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the pbgc will not let the cspf just burn through the remaining 16 billion in the fund. either cspf puts forth a new rescue plan or the pbgc will take over the plan while it still has assets
Dissolve and disperse central states pension fund now !
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the government was not the one who over promised and underpaid. it is called orphans. it is called a unrealistic rate of return.
Actually, you'll do what CSPF and or Congress tells you. Same as I. You have no control over if I get mine, or if you refuse to be cut, no matter how gruff you boast.
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Under the Consent Decree the The Department of labor and US District Courts picked the fiduciaries, they had to approve CSPF Executive Director, and their Trustees.They received quarterly reports since 1982. They made the laws... They had the power to stop Wall Street fiduciaries from high fees, and should have never allowed our funds to be put in high risk investments. The DOL, and the US District Courts dropped the ball and did nothing.
Orphans did not cause this... There Pensions mostly were paid in full. If they retired they already had paid in at full rate Now you probably are going to tell me all CF teamsters are orphans. Try again!!!
So who do you think made all the decisions, and is guilty of destroying the fund?
No boasting... unlike you I will fight for what I was promised, and was paid in on my behalf. If you want to accept nothing and believe the lies that is your choice. You can either fight and help stop the corruption, or do nothing, and quit whining... If you do nothing that is exactly what you deserve... Nothing!!!
You can huff. You an puff. You will receive exactly the same as I. You cant bully Math.
What are you doing to save your pension? What is the answer other then cutting Retiree's pensions... Most can't even work and have no way to make up for the cuts. So if you know everything what do you propose?
The pension was lost before 2000. Congress ordered no full funding or overfunding. Neither of us can change math. 16 billion divided by 410,000 leaves not enough for one year, let alone a lifetime. Huff and puff, try to blow math down. Math is made of brick...
That's what I thought You are the problem!!!
Just another BS response!!!
You live in a fantasy world and have zero concept of simple math.
Go for it. Somehow, you appear to think they'll cut the rest of us, but not you, because you're a fighter... yeah, right.
If there's Cuts they'll cut me too but you still have not answer my question what do you propose to do
Pj, mine was paid in 100% like yours. I got out of it (terminated/active, same as a retiree but not drawing) in 2009. I can't retire until 65- three more years. Under your no cut scenario, I'll draw full pension for a year or two, then nothing. Under my cutting scenario, I'll draw half for almost 30 years. I'll take something over nothing any day...
All you are doing is blowing off at the mouth. How's that going?
nounionfool
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Here's the reality that you have been coerced into accepting, the corporations, banking institutions and wall street have the right to legally steal from the workers because they are backed by the federal government . Now here's the equality that you were manipulated into accepting, the burdens put upon the workers by the corporations, banking institutions ,wall street and federal government must take their equal share of responsibilities and financial hardships. Your definition of quality only pertains to the working class and must never be confused with superiority of the corporations, banking institutions ,wall street and federal government. This is why you may accept that the working class keep getting screwed and just moving on but to those who don't live in your reality and share your definition of equality will not just accept getting screwed and moving on. What I find troublesome is how willing you are to take the fight to members of your own working class while defending the actions of the corporations, banking institutions ,wall street and federal government as accepted practices, why is that?
You keep talking about simple math, then let's do some. Let's take a good look at the governments own PBGC. It has assets of $88 billion, but liabilities of $164 billion and net worth of a negative $76 billion. The Single-Employer Program has assets of $86 billion, liabilities of $110 billion and a negative net worth of $24 billion. The Multiemployer Program has assets of $2 billion and liabilities of $54 billion and a negative net worth of $52 billion. Now here's the clincher, The PBGC will continue to exist because the government forces pension plans (which they just doubled buy the way) to buy insurance from it and will never take on the financial payouts of a large fund such as the CSPF. All that the corporations, banking institutions ,wall street and federal government has to do now to continue at getting away with their catastrophes against the working class is to convince those such as yourself to live in their reality and definition of equality.
In my reality, you are doing nothing but accepting your role as a peasant or serf by defending the actions of the corporations, banking institutions ,wall street and federal government by continuing to legally steal from the working class and trying to convince others to accept their role as a peasant or serf as you did and just move on.
nounionfool
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Now here's the epitome of ignorance. Now do tell, just where in the world will the PBGC come up with the money to take over a plan as big as the CSPF?
Nice rhetoric, but not dealing with the Reality of Math. 16 billion divided by 410,000 doesn't survive long.
What am I doing? Talking to my Congress and Senators weekly. Presenting a plan to either cut payments in half so we all get something; or to force all Teamster Funds together into one and then reassess the math. We're all Teamsters. We all had funds contributed on our behalf. We all should share and receive the same....
It won't. The whole thing will go under- both CSPF AND PBGC. That's why cuts are necessary. Even KK in another thread said it can't last, get out now. Many aren't old enough to get out. And the ones demanding no cuts, because they can't afford to be cut: What happens when the Fund goes to Zero, and Insurance can't help?????
I know the man I know what we're up against but what are you
The Treasury Department already said that the cuts they proposed is not enough... The only hope for Central States Pension Fund is to get Congress on board. Most were already cut just above PBGC level, so they can't cut most any deeper. The numbers don't lie... Between our own Government, DOL, US district Court, and especially Wall Street mismanaging our fund we are in the condition we are in.The only hope we have is to unite Actives, and Retirees, and forcing Congress to do something. CSPF HAS LOST20 dollars, including 11 Billion during 2008, and 2009. John Murphy Central States CSPF cannot cut their way to solvency... Central States cannot invest their way to solvency. So my suggesting is strength in numbers, and forcing Congress to fix what they have created. We are all in this together, and cutting the retirees is not the answer!!!
In case you haven't seen it you need to look at the CSPF Economic Statement. The longer people waits, the closer to insolvency we will get. If one is forced to take cuts then we all will be.
nounionfool
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Instead of presenting a plan to cut payments or to force all Teamster Funds together into one and then reassess the math why don't you attempt to honestly answer these two questions. When the banks were on the verge of collapse, Congress bailed them out. When union pension funds are in mortal danger, Congress changes the law to let them shaft retirees. Why is that? How about when the courts intervened in the early 1980s, and made Goldman Sachs and Northern Trust as the fiduciaries of Central States, do you feel that there is absolutely no accountability here?
Please, I would like to hear your answers to the above, then we can talk about just who is sharing the responsibilities, because I sure don't call that sharing.