Congress Turns Up The Heat On The Teamsters Central States Pension Plan!

Discussion in 'Central States Pension Fund Discussion' started by Freightmaster1, Jan 17, 2016.

  1. hemorrhoid

    hemorrhoid Active Member

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  2. ESP

    ESP Well-Known Member

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    I again sent a letter to Senator Brown oh Ohio, this time I used my reverse ploy of how it affects the Local, State and the National economy. He replied this :See below

















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    In October 2015, trustees from the Central States, Southeast and Southwest Areas Pension Plan (Central States) applied for permission from the U.S. Department of the Treasury to reduce benefits for active, inactive, and retired members of the plan. The application was made under the Multiemployer Pension Reform Act (MPRA), which Congress passed in December 2014 and allows distressed pension plans to apply to the Treasury to make cuts to the pensions that retirees have earned.

    U.S. Senator Sherrod Brown (D-OH) believes pensions are a promise made to workers for a lifetime of hard labor. The majority of Ohioans in pension plans, like Central States, spent their working years sacrificing higher wages with the promise of secure retirement benefits. But now they’re being told those promises can’t be kept.

    Sen. Brown voted against MPRA, and, last year, he cosponsored the Keep Our Pension Promises Act, which would provide the funds needed to rescue troubled pension plans like Central States. On Wednesday, Sen. Brown sent a letter to Kenneth Feinberg the Treasury Department’s Special Master for Implementation urging him to protect earned benefits for the 270,000 Central States retirees who could face cuts under MPRA.

    Central States is one of a number of large, multiemployer pension plans facing insolvency. If Congress fails to act to put Central States back on firm financial footing, the plan — along with others — could bring down the entire multiemployer pension system.

    When the big banks were in trouble, they were deemed “systemically important” and many in Congress rushed to their rescue. But now with Central States and other multiemployer pension plans facing the same fate, we’re being told that it’s “unrealistic” for Congress to help these retirees. That is unacceptable.

    That’s why Sen. Brown is standing with seniors and union workers, and trying to prevent these cuts while working on a comprehensive solution to fix the root of the problem. He understands the economic reality, but also believes that Central States is obligated to live up to their commitments. It is the responsibility of elected officials to see that they do. In this financial market, government must hold firms accountable that gamble with retiree’s futures then ask them to pay the price. Our seniors deserve more.
     
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  3. jimmy g

    jimmy g Kook

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    Brown can say he voted against the MPRA, but here's the proof he agreed to it. He voted YEA to the Bill it was in.

    http://www.senate.gov/legislative/L...ote_cfm.cfm?congress=113&session=2&vote=00013
     
  4. pilot87

    pilot87 Well-Known Member

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    It's heartwarming how they pit Teamster against Teamster....... While cutting pensions to all current and future retirees may seem like a "win-win" solution.....it's actually an everyone loses situation......
    Wall Street Bankers, and their recklessness and greed which should have brought them down, got their bailout and they are doing better than ever......but when it comes to the retirees, present and future, we have to pay for the mistakes of those who are responsible for the mess...... We basically helped pay the bailouts for the wealthy on wall street through our tax dollars and now we have to pay for the mistakes and reckless handling of of our pension funds through severe cuts to our pensions......

    For those who say this nation is broke..... Why do we permit the wealthy and wealthy Corporations to hide trillions of otherwise taxable income overseas.,.. Maybe we wouldn't be broke if they had to play by our rules....the rules that the average wage earners must abide by...
     
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  5. wolf

    wolf Well-Known Member

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    Hey Jimmy can you connect the dots for me? That vote you reference shows a date of Jan 16 2014. Kline Miller amendment became law Dec 16 2014 and it was reported that it was slipped in at the last minute. I tried to read your link, now have a headache.:stupid:
     
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  6. pilot87

    pilot87 Well-Known Member

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    I'm sure you don't want anyone's pension cut, however, you don't seem willing to explore alternatives other than cuts.
    In reality there likely are better alternatives......for them simple and drastic cuts are the easy way out......but that is not the only way out.......
    Same with Social Security...... cuts are not the only solution.......

    Your statement that ”math, unfortunately, is a constant" isn't a very good defense of cutting everything that working Americans have worked for......it's a great way to excuse those who are responsible......
     
  7. jimmy g

    jimmy g Kook

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    Didn't say it as an excuse. Said it as Reality. People have been kicking the can sown the road for years. The can has rolled, bent out of shape and leaking, until now it's virtually empty. No time for more kicks.
     
  8. hemorrhoid

    hemorrhoid Active Member

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    Jimmy Jimmy Jimmy the can may be a little bent and leaked a couple drops but sure is not empty and is good for at least another 10 plus years..

    In reality there likely are better alternatives but it seems the over paid people at the top don't seem to be interested in hearing them.
    Like pilot said... for them simple and drastic cuts are the easy way out......but that is not the only way out.......

    Maybe a trip before a couple committees in Washington may just be the answer at least they will be under oath and I would imagine none of them would be interested in taking long intimate showers with some of the people there...

    Just saying.....
     
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  9. jimmy g

    jimmy g Kook

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    You're ignoring the 35,40,50, and 60 year Olds that will draw nothing if cuts are rejected. Delay drains it to them, while the current retired draw all with no penalty. Completely unfair. As ESP posts- cut every single pension the same for everyone- old, young, in between. Equal. Now.
     
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  10. retiredthankgod

    retiredthankgod Member

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    I agree that the cuts should be equal, including orphans, but dont get so upset at the retirees. The younger(current) guys are making a good wage with insurance because of our sacrifices. I have been through two strikes, many union presidents, many :censored: bosses, three different companys. We didnt lose our money, a poorly run pension fund did.
     
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  11. ESP

    ESP Well-Known Member

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    Here is how I explain it to the powers that be. You leave things the way they are and you take all the spending power away form the ones being cut. The over 80 crowd does not or will not be spending that much either. Now you have ruined the entire 410 thousand retirees all at once and the big loser is the government. Billions of dollars are then not taxable and the spending power is gone. Spread the cuts out even to all 410 thousand and everyone is left with some spending, no body will like it, but now you have everyone able to get along with a little less. The government gives no bail out and the Pension still gets what they wanted in the first place. Why cut half 50% and the other half nothing? makes no sense to me. There is a lot of ways to explain this. What the congress has to do is come up with a plan to save face and to save the PBGC at our expense. This surely works and I believe they will come up with something. Or they will cut off their own nose in spite of their face. The cuts are going to happen either way, We all need to contact and push for a reform, that will require no bail out and get CS what they need. JUST WRITE THE LETTERS GUYS AND ASK FOR HELP TO MAKE THE CUTS EVEN ACCROSS THE BOARD, WITH NO BAIL OUT.
     
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  12. hemorrhoid

    hemorrhoid Active Member

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    Any other time I would agree with you but not this time our government took care of the banks the auto industry and I would imagine others that we will never find out about...
    We all gave up raises went on strikes to pay into this fund now its time to collect what is due to us for a change let the government work for the little guy instead of corporate America....
     
  13. jimmy g

    jimmy g Kook

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    Joe got a big piece of cake, so Sally told Dad to buy her a whole cake, with sprinkles. Dad already spent the grocery money- can't take his Sixpack back and swap it
    ..
     
  14. hemorrhoid

    hemorrhoid Active Member

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    Jimmy say no to drugs !!,
     
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  15. jimmy g

    jimmy g Kook

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    Always have.
     
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  16. ESP

    ESP Well-Known Member

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    I agree with everything you say, BUT when I meet with each Senator or Congressperson, they say there is no stomach for anymore bailouts. We all know that is a lie, time is running out and once they make the cuts, it is over. Continue to fight the good fight and see if we can stop the cuts or make them equal. I would like a bail out as well. I have sat face to face with many elected officials and they say they have money for other countries and bills but none for the working man or woman. I bring up KOPPA, they say they are not interested in that, even some dems. We need to get this struck down or made fair. I am with you all the way, but it may be time to march on Washington. I say that a little angry, The three times I was there, only 150 to 300 showed up. We have lost our power, what more can I say? I also understand those who do not agree with me on a way to make things more fair. Just keep writing and calling, time is running out. Then when time is up and the cuts take place I am going to start a campaign on stopping the pensions in Washington, as they are really underfunded. God Bless. one more thing this is not just about the Teamsters, 1400 other plans are all looking and wanting to do the same thing. 150 others are in the stages of asking for cuts. Cleveland iron workers have already applied to the Treasury. Our elected officials have no clue of what to do, lets give them some guidance now an at election time. By the way Hemmy, you are the one that got me started on this whole thing back in Dec. 2014. I don't care what happens, I just wish every Teamster would call or write a letter.
     
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  17. Max

    Max New Member

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    What is mine is mine...I want all due me for my 35 years
     
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  18. ESP

    ESP Well-Known Member

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    Great first post, welcome to the boards. Tell me how to do this and I will help you get it done. We need a way to do this before May 7th.
     
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  19. pilot87

    pilot87 Well-Known Member

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    Your time and energy that you put into trying to find solutions that will ease the hardships caused by these cuts are very much noticed and appreciated by everyone.... I think I can safely say that.....

    The fact that they pushed this through, attached to a "must pass" spending bill without even mentioning it to the public, or those that it will impact, is evidence that it was something that was not as urgent as they claim it is...... Yes something needs to be done....but there is, or was, time to explore alternatives or at least explore a more fair and equitable resolution for everyone... It is also just as clear, whether right or wrong, that there is not going to be any "help" from those who can help.....after all we are just Retirees and Workers..... We aren't Wall Street Bankers or uber wealthy...... Unfortunately, we will take cuts....like it or not.... So your idea of spreading them out, diluting, them throughout the membership is better than the quickly thrown together cuts they are going to impose......

    By only giving such a short time to resolve the conflicts further shows they do not want to do what is right by the Retirees....present and future..... another year or two towards finding a better resolution isn't going to hurt things.......but I think that's a moot point at this juncture..... They stacked the cards against us and tied our hands with artificially short time frames to explore better options.......

    The powers that be will not be satiated until everyone is as poor as the populations in Ethiopia or other such places....and maybe not even then.....

    Best of luck to eveyone affected now...and those who will be in the future.....Central States is just the start.....the rest will follow....needed or not......

    Thanks ESP!
     
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  20. jimmy g

    jimmy g Kook

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    Ah, the old Proteliarian being screwed by the Bourgeois post. Eventually, pilot brings it every time....
     

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