Latest Central States :horseshit:..... They want me to SUSPEND my application for Retirement

Discussion in 'YRC Freight' started by hojim, Nov 16, 2015.

  1. hojim

    hojim New Member

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    Application Election Notice Nov, 13,2015

    On Sept 25,2015, The Pension Fund filed an application with the U.S. Dept of the Treasury to

    Suspend certain benefits pursuant to the Multi-employer Pension Reform Act od 2014. In early October 2015,you should have received a notice of this application along with an individual statement of the effect of the proposal suspension on your benefits. You should consider the effect of the potential benefit suspension on any retirement decision or election that you make.

    In light of this information we need you to advise the Plan whether you want to place your APPLICATION ON HOLD until more specific information is provide to you concerning the potential impact on your benefit. Please indicate your choice below:

    __ Place my application on hold until further notice

    __Approve my application for benefits


    By signing this form I understand that under the Multi-employer Pension Reform Act of 2014, benefits may be SUSPENDED EVEN AFTER I BEGIN RECEIVING MY MY PENSION.


    _________________ ________________ _____________

    Signature SSN DATE


    Return to: Central States, Southeast & Southwest Areas Pension Fund
     
  2. the5tolls

    the5tolls I hope we make it to 19....got my NO ready

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    Is this a form for new applications for retirement benefits?
     
  3. ABFer

    ABFer Super Moderator Staff Member

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    Well....yea...that's what we've all been talking about for the last few months.
     
  4. wongway

    wongway -15% Pay & Broke Pension Fund

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    So is a matching 401-K , that YOU control and not the union still a dumb idea ???? it is never ever good to have somebody else control your retirement money and change the rules as they want too !!!
     
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  5. Kennesaw Kid

    Kennesaw Kid Super Moderator Staff Member

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    They are advising you of your options...if you retire now before 7/1/16, you could be reduced by 50% if all your time is at 1 company, that is still in the fund....If you wait until after 7/1/16 and then retire, you could be reduced at 30%....That is the scenario that I'm in right now....SO, I am waiting to see what happens AFTER 7/1/16......KK
     
    Last edited: Nov 17, 2015
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  6. ROLLBACK

    ROLLBACK Active Member

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    After 7/1/2016 you mean
     
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  7. freight jockey

    freight jockey Active Member

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    What would be different with your money invested in the market and Wall St. still calling the shots ? Companies like Northern Trust and Goldman Sachs ? Wherever there is money there are crooks, and we have an overload of them wearing suits in this country

    As far as changing the rules, nothing is etched in stone. ANY law or change can be tagged onto another bill and passed in the middle of the night when nobody notices, look at MPRA. With a 401k you have to be vigilant also, I do know people that their employers didn't deposit their matching contributions and the employees ultimately had to hire legal help to get their money.
     
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  8. Bart

    Bart Well-Known Member

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    We wouldn't be having this conversation if everyone would have had a 401k because win lose or draw you would be in control. If you weren't the savvy investor look what a simple return would get ya‼️
    I just went for a hundred dollars a week beleive me CSPF got a lot more than that paid in on your behalf. This is with a conservative return. The economy was rocking for a long time before the 2008 crash.

    Your Result
    Your monthly deposit of $400.00 for 30 years with an interest rate of 6.50% compounded Monthly
    with an initial starting balance of $10.00
    • Year
    • Balance
    • 1
    • $4,956.28
    • 2
    • $10,233.83
    • 3
    • $15,864.82
    • 4
    • $21,872.93
    • 5
    • $28,283.42
    • 6
    • $35,123.22
    • 7
    • $42,421.10
    • 8
    • $50,207.74
    • 9
    • $58,515.85
    • 10
    • $67,380.38
    • 11
    • $76,838.59
    • 12
    • $86,930.22
    • 13
    • $97,697.71
    • 14
    • $109,186.32
    • 15
    • $121,444.35
    • 16
    • $134,523.32
    • 17
    • $148,478.20
    • 18
    • $163,367.68
    • 19
    • $179,254.33
    • 20
    • $196,204.94
    • 21
    • $214,290.76
    • 22
    • $233,587.82
    • 23
    • $254,177.24
    • 24
    • $276,145.58
    • 25
    • $299,585.17
    • 26
    • $324,594.56
    • 27
    • $351,278.87
    • 28
    • $379,750.28
    • 29
    • $410,128.48
    • 30
    • $442,541.15
    Final Savings Balance: $442,541.15

    WE GOT SCREWED‼️
     
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  9. the5tolls

    the5tolls I hope we make it to 19....got my NO ready

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    I don't know if you can answer this, I have a buddy at my barn that is talking about retiring, I think he is 66 or 67, I read all this stuff saying you should not retire till July 1st. Does this effect everyone or just guys that have been working at certain places or for certain amount of times. I am just trying to figure out if I need to pull him aside and tell him not to do it? He really is set on not working another whole winter in the north.
     
  10. Bart

    Bart Well-Known Member

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    I would suggest he call CSPF and ask them directly.
     
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  11. ABFer

    ABFer Super Moderator Staff Member

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    :smiliewhs: It's never good to advise anyone on such things other than suggest that they do their research before making a move.
     
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  12. the5tolls

    the5tolls I hope we make it to 19....got my NO ready

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    He claims that he called them and tied into them pretty good about the pension reductions and I don't think he accomplished much.
     
  13. Hoodock

    Hoodock Well-Known Member

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    If that's true,shame on whoever he spoke to.
     
  14. Triplex

    Triplex Experienced stalker

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    If you "tie into someone" when you expect to get help from them, what do you expect?
     
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  15. dogsbestfriend

    dogsbestfriend Member

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  16. dogsbestfriend

    dogsbestfriend Member

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    Yes, by request, they've been asked to circulate a hint "DON'T RETIRE JUST YET" letter. Some of you have suspected wrong doing but just can't quite put your finger on it. On the other hand there are others who will never get it even if presented with all the facts The Union along with the pension fund would like to avoid or at least limit their legal exposure when and/or if the truth of these orchestrated events were to find their way into a court room.

    What the letter should read, is, don't retire just yet because the deal could happen any day now. Once the deal happens (happy days again) the clowns will then receive the go ahead to propose a shelved pension fix. If you retire prior to the fix you're locking yourself in at a lower proposed pension rates. If you wait until after the fix things will undoubtedly be much better. At least that's all part of their secretive plan. So, if you were bound to a large financial non-disclosure agreement would you peep a word of this? No, instead you enjoy your new-found wealth, continue to play the game, then hope the fix restores a shred of your despicable legacy so you're not among the hunted for the rest of your life(s).

    1. Wait for the deal, very soon I suspect.
    2. Watch for the fix, shortly thereafter.
    3. Always do your research prior to casting a vote of any kind, thanks.
    4. Truckingboard pimp, grow up and stop the email games.
     
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  17. the5tolls

    the5tolls I hope we make it to 19....got my NO ready

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    Thanks for the reply buddy I appreciate it, I don't know much about this kind of stuff but I suppose it is new to everybody. I would really hate to see a fella end up on the short end of the stick because he jumped the gun and didn't work a couple more months. From what you are saying I take it that July 1st might not be the date to wait for, just make sure you wait for the deal to be finalized. Thanks!
     
  18. freight jockey

    freight jockey Active Member

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    You posted this tongue in cheek.......at least I hope you did.

    Central States' plan has been filed with the US Treasury Dept, and per the MPRA law there are specific timetables and guidelines to follow. At some point in the future if the plan is approved by the Treasury Dept. we will be voting to accept or reject the plan.
     
  19. ESP

    ESP Well-Known Member

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    And the treasury dept will have the right to reverse a no vote to a yes.
     
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  20. bigtruk_us

    bigtruk_us Well-Known Member

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