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. Apostolic

    Apostolic Super Moderator Staff Member

    Messages:
    23,415
    Likes Received:
    2,139
    Trophy Points:
    113
    I called my pension fund office in Syracuse,NY,Monday to see if I could oped out of the survivor benefit.
    When I first applied to start my pension payments it was an option for my wife to get a percentage after I kicked the bucket.

    Well any who the fund rep.,said no,once you apply for your benefit,however you set it up,it is locked in.

    Then she wondered why I wanted to discontinue the survivors clause?
    I told her I received my letter informing me that my pension payments are going to be cut in July,so I want my whole earned amount.

    Of course she said no can do,however she also claimed our pension payments may not be cut in July?
    Who knows the only thing I know now,is time will tell,I'll have to wait till July to see if my direct deposit is smaller,or not.
     
  2. bigtruk_us

    bigtruk_us Well-Known Member

    Messages:
    5,269
    Likes Received:
    1,041
    Trophy Points:
    113
    You may not like my opinion on this issue.With the elimination of the ERISA which was founded to protect multi employer pension funds and with that elimination and the installment of the MPRA.I would suggest combining all these pension funds.From having different conferences there would be just one multi employer pension fund fashioned after the western conference pension fund.I suggest the western pension fund because it is a proven fund that has been managed well and absent of the Nyhan's of the world.There would be more money combined to invest into the western conferences model.Then and only then when the funds get back up to proven solvency and stability then maybe the funds could be placed back to separate conferences or not do that at all.But I caution we must do this soon so that we can take part in the improving markets and economic conditions.We should quit begging the government to solve this problem.We see where that is going.
     
  3. yellow11

    yellow11 Member

    Messages:
    53
    Likes Received:
    30
    Trophy Points:
    18
    The big difference as I see it is that the Central States Fund, unlike any other Fund, was overseen by the Federal Government. In 1982 a decent decree was agreed to between Central States and the Federal Government. Just where were these "monitors" when key decessions that effectived thousands were made?? I can easily see that the Federal Government has a large stake in the creation of this problem.
     
    DCM_Doc and ABFer like this.
  4. ABFer

    ABFer Super Moderator Staff Member

    Messages:
    18,416
    Likes Received:
    10,556
    Trophy Points:
    113
    That's not the only thing that the gubment did...Federal regulations required upping the payout when the funds were flush with cash instead of packing it away for a rainy day and that has played its part in putting the funds where they are today.
     
    Apostolic, SuperCourse and jimmy g like this.
  5. deadeyetwo

    deadeyetwo Member

    Messages:
    66
    Likes Received:
    34
    Trophy Points:
    18
  6. SuperCourse

    SuperCourse WHO IS JOHN GALT?

    Messages:
    8,209
    Likes Received:
    6,421
    Trophy Points:
    113
    Bingo!
     
  7. Bubba Gump

    Bubba Gump Active Member

    Messages:
    196
    Likes Received:
    33
    Trophy Points:
    28
    Dear dead eye another probe, study, investigation to keep everyone complacent for another year. Please go to Pension Tsunami everyday and you will realize why MEP,s will always get hind tit after S.S. and Public pensions. It is time to move on and make the world a better place for posterity.
     
  8. deadeyetwo

    deadeyetwo Member

    Messages:
    66
    Likes Received:
    34
    Trophy Points:
    18
    wolf likes this.
  9. deadeyetwo

    deadeyetwo Member

    Messages:
    66
    Likes Received:
    34
    Trophy Points:
    18
  10. Bubba Gump

    Bubba Gump Active Member

    Messages:
    196
    Likes Received:
    33
    Trophy Points:
    28
    how much money is hoped to be recovered? is it more than the 341 million dollars that C. F. stiffed the pension fund for? is it more than the 660 million dollars that hostess stiffed the pension fund for? how about the 900 plus million allied stiffed the pension for. Obama didn't prosecute anyone involved in the massive mortgage fraud that caused the crash of 2008. it's been 2 years and 5 months since this law suit was filed and the big VICTORY is it is back at square one. If this law suit is won how many weeks of benefits will it pay? The pension fund is going to be declared insolvent just like 707. and maybe someday when the retired to active ratio improves retirees will get more than pbgc guarantee.
     
  11. deadeyetwo

    deadeyetwo Member

    Messages:
    66
    Likes Received:
    34
    Trophy Points:
    18
    Maybe Landol Fletcher, a union trade division Representative of the Teamsters, will make the world a better place for posterity. Get on the band wagon and fill your pockets with the money before it's gone. Better hurry....
    lead council appointed by the judge gets the big cut followed by the lawyers.
     
  12. DCM_Doc

    DCM_Doc Well-Known Member

    Messages:
    2,679
    Likes Received:
    2,284
    Trophy Points:
    113
    Central States Fund was saved from the "Corrupt Union" by the government. Until then our pension was secure. The government oversight has been responsible for the billions the fund has lost. The familiar words " I'm from the government & I'm here to help" come to mind.
     
    ABFer likes this.
  13. DCM_Doc

    DCM_Doc Well-Known Member

    Messages:
    2,679
    Likes Received:
    2,284
    Trophy Points:
    113
    Supposedly the mob was investing funds from Central States in Las Vegas real estate, casinos & cat houses. I wonder how much the property would be valued at today if they had continued to invest. The fund would not have lost the billions it did if the corrupt politicians had not "rescued" us. I don't remember anything politicians have been involved in that made a profit.
     
  14. yrc-atm

    yrc-atm commodities relocator

    Messages:
    4,200
    Likes Received:
    2,765
    Trophy Points:
    113
    Why punish the Western Conference or any other successful fund for that matter. Central States is done. Disperse the monies it has and close it. Let those who have some years left to work take that money and invest it for themselves so they at least have SOMETHING when its time to pull the pin.
     
  15. mud

    mud Wonderin'

    Messages:
    7,838
    Likes Received:
    4,766
    Trophy Points:
    113
    Someone seems to be cleaning up the house, on this thread.
     
    Last edited: May 22, 2017
  16. jimmy g

    jimmy g Kook

    Messages:
    15,880
    Likes Received:
    8,067
    Trophy Points:
    113
    That takes Congressional Action, I believe?

    We're in this mess mostly because the greedy IRS made it illegal to overfund a pension, so Central States enriched the payouts to conform to the law. Too late now to make it up. Basically, we promised twice as much as we could deliver. Then companies closed, leaving survivors holding the bag. UPS saw it coming, and bailed, the Treasury and Lobbyists won't allow cuts- and us not yet retired are the ones screwed.
     
  17. Kennesaw Kid

    Kennesaw Kid Super Moderator Staff Member

    Messages:
    5,252
    Likes Received:
    2,295
    Trophy Points:
    113
    That statement shows your ignorance of what is actually going on in our pension reform movement. We want full restitution from those who mishandled our money in the fund, and for those in the federal government who did not check on those trustees that President Reagan appointed when he put CSPF under trusteeship in the early 1980s....more to the story than you know....KK
     
    DCM_Doc, bigtruk_us and pilot87 like this.
  18. jimmy g

    jimmy g Kook

    Messages:
    15,880
    Likes Received:
    8,067
    Trophy Points:
    113
    That takes Congressional Action to fund.
     
  19. Kennesaw Kid

    Kennesaw Kid Super Moderator Staff Member

    Messages:
    5,252
    Likes Received:
    2,295
    Trophy Points:
    113
    It was in regards to your ignorance of what started this mess, and what happens after over 33 years of no government oversight and checks and balances on those Trustees that REAGAN appointed. That is what the GAO and the Congressional Committees are investigating.....not the IRS causing the problem....kk
     
    pilot87 likes this.
  20. jimmy g

    jimmy g Kook

    Messages:
    15,880
    Likes Received:
    8,067
    Trophy Points:
    113
    It takes government money to pay. Requires an appropriation. Government is the taxpayers.

    IRS caused the underfunding thru laws banning overfunding in 74 or so. That started the 'at any age' payouts.
     
    Last edited: Jul 1, 2017

Share This Page