Congress Fails To Bail Out Struggling Central States Pension Fund
- Thread starter Freightmaster1
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Seems like the pension warriors have kicked butch lewis to the gutter. Their new schtick is we deserve the same PBGC insurance single employer pension funds get. The bad news is Teamsters pension funds have been operating under the we are self insured model, oops. Funny thing CSPF is so underfunded, the PBGC wouldn't allow it to accrue pension benefits. So it wouldn't have to pay anything under single employer pension rules, since no benefit accrued. You would think someone from the Democrat party or the pension rights center would have explain these things to the pension warriors. By the way, when a pension reform bill does get passed. Will companies who paid a withdraw penalty get their money back?
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The stimulus the article talks about was for Covid relief, Central States has been in trouble long before Covid was around
Good to know even you believe our pension will be saved. And by Congressional legislation.
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Real Teamsters, use the term, reformed. Pension "reform" legislations purpose is so current employees have an employer to work for. It is not to bailout ignorant retired deadbeats.
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I believe our pension will be different. The pension warriors bled CSPF for an additional 12 billion over the last six years. Their rationale, corrupt Wall Street bankers and government receivership. Now they are all for partitioning, with Single employer pension guarantees. Will orphans be partitioned? Will all retired be partitioned? Is there enough left in CSPF to allow it to survive after partitioning. My gut feeling is there is not. I believe part of future CSPF contributions will go to top off a dormant CSPF. The rest will go into a defined contribution plan or an employee 401k plan. There are people who know what is in proposed legislation. But, the last thing they want is an informed citizen.
Something is better than nothing. I read what you said and I understood each word but put it all together and I get "what did he say? "
I have no idea the difference between multi employer pension and single employer pension guarantee and I don't really care. Same with dormant CSPF and dominant? CSPF. I just hope to get something for my 25 years of wage reduction for pension contributions!
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I will simplify it. State Farm does not lose money because they use accurate actuarial standards. Congress is going to make Multi Employer Pension Funds use accurate actuarial standards, they currently use the wishful thinking standard. I'm sure every Teamster contract will have to be renegotiated to comply with the law. Could get interesting!
What is "they currently use the wishful thinking standard?"
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Teamsters pension fund wishful standards; 8% return on investment, men die at 63 years, women die at 66, teamsters companies grow every year, all of their new employees are 22 and will work until they die.
I don't think that is the actuarial table MEPF's are using. But if they are, then something more realistic is in order.Teamsters pension fund wishful standards; 8% return on investment, men die at 63 years, women die at 66, teamsters companies grow every year, all of their new employees are 22 and will work until they die.
There are many MEPFs that are solvent and will probably remain solvent for years to come. An example I have seen you post is the pension fund Canary is in. One small cut in payment and it is solvent and should last for decades.
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Wait till next election in two years they can tell you Morons
just wait for the election in 2 years and they can tell you Morons to vote to save your pension again.
Your the dumbest people in the world
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I usually don't drag family into T.B.'s, were your mother and father, brother and sister?
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PBGC is insurance. We don't "deserve" the same benefit as single employer funds because we did not pay the single employer premium.
We don't "deserve" a dime from the taxpayer because the government did not have a contract that promised to pay us a pension.
Why isn't it the IBT that is on the hook? Simple, there is nothing in any Teamster contract that says a member gets a pension or how a member qualifies for a pension. All the pension funds are separate corporations and set their own rules.
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If you save for your own retirement and not rely on a promise of a pension then it wouldn't matter what Congress does or doesn't do to fix pensions
American tax dollars should help the American taxpayer first.
Only people that have migrated legally into our country should be
allowed. Just like members of my family, and members of lots and lots of American families, came here years and years ago.