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Holland | Central States Plan: 35 Companies Switch To "New" Plan!

The Central States Pension Fund horse is dead. They have been beating that dead horse for years. Most companies that change pension rules apply them to new hires after the date of the change, you keep the same benefit program as when you stated, it seems that we get a cut yearly. WHY IS EVERYONE AFRAID TO SAY "DISSOLVE THE FUND" take the balance, divide it by years contributed per member, cut them a check to roll over tax free into their 401k.
Then set up a fund at Prudential or other nation wide financial firm for our company paid contributions to go to our own 401k.
WE PAY TO FUND THE COMPANIES WE WORK FOR, WHY SHOULD WE KEEP PAYING TO KEEP THE FAILING PENSION FUND SLACKERS EMPLOYED.
THEY HAVE PROVEN FOR YEARS THEY CANT DO THEIR JOB
THEY ARE RUDE AND CONDESCENDING AND FEEL WE OWE THEM SOMETHING, "THEY WORK FOR US"
PLEASE Start a pole to gauge thoughts on this idea
D
 
You Know, I really dont know squat about multi -employer pension funds even though I have been contributing for many years. I do know that Central States has done a terrible job with our money. I should have paid more attention years ago but I dont think even that would have helped but **** me off. I say DISSOLVE THE FUND and give me my own money. Come up with a fair formula and pay it out to those who own it. Get your hands out of the cookie jar. Between the Federal Goverment, The Company and The Union, the average working man has NO CHANCE to get whats due him!!
 
Heavy D said:
The Central States Pension Fund horse is dead. They have been beating that dead horse for years. Most companies that change pension rules apply them to new hires after the date of the change, you keep the same benefit program as when you stated, it seems that we get a cut yearly. WHY IS EVERYONE AFRAID TO SAY "DISSOLVE THE FUND" take the balance, divide it by years contributed per member, cut them a check to roll over tax free into their 401k.
Then set up a fund at Prudential or other nation wide financial firm for our company paid contributions to go to our own 401k.
WE PAY TO FUND THE COMPANIES WE WORK FOR, WHY SHOULD WE KEEP PAYING TO KEEP THE FAILING PENSION FUND SLACKERS EMPLOYED.
THEY HAVE PROVEN FOR YEARS THEY CANT DO THEIR JOB
THEY ARE RUDE AND CONDESCENDING AND FEEL WE OWE THEM SOMETHING, "THEY WORK FOR US"
PLEASE Start a pole to gauge thoughts on this idea
D
Click to expand...

So what your saying if a teamster worked for a company that paid into the pension and had the BAD luck of his company going out of business you consider him a slacker??? Or is it your saying the workers at the CSPF are the slackers?? As far as all these pension funds being in the red you can actually blame Bush for changing the pension laws and how the funds have to report them.. Haven't heard yet of any pension fund bouncing any checks.. Hope it stays that way..
 
EXCELLENT POST!!!!!
But it will never happen. the Intl needs to "protect the interests of the members". LOL When I pull the plug at age 70 I figure the PGBC will give me a couple of hundred bucks a month. but i'm not worried i'll get carried out feet first long before that happens.
 
Not trying to put words in anyones mouth, but I think the anger is directed at the CSPF. not teamster brothers or retirees. And I agree about the changes during the bush era. True, no checks have bounced, but changes are coming and as it stands, the checks are going to be smaller for everyone. we aren't minting new teamsters, but that's another thread altogether. MY problems with the CSPF, are the constant runaround and failure to get a straight answer. And I must have talked to the same representatives. Rude and condescending is a good way to put it. Even so I don't blame them. they're cogs in the machine. The fund has to fundamentally change. This isn't perfect, but it's one way to change it.
 
To add insult to injury those of us under the YRC black cloud of doom whose employer is paying a scant 25% rate towards pension are getting 0% credit towards our pension. Central states did not change any criteria towards vesting. It still takes 20 weeks of payments to accrue pension for calender year. that is 100 days worked, the current rate will only get you 79 days for a full 52 weeks. What ever per hour rate towards pension is negotiated on our next contract should go to a personal account. Think about it, every retired teamster drawing a pension had a set hourly rate of his pay set aside for his/her retirement. The trustees who lost-squandered-stole or other wise pissed away the members retirement should be held accountable. Don't give me this orphan talk that Zollars dreamed up. The money was paid. Where the heck is it? Gone way before the market downturn. The War on workers that the teamsters want to wage needs to start in there own house, Quit screwing current your members. This does not make any prospective members anxious to become part of our organization which will in turn be the end of us.
 
I still believe the INTL is thanking its lucky stars for the 25% rate. they only wish they had thought of it first.
 
oh how terrible bush was. Putting in writing for the party's involved to have their pensions on a path to not be taking all of taxpayers for a ride. If your bleeding you plug the wound. Something some unions and companies have not done in past.
 
Yep. That damn Bush also sat right there beside Hoffa and inked the 15% pay cut, pension cut, and the changes in the work rules that ALL boned the employees. Damn that Bush anyway.:nut_kick:

Of course, the 77% of the Union members that authorized it by voting yes have no responsibility in it. Heck no.
 
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