letter from international

Discussion in 'Central States Pension Fund Discussion' started by hemorrhoid, Dec 18, 2015.

  1. hemorrhoid

    hemorrhoid Active Member

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    Dear Senator/ Representative:
    Thousands of retirees across the country are facing cuts to their promised pension. These are benefits that were earned through a lifetime of service to employers often times through sacrificing wage increases and other benefits. Last year, Congress created this problem by passing language in the CRomnibus that allowed the anti-cutback rule to be rolled back. To add insult to injury, Congress included language providing for plan participants to vote on the cuts, but this vote is largely a charade. The vote is non-binding and any ballot that is not returned is counted as in favor of the benefit reductions.
    Legislation sponsored by Senator Rob Portman and Representatives David Joyce and Tim Ryan, the Pension Accountability Act (S. 2147/H.R. 4029), will give plan participants a meaningful voice when plans are considering making cuts. The legislation requires a majority, binding vote from plan participants before any cuts may be made and only returned ballots will be counted in the vote total.
    These companion bills will not restore the anti-cutback rule language, but they will ensure that our nation’s retirees will have a voice when it comes to cuts in benefits that were earned over a lifetime of service. I urge you to cosponsor S. 2147/ H.R. 4029, the Pension Accountability Act.
  2. ABFer

    ABFer Well-Known Member

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    Wait...isn't this the same guy that was knocking on our doors asking for that bill to be passed? What is he a two faced blowhard? He got what he wanted let him go huff and puff elsewhere.
  3. Crystal

    Crystal Well-Known Member

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    The Pension Accountability Act probably won't be passed because it would undermine the purpose of Kline-Miller. And that is to correct congresses past mistakes and protect the PBGC from bankruptcy with retiree cuts instead of tax dollars. Solutions not bailouts was bought and paid for with NCCMP and corporate PAC money. It gave congress an easy way out and rewarded UPS with a $2 billion exemption.
    freight jockey likes this.
  4. ESP

    ESP Well-Known Member

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    Just thought you all would want to see what I found on the Treasury web site. Makes me wonder what they are hiding.:ranting2:

    Susan Mauren
    Retiree Representative to the Central States Pension Fund
    P.O. Box 15670, Minneapolis, MN 55415
    Email: CentralStatesRetireeRep@losgs.com

    Filed electronically at www.regulations.govand by mail at:
    The Honorable Jacob J. Lew, Secretary of the Treasury
    Attn: Deva Kyle, Department of the Treasury, MPRA Office
    1500 Pennsylvania Avenue NW., Room 1224, Washington, DC 20220
    December 7, 2015
    Re: Retiree Representative’s Third Comment on the Central States Pension Fund MPRA Application
    Dear Mr. Secretary:
    I am the retiree representative appointed under the Multiemployer Pension Reform Act (“MPRA”) by the Central States Pension Fund. In that capacity, I have worked tirelessly to advocate for the interests of Central States retirees.[1] And I believe Central States retirees are better situated due to my efforts.
    The Central States application for a suspension plan was filed on September 30, 2015. The temporary regulations issued on June 17, 2015 provide that an application will not be accepted unless the proposed effective date of the suspension is at least nine months from the date on which the application is submitted. 26 C.F.R. § 1.432(e)(9)-1T(g)(1)(v). The regulations continue however, by stating that “in appropriate circumstances, an earlier effective date may be permitted.”
    The proposed effective date by Central States is July 1, 2016, nine months after the filing of the application. According to the Fund’s actuary and confirmed by the actuary I retained, time is of the essence with respect to the implementation of a plan. Every month delay costs each of the retirees who are subject to a reduction. While some retirees have written me urging me to slow the process down, hoping for a government bailout, every participant is hoping to keep as much of his or her benefit as possible, as am I. If a government bailout of the Fund occurs, benefits may be restored in full. However, unless and until that bailout occurs, it is essential that the Fund stay solvent. It is essential that a suspension plan occur as soon as possible so as to minimize the amount of money taken away from the retirees.
    Every month of delay costs the retirees another $80 million. While these dollars may seem small to you, for those of us experiencing a cut in our monthly benefit check, even $10 makes a difference. Therefore, I urge you to approve a suspension plan as quickly as possible. If it is possible to implement the plan on an earlier date, with resulting savings to the Fund, the Fund should be allowed to do so.

    I hope you will carefully consider my suggestion. If I can assist in any way, please feel free to contact me.
    Susan Mauren
    Retiree Representative

    [1] My efforts on behalf of Central States retirees are described in detail in my attorney’s progress report, which you can access through my web-page at losgs.com/centralstatesretireerep.html.
    {00324011.1 }
  5. freight jockey

    freight jockey Active Member

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    Pretty disgusting letter from our supposed retiree advocate, we can expect no less though from somebody bought and paid for by Central States. Too bad she doesn't list how much the bloated staff and pay raises at Central States cost the retirees per month, or what it cost us for her to hire a actuary firm to do a study and hire a high priced law firm on her behalf.

    The approval needs to be rejected and/or slowed now more than ever, as more info comes out about the failures both past, present, and continuing at Central States more questions are raised.

    I really hope a full scale investigation is launched and heads roll at CS, the fund needs new leadership and the benefit suspension plan needs to be reevaluated.

    I wish Susan Mauren would quit using the title "retiree representative" and phrases like "my efforts on behalf of Central States Retirees", she doesn't represent my best interests.
    Getoverit and ESP like this.
  6. jimmy g

    jimmy g Kook AD-FREE USER

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    Sounds like she Does represent the 50% of us not yet retired tho .Delaying cuts means we get Zero.
  7. freight jockey

    freight jockey Active Member

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    When Thomas Nyhan states the fund has a "50/50 chance of survival" with the rehabilitation plan CS presented, I would safely bet you would get Zero even if the plan goes through. CS is going to run it into the ground with their current direction and leadership, just look at their track record. The rehabilitation plan will do nothing other than lessen the impact to PBGC when it does fail, it's a win-win plan for CS and the government.

    The fund is doing exactly what they set out to do, divide and conquer with the MPRA bill they authored. The 75 and above group, UPS, and those on disability can carry the vote for the plan to pass and the rest of us, both retired and not, are left in the cold.

    Don't you think something stinks when CS appointed a "retiree representative" and gave her a blank check when the majority of retirees are exempt or partially exempt from the cuts per MPRA ?
    Last edited: Dec 23, 2015
    ABFer, ESP and SAC75 like this.

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