Discussion in 'Central States Pension Fund Discussion' started by Kennesaw Kid, May 7, 2016.
First off, to everyone who actively worked to bring this rejection into being. THANK YOU !!!!!!!!!!!!!!!!!!!!!!. Now the fight really starts. The Math never did work in the first place. As we go forward, we need to continue to speak out and stay the course. My fight was for a fair and equal cut across the population of retirees'. No age protections and no orphan issue. I do not believe the Central states and gang will ever stop doing what they think is right, even if they do give themselves raises and bonus'. I am urging everyone to start preparing for a bigger cut, If you were facing a $1200 cut then start with the next check and put $600 in a separate savings account. You can do this, you were going to take a big cut, now make your own cut you can live with. I started this 18 months ago and it works. We may have won the battle, but the war will still go on. I think this sucks, but the end may be down the road. My opinion only is this could have been won, if Nyhan had stuck with his first wish. 30% cuts accrouss the board, no exceptions and no protections. This will end up with the congress writing a new law. You have some time to deal with this, do not waste it. THANKS AGAIN FOR EVERYONE WHO WORKED ON THIS BY THEMSELVES OR WITH A TEAM. You all need to continue the fight with the help of those who did so much to help us all. " Remember Butch and Rita Lewis" ( and thousands of others )
CAN THEY REFILE?...."Yes they can resubmit,BUT once again they have to show a 50% or better chance of solvency which at this time they cannot. Also, their unrealistic assumption of averaging 7.50% return on investments the next 30-50 years, because of losses the last couple years, has moved up to 8-9% needed. That won't happen. Plus the contribution rate to employers would have to increase 3-4% every year.
That means the employers would have to contribute $849 per week, per man. Keep in mind the top rate they are paying now is around $348 per week per man. YRC is only paying $71 per week per man which is 25% of what they should be paying.
The employers will never pay that much. Those reasons are why Mr. Feinberg declined their application under unrealistic assumptions".....Thanks Mike Walden....KK
Has YRC started paying into the fund yet?
If so weren't they going to pay retroactive from when they stopped paying?
If every employer that was under the NMFA was paying wouldn't that be a big help?
How long do you think it will take Central States to re-submit a new plan?
YRCW's MOU'S only have them paying 25% of current contribution rate until 2019. I have never heard or read of any YRCW retroactive payments. What you might be thinking of is the $100 million or so YRCW owes CS that is due in 2019, but there was never a proposal for them to pay retroactive contributions.
By next year we're down to 14 billion left. Divided by 410,000 Teamsters,that's only 34,000 each in a one time payout if it was split up. Just saying.... Its broke. All the rest is just happy talk.