retired . guys? Cause my .situation is identical. to theirs.....
 
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Kennesaw Kid said:
OR, they could have cut and ran as you did and not even be bothered as to the day to day dis-functions at YRCW....so don't mock the ones who did stay and are helping the others to fight for what they believe in, just because you do not believe in being a Teamsters anymore.....I am proud to stand with our retirees in this CSPF debacle.....at least they are fighting for their pensions instead of leaving and letting someone else do it for them and gain the benefits.....KK
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That post has nothing to do with 'the problem is we promised more than we can afford, and no one wants left out of the liferaft'; everything to do with you stomping your feet because others aren't in lockstep with your opinions.

Stating that there isn't enough money isn't 'abandoning Teamsters'. In fact, its standing up for those working guys who have 20 years in at age 45 who will receive zero at 65 for 40 years if nothing changes.

You can bully all you want, changes nothing. Math is math. There isn't enough money, and I'm just as vested as you are, the retired are, the guys working the docks and driving the freight are. We're all affected- you're nothing special, just a guy with a keyboard- same as me. Congress passed the law, Obama signed it. Deal with it.

Real Nice, showing that you believe that you get to decide what Teamsters are to believe and what they aren't allowed to believe. Good luck new members recruiting that way.....
 
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