CSPF Benefit Reduction Application received By U.S. Treasury

Discussion in 'Central States Pension Fund Discussion' started by Kennesaw Kid, Oct 23, 2015.

  1. Kennesaw Kid

    Kennesaw Kid Super Moderator Staff Member

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    It is important that all Central States Pension Fund participants respond to the Treasury and let them know how drastically your pensions are being cut... You can use their link provided in the article or mail your response to: Kenneth Feinberg,....US Department of the Treasury....1500 Pennsylvania Ave., NW Room 1449C....Washington, DC 20220...

    If possible include a copy of your letter showing the amount of your pension benefit you will lose a month. Acknowledge the fact that you realize the CSPF is severely underfunded and needs financial help to avoid these drastic pension cuts. ...And please "do not be shy" about pointing out the fact that the CSPF became "severely underfunded" while under the supervision of the DOL and U.S. District Court, from 1982 through 2014.

    These two entities of the government vetted and selected the Wall Street Banks that mismanaged CSPF assets and squandered an estimated $20 Billion through reckless and risky investments. ...These losses could have been prevented if the DOL would have enforced ERISA, as was their responsibility. ..

    Considering these losses occurred under government supervision; let the Treasury know that you feel financial help from the government is both needed and deserved.


    http://www.treasury.gov/connect/blog/Pages/We-Received-Central-States’-Pension-Benefit-Reduction-Application-–-Now-We-Need-Your-Input-.aspx#.ViD-TPMhlcY.facebook
     
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  2. Glc420

    Glc420 New Member

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  3. Anorphan

    Anorphan New Member

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  4. Anorphan

    Anorphan New Member

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    Good point to note the reasoning behind the legitimacy and legality of a subsidy from DOL.

    They should also be reminded as to the meaning of the term “vested" and if it doesn't mean anything now then, what can future retirees hope for?

    And as I recall the fiduciaries negotiated a settlement with CF after the bankruptcy and if they settled for the accepted amount then the pensions should be protected or the fiduciaries only have themselves to blame.

    One last thought. Central States should have gone after CF and CON WAY full steam for the DOUBLE BREASTING they were allowed to so blatantly get away with. It was unlawful and should not have been ignored.

    S. Cockerham CF ret. Local 667
     
  5. ABFer

    ABFer Super Moderator Staff Member

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    I thought that double breasting wasn't addressed until the 1994 contract and that Roadway spun RPS off and CF spun Conway off immediately afterwards. I agree 100% with the rest of your post though.
     
  6. Anorphan

    Anorphan New Member

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  7. Anorphan

    Anorphan New Member

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    You could be right technically, but it still was double breasting and should have been addressed at the time. The damage was done.
     
  8. johndeere4020

    johndeere4020 Well-Known Member

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    Double breasting was aloud before 1994?
     
  9. ABFer

    ABFer Super Moderator Staff Member

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    Yep, it was not specifically forbidden. Conway and RPS created the need for the language.
     
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  10. johndeere4020

    johndeere4020 Well-Known Member

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    I didn't realize that, thanks.
     
  11. Anorphan

    Anorphan New Member

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    I remember us (cf and con way) sharing converter dollies as late as 2000 which gave the impression that we had not spun them off. And the feeling among the drivers was that con way was much an entity of CF and going to probably be our demise. The seed was already sown and it grew quite well. But I certainly see your factual reasoning as well.
     
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  12. Buzz bait

    Buzz bait New Member

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    I can remember not only the dollies been shared but the customers also if CF didn't want to handle it they would recommend Conway to handle it .
     
  13. ESP

    ESP Well-Known Member

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    Look who is handling Conway freight now. XPO.
     

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