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Tell us about the fraud.
ABF | Local 707 Pension Fund insolvent in 2016
- Thread starter Triplex
- Start date
Tell us about the fraud.
Young Teamsters paying into a fund,which by most accounts,will never see a penny of their investment???The ratio of recipients to contributors all but guarantee it.
I have no stakes in this game,but it is mirrored by the Gubment ponzi,called Social Security,which I do have stakes in.
If you read and understood my post it should be obvious. But I'll try again for you since you're special.
Each worker has contributions made on his behalf. Those accumulated contributions plus whatever amount those contributions earn over time become a large quantity of money at some future point in time. When a worker retires his pension should be in proportion to that accumulated amount. If his pension is larger than that amount can provide, where does that extra money come from? If it comes from contributions of workers who are still working and haven't retired yet, that's a Ponzi-like scheme.
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The funding status of all the funds is a matter of public record. When you sign on to the job you accept involvement in the pension plan, I don't see the deceit.
It's not deceit in the true sense of the word in my opinion. It's just that more and more was promised than could actually be delivered. I don't really know who to blame for the situation - the funds themselves, the Government, etc. But the actuality is that amounts were promised that were unsustainable in the long run. At some point it was destined to fail since the number of new workers contributing was bound to level off or, as happened, declined. Then the chickens come home to roost.
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"Ponzi-like", I suppose that's nondefinitive enough to be acceptable. "special", why yes, I am. Thank you for noticing.
Of course I think you're special. We go back a long way with the barbs but they've never been truly obnoxious like some.
(PS - Even though you've "liked" some who were more on the obnoxious side)
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The Government.
I have not heard of any checks not being sent out. I think we will be fine in the long run. But we all have to fight for what we have earned. Remember there is a bunch of young Congressman and Senators that see our ss as a burden to them getting at the money we are owed. we all need to stop the sky is falling dialog. YOUR BROTHER ALWAYS!
Wow, I'm impressed. Only you're wrong. The pension funds weren't designed that each employer pay for their employees upon exiting the fund. That provision was enacted by ERISA in 1980 after many MEPF's were finding themselves in trouble. You ought to do your homework before shooting off your mouth.
Oh, and by the way, I have a big stack of ABF paychecks in my file cabinet so I'll post here when and if I choose. Deal with it.
4:1 is the approximate ratio of people sucking on the CSPF teat to the people currently employed with contributions being made to the fund.
Because the companies that went out of business that closed did not pay their FULL WITHDRAWAL LIABILITIES!
Like I said earlier, learn some facts before you shoot your big dumb mouth off.
"The rules governing withdrawal liability are found in the Multiemployer Pension Plan Amendments Act of 1980 which amended ERISA to impose withdrawal liability upon employers who cease contributions to a multiemployer defined benefit pension plan with unfunded vested benefits. Withdrawal liability is essentially an exit fee requiring employers to pay its share of a plan’s costs (future vested benefits) which have not been paid through previous contributions or investment returns. Withdrawal liability only applies to multiemployer defined benefit pension plans; it does not apply to health and welfare plans, annuity plans or other defined contribution plans."
http://www.agcmichigan.org/docs/member-service-docs/withdrawal_liability_rules.pdf
I guess their brains are too clogged with all those other words they like to use.
What do you think? I was explaining to you what the fund was established to do. You are a Teamster HATER and it shows. You have that right. But in this forum you have to hear my rebuttal to any and all Teamster negatives.
But for you to even say do I understand makes you look like a complete jerk. You may not like what I say but I say what I feel and that is the way I have always been. You on the other hand hate our way of life but you dance around like a scared little boy.
Is our pension fund in trouble? NO DUH. Can it be fixed? only by people willing to work hard and be honest. Is that person now in place in the Teamster Brotherhood? Not that I know of.