Dissolve and disperse central states pension fund now !

Discussion in 'Central States Pension Fund Discussion' started by I got nothing, May 31, 2016.

Do you want what's yours from Central States ?

  1. Yes

    38 vote(s)
    84.4%
  2. No

    7 vote(s)
    15.6%
  1. Bubba Gump

    Bubba Gump Active Member

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    Just what are you talking about? Pitting one against the other, gibberish. Multi employer pension funds have failed in the past. The only thing unique now is the fact that a failure of CSPF will wipe out the ability of the PBGC to pay a max benefit of $1072.50. MPRA should have been named the Insurance Company to big to fail Act, that way you wouldn't think you were somehow entitled to someone else's money. The only fight now is keeping Teamster companies in business, at the same time partitioning active members retirement benefits for themselves.
     
  2. deadeyetwo

    deadeyetwo Member

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    "Composite Bill" Legislative Summary
    http://www.pensionrights.org/issues/legislation/composite-bill-legislative-summary
     
  3. jimmy g

    jimmy g Kook

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    (From the link) What plans are NOT affected by the composite bill?Participants in severely underfunded multiemployer pension plans would not be allowed to transition to a composite plan. This includes all Red Zone plans, including plans that have filed critical and declining status noticeswith the U.S. Department of Labor and are thus eligible to apply to reduce retiree and worker pensions under MPRA.




    Nothing changes for CSPF.. Oldsters take all the money. Youngsters get zero.
     
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  4. pilot87

    pilot87 Well-Known Member

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    Yes.... We are being pitted against each other.... The still working eager to cut the pensions of retirees so they might get "something" with no guarantee of anything.....and retirees trying to make sure their pensions are secure...... Divided we are much easier to "deal with"...... So its not "gibberish" if you think about it...... Its only "gibberish" if you don't understand...

    How is a retiree trying to save his/her hard earned pension being "entitled to someone else's money"?........ Empty comments like this just prove my point about being pitted against each other......
    The reality is the, yet to retire group who are eager to cut retirees pensions, is a better example of someone feeling "entitled to someone else's money".......

    Your "argument" is weak and without merit.....
    The basic fact is that a retiree worked the time required(decades) to meet the requirements to draw their pensions......those still working have not.....simple.... .. Your "beef" isn't with the retirees......so you should re-direct your anger in a more appropriate direction.....

    That's not the "only fight"....yes it's a strong component.....but there also needs to be a stronger effort to unionize more employers and try and push back the anti-Union sentiment that is so pervasive in the media....and stop the assault on labor.....
     
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  5. Bubba Gump

    Bubba Gump Active Member

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    the actives aren't going to cut your pension The PBGC is going to cut your pension. first it will be cut 31%, then it will be cut to a maximum of $1072.50 a month. Go to the PBGC web site, then go to the Multi-Employer section and educate yourself. please report back and tell the forum what you have learned. A judge has allowed participating companies in the New England Teamsters pension fund to pay their withdraw penalty over a fifty year span while partitioning their future contributions. Expect that to happen in the CSPF and other multiemployer pension funds. if you think the PBGC is going to wait until the CSPF has a zero balance before it is taken over you are in for a rude awakening. the cuts will be coming soon.
     
  6. Bubba Gump

    Bubba Gump Active Member

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    Dear pilot87, During your decades of service, did your employer make all of their contractually required pension contributions on your behalf. What discount rate is used to calculate CSPF funding level? What discount rate is being used to calculate single employer corporate pension funds in 2016? Who do you expect to pay for this additional funding necessary to provide full pension benefits to CSPF retirees. are the other 60+ multiemployer pension funds that have been taken over by PBGC entitled to the same bail out? shouldn't the people who have never had a pension be first in line to get any of this extra money!!!!!!!!!!!!!
     
  7. Apostolic

    Apostolic Super Moderator Staff Member

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    I know the pension fund abuse happened with the upper management of the International Brotherhood of the Teamsters Union.
    So do the cuts start at the top & work down to us the rank & file who earned it?
    I really doubt there is going to be any cuts at the top,but thats life,like it or lump it!
     
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  8. pilot87

    pilot87 Well-Known Member

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    What does that have to do with my post?.... Nothing.... There I answered the question for you....

    What does any of that have to do with my post about retirees and future retirees not fighting each other.....but should be working together for a common cause of mutual importance....?..... Again.... Nothing.... I answered that question for you too...

    Ohh yeah......now you show your real motives.....it's all about poor you..... I bet you're one of those people that are against social programs that help people in need....like food assistance, because you don't like your tax dollars being spent helping others......but you have no problem with taking 30 to 60 percent of a retirees pension just so you might......maybe get a few "crumbs" in the future........... . If you're still working.....you best prepare your own future and stop trying to directly destroy what others have earned......
     
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  9. Bubba Gump

    Bubba Gump Active Member

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    Pilot:eighty-seven, I think it is very generous of you to leave a few crumbs for the rest of us. You my friend are a true Christian, a champion of social justice.
     
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  10. deadeyetwo

    deadeyetwo Member

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    COMPOSITE PENSION LEGISLATION....Answers to some basic questions
    http://www.pensionrights.org/sites/...composite_legislation_qa_09-21-2016_final.pdf
     
  11. deadeyetwo

    deadeyetwo Member

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  12. Apostolic

    Apostolic Super Moderator Staff Member

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    All of us union folks who agreed as a part of our wage package in our contracts,that our companies contribute to the Teamster pension fund.
    The dues we all pay,or in my case paid as a Teamster were salaries of the officials that were making poor investments & dipping into the fund.
    Along with Teamster companies going bankrupt,& the crummy economy,to where the fund is today.

    So we now will receive a smaller piece of the pie then we had,or have earned.
    After that I guess we will have to go on the dole of our government to pay for our food & lodging.

    What other alternative is there?
    Heaven forbid any of us become homeless Teamsters,no I don't even want to go there!
     
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  13. pilot87

    pilot87 Well-Known Member

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    Don't tell Flash......he'll call you a "freeloader".......lol......
     
  14. pilot87

    pilot87 Well-Known Member

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    Bubba Gump, I think you missed my point entirely.....but anyway..... I hope for the best for you.....however things may turn out....
     
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  15. I got nothing

    I got nothing Member

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    Tick rock, tick tick, the pension death clock nears the end. I wonder what the retirees will do when the checks stop? Maybe think they should have pushed for desolve and disperse.
    REMEMBER:THE PENSION, COMPANY, AND THE UNION WILL NEVER TELL THE TRUTH, NEVER HAVE, SO WHY START NOW?
     
  16. seabreeze

    seabreeze Not Well Known Member, 60 Year Teamster Member

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    Got Nothing, I will try to ease your worries about two of us old retirees future.
    I will walk 34ft. from my front porch to my dock, where I catch Puppy Drum, Flounder, Trout, Blue Crab and shrimp.
    Guess I'll get by on a seafood diet.
    Ryder Truck Lines,PIE Nationwide paid 33 yrs.to CSPF on my behalf.
    I started drawing in 1990 when they folded,guess I am fortunate because I still have most of it statched.
    I have a friend retired from C F.
    McLean, Ryder and C F paid 31 yrs on his behalf.
    He recently sold his 2.5 million dollar farm, I feel he can survive a pay cut.
    Our last proposal for me was a $67cut, his was $1500, I see nothing fair about this.
    When they come up with a fair and equal cut, I'm fine with that and my seafood.
    here's two you don't have to wonder about anymore, now get your sorry fanny to work
    and enjoy what the Teamsters and those sorry ass retirees did for you years ago.
     
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  17. wongway

    wongway -15% Pay & Broke Pension Fund

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    CSPF is just a very bad plan and it should be dropped & changed to a 401-K !
     
  18. I got nothing

    I got nothing Member

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    sea breeze,
    With over 30 years in the union myself, agree there should be no cuts to retirees to extend the slow death.
    The remaining assets should be split by years of service

    wrongway,
    One of our union reps told us "the day YRC started the reduced pension contributions the western pension froze their pensions.
    From that point on all contributions went in to their own 401k"
    WOW WHAT A CONCEPT
     
  19. seabreeze

    seabreeze Not Well Known Member, 60 Year Teamster Member

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    I will agree with that, or any plan that is fair to all, but I don't have the answer!
     

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