Congress must act to save the Central States Pension Fund

Discussion in 'Central States Pension Fund Discussion' started by Freightmaster1, Jun 4, 2016.

  1. Freightmaster1

    Freightmaster1 Well-Known Member

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  2. Bubba Gump

    Bubba Gump Active Member

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  3. Bubba Gump

    Bubba Gump Active Member

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    just curios to know which way politically 400,000 teamsters who didn't get their bail out are going to go. are you going to become a right winger, libertarian, Ross Perot pie chart populist, yellow dog democrat, communist. what are you going to do to make the world a better place for the future generations.
     
  4. SuperCourse

    SuperCourse Knuckledragger In A 1988 Dodge W 150

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    Government fixes nothing, they make things worse.
     
    Ruffian 72, jimmy g and DCM_Doc like this.
  5. DCM_Doc

    DCM_Doc Well-Known Member

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    That is what happened when government took over the fund in the 80's with no oversight or audits of investments. The fund would have had better returns if investments in Las Vegas real estate & casinos had continued.. "I'm from the government & I'm here to help".
     
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  6. SuperCourse

    SuperCourse Knuckledragger In A 1988 Dodge W 150

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    How the IRS Wrecked Your Pension

    Central States is in particularly bad shape, but it's far from alone. A whole lot of the big union pension plans are in trouble. This is usually cited as an example of The Trouble With Unions, or alternatively, The Scandalous Underregulation of the Private Sector. As I dug into the details though, I found out something that surprised me: this wasn't just a story about union mismanagement. And it wasn't a story about deregulation, either. Oh, to be sure, the funds could have managed things better (more about that in a little while). But the reason that they're in such deep trouble now is neither bad management, nor inadequate regulation. In fact, the opposite is true: managers wanted to do a better job, and the government actively stopped them. Meet the true culprit behind the crisis in union pension plans: the friendly folks at the IRS.

    However, by the late 1990s, a whole lot of pension plans were overfunded. Which created something of a problem. In popular legend, all these pension fund managers were total idiots who didn't understand that the market was in a bubble, dammit. Undoubtedly, in some cases, this legend is even true. But in most cases, it wasn't. The pension consultants and money managers who were responsible for calculating the required contributions were well aware that the rocket-fuelled 1990s price increases were not likely to continue forever. They even understood that prices were likely to fall, leaving the funds not-so-funded. They wanted to keep pouring contributions into the funds in order to protect against the inevitable decline. But the IRS wouldn't let them.

    http://www.thedailybeast.com/articles/2013/05/09/how-the-irs-wrecked-your-pension.html


     
  7. nounionfool

    nounionfool Banned

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    Since your post implies that you have all the answers, please inform us on what you think they should all become and what you, personally, will be doing to make the world a better place for the future generations?
     
    Last edited: Jun 5, 2016
  8. nounionfool

    nounionfool Banned

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    Still waiting for this answer too.
     
  9. Bubba Gump

    Bubba Gump Active Member

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    Dear P.J.,NO U. with your better than average social security and 110% of pbgc pension you are way ahead of the average citizen of America. Therefore any money the politicians can leverage out of the filthy rich will not go to bail out cspf. Shame on you two thinking you are more deserving than people who actually live in poverty. Get over it, you outlived the Ponzi scheme, move on and try to do something productive with your life,
     
  10. nounionfool

    nounionfool Banned

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    First of all, PJ isn't on this thread so you aren't even bright enough to know who you are arguing with?

    Tell me, just how does this answer my questions?
     
  11. papajohn

    papajohn Banned

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    More gibberish!!!
     

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