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. SuperCourse

    SuperCourse Well-Known Member

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    Seems there's plenty of blame to go around. I can't get behind your blaming it on Reagan if the fund was fine for 20 years after the consent decree. I think it was more the fault of the IRS, and the banks for not sticking to fixed income investments. You're not going to get anything from the IRS cause as we found out, they are accountable to nobody. Your best bet is suing the banks, that's a tough nut to crack unless you got the Justice Department doing it, and when they do the injured party gets nothing and the proceeds disappear into the black hole of government. Not saying I know what I'm talking about, just the way I see it. I'd like to see you sue the pants off Goldman Sachs, they're scum as far as I'm concerned, but I just don't see it working out that way.
     
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  2. SuperCourse

    SuperCourse Well-Known Member

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    That IRS thing was huge. It would be interesting to know what the fund would look like now were it not for the loathsome IRS. I'm not in Central States but weren't they even offering 25 and out at any age in order to bring the funding down to meet the IRS demands?
     
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  3. SuperCourse

    SuperCourse Well-Known Member

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    What was the investment firms fault was taking on risk rather than doing what any investment advisor worth his salt would recommend for retirement investing as you near retirement, fixed income or conservative dividend payers like utilities. They knew the fund was loaded with baby boomers getting ready to retire, they should have invested like a 65 year old should invest. Chances are if the IRS had stayed out of it and the banks had been prudent the fund would be close to fully funded now. It wasn't just Central States either, I remember the New England fund paying big lump sum bonuses to people retiring back in the late 90's, I think it was like $8K, that was to appease the IRS, now they're in bad shape, think they might be critical.
     
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  4. mud

    mud Wonderin'

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    Just to add something to the conversation. I retired in 2009 from the WTWT. Back then it was based on your time in the fund, and your age. Tier 84 was the golden number for a full pension. I retired at tier 85. Age 58 and 27 years of credit. Every year since retirement, I have received a thirteenth check from the fund, based on a formula I don't understand but at a lessor amount because I retired from YRC. This years check was around $260.00. Last letter I received put the fund at around 93 percent funded.
     
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  5. Cab Lizzard

    Cab Lizzard Well-Known Member

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  6. mud

    mud Wonderin'

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    Since retiring in 2009, my thirteenth check has gone up every year, little by little.
     
  7. Dracula

    Dracula Well-Known Member

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    Obviously, there are no easy options for saving Central States pensions. The fund is going broke, the feds, on either side of the political aisle, are not going to pump in billions to keep it running, PBGC will not be able to sustain even a reduced payout schedule, and the Sanders/Kaptur bill is just blowing smoke up your ass. You can't tax the rich enough to fund the Sanders /Kaptur idea.
    When UPS paid billions to leave Central States, I thought that the new UPS pension fund would be 100% funded. Wrong.
    https://www.bloomberg.com/news/arti...ions-for-70-000-nonunion-workers-to-cut-costs
    ...UPS’s pension plans in the U.S. had a $9.85 billion shortfall at the end of last year, meaning they were about 76 percent funded, according to regulatory filings....

    UPS may have shown how the underfunded pension plans nightmare will be addressed when it moves 70,000 non union employees to a 401-k situation, from their current pension fund. If I am reading this right, UPS will contribute to the fund. I can't tell if UPS is going to make a one time contribution to the fund or an ongoing annual contribution, but either way UPS saves a ton of money. The employees will contribute with a company match. Former employees, that are now receiving pension payouts, will not be affected.
    UPS can get away with this because the affected employees are non union. However, that's not the case with Central States being all union members.The question is can the Central States rank and file union guys accept being moved to a 401k plan? Hoffa and his henchmen will not care as long as the dues keep coming.
     
    Last edited: Jul 3, 2017
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  8. Kennesaw Kid

    Kennesaw Kid Super Moderator Staff Member

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    No SC....don't misunderstand me....I am blaming Reagan, Bush 1, Clinton, Bush 2, Obama and their Secretary of The Treasury, for NOT having any checks and balances or any Congressional Oversight Committees to keep tabs on those firms that were appointed by Reagan to settle the lawsuit that was filed when Carter was President. One of the things that was addressed in hearings being held, and was part of many problems the Congressional Committee cause CSPF application to be denied was there has NEVER been any oversight of theses Trustees and their firms....we shall see what comes next....so far, no Retirees have had any pension cuts...kk
     
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  9. jimmy g

    jimmy g Kook

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    The Settlement Decree Agreement that you posted said that a Court (not any President) picked the Independent Special Counsel to oversee that the Fund Managers picked the Fiduciary Managers. It says the ISC was to attend meetings and file reports so the Trustees had oversight. With these in place and following rules the CSPF agreed to, it's going to be difficult to prove neglect or fraud, because it states ultimate control was with the Fund.
     
  10. bigtruk_us

    bigtruk_us Well-Known Member

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    With government oversight via Goldman Sachs and Northern Trust as the investment managers practically reducing the authority of Nyhan and other Pension administrators plus possible and I say possible loans authorized by our leader.Shouldnt the onus be placed on first the government and the associated investment management houses and then down the line for them the government which is our taxpayers to pay the penalty for guiding the pension funds to this juncture?Not everything our government does is fruitful.Sometimes we the tax payers pay for that
     
  11. Apostolic

    Apostolic Super Moderator Staff Member

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    In my opinion what purpose is served by reflecting back to the persons that caused the current condition of our Teamsters pension fund?
    Once any events are past there is little if anything that can be done to change anything,other than learning from past errors.
    Or attempting to hold guilty parties accountable.
    What we really need is solutions to turn around the current conditions we are all facing for the broken financial promises in signed contracts.
    Contracts that were negotiated,& agreed on for us dues payers to take less in wages & more in our pensions over our working years.

    Although as an oldtimer,I look back to how trucking companies killed themselves after deregulation.
    When Yellow,Roadway,&Consolidated,started discounting freight rates,which we all can see came back around to hurt them in the long run.
    I remember when there were around 3500 union trucking companies before deregulation,however they started going under.
    Because they couldn't compete with the discounting,to where there are very few union companies left.
    But like I say what point is served by playing the blame game,we really do need some good ideas to honor the contracts we all agreed on.
     
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  12. jimmy g

    jimmy g Kook

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    The Consent Decree that KK posted says the Trustees picked the Fiduciary, and had trusteeship over them, but had to follow the rules of the Court Appointed Independent Special Master. So, the Trustees still were the Responsible Party, and not the Fiduciary.
     
  13. DCM_Doc

    DCM_Doc Well-Known Member

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    How many times in the history of this country has anything under government oversight been profitable?
     
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