Cardboard that's what I'm saying. You were smart to take it upon yourself to watch for your well being. Congrats on that. You understood that you got to take care of yourself cause ain't nobody else going to my friend. In read these boards and all you read just about is how its somebody else's fault. We as a country and as a people have got to wake up and be responsible for ourselves and quit waiting for a handout from the government or unions or employers for that matter. Its about taking care of our own house before we blame or try and fix others. You got to admit kids and grownups today don't want to work an honest day to receive pay. They want everything handed to them. I have worked since I was 14 yes old. I have busted my butt to have what I have now. I am 36 and just bought my first house because it took me some years to learn I got to be responsible for myself. Now I look forward to trying to do captain cardboard has done and start saving for retirement.
Yellow | Local 707 Pension Fund
- Thread starter LEHIGH vALLEY
- Start date
Thanks for the schooling Sugarfoot. I know our Stratford Terminal has some Carolina guys that came out of Elmsford N.Y. and I beleive they were in that local too!
I see by your post that you are still fairly young. I have no idea if you have any knowledge of the history of the labor movement. The main tenet of the movement was the ability to bargain collectively. Most of the job benefits that you take for granted today were fought for by your Grandfather's generation. The 40 hour work week, overtime, sick leave, paid vacations, holiday pay, grievance procedure, and yes even guaranteed pensions were negotiated and bound by signed contracts. Many stood on picket lines to secure the benefits you now enjoy. Many of the posts you have been reading here articulate the profound frustration that many feel. A trust has been broken that many counted on. But you need to have the facts when you voice an opinion. The Central States Pension has been mismanaged. Due to corruption in the Teamsters union the fund was placed into a federal oversight program. This allowed the fund to be managed by Wall Street bankers who were appointed by the feds. During the financial crisis of 2008, a large portion of the fund disappeared. They were involved in the same derivative scheme that almost caused the whole world's economy to collapse. The federal government stepped in to bail out the banks. The pension fund got nothing. So the reality is most people here are not looking to find fault. They just want what they have paid into for so many years. We do not want a handout. We want what we have earned. It gets harder to take care of yourself when someone picks your pocket. The sad part is that you do not even see what is happening. Everything that your Grandfather worked and fought for is slowly going away. If the trend does not reverse itself soon, when you reach my age, you will be more screwed than me.
Some of the Teamster pension funds have done quite a lot better ( at the moment ) then some of the other Teamster funds.
Imo, its due to who is managing the fund. Right off, let's have a full investigation of the CSPF and while were at it, Jimmy Hoffa Jr. and the CSPF.
Imo, its due to who is managing the fund. Right off, let's have a full investigation of the CSPF and while were at it, Jimmy Hoffa Jr. and the CSPF.
Freightmaster1
TB Legend
- Credits
- 608
That's wonderful prose but not relevant. The Fund was under funded when I was at Preston in the 80s/ 90s. Many more have quit paying in since. 18 billion divided by 410,000 is why the cuts are coming...
Your right they were founded by grandfather's generation. But when I started in the freight business with AAA Cooper 15 years ago, my grandfather asked me if I was happy and if they treated me good. I told him yes which they did. He then proceeded to tell me son if they treat you good and your happy stay away from the union lines they ain't what they used to be as well as the union. You see he was in the union in Chattanooga. He retired from yellow in the early 80's so I have heard from the union side and all the glory days of the union. For those things my granddaddy fought for during the strikes I am eternally grateful. But I still make my point of there ain't as many paying in for the fund to remain solvent. If you spend more than you bring in at your home will your home remain solvent? Nope. If you got ten kids relying on one bread winner it ain't gonna work.
So here is the question that needs to be answered. Why has the International Brotherhood of Teamsters failed to organize new companies to replace the ones that have left the fund. The answer may lie in the arrangement that was made in letting UPS out of the fund. There is also a special provision in the new law that gives UPS a 2 billion dollar gift in liability relief. The international even lobbied for the passage of the new law. Read this.
http://www.washingtontimes.com/news...-big-on-politics-while-preparing-to/?page=all
The international is no longer interested in trucking. It is more concerned about protecting their own interests and the ones that bankroll them. The fund was stable before 2008. And yes there are more members drawing than paying in today. Maybe if AAA Cooper, Fed Ex, CCX, and others had been organized the ratio would be different. There are certainly not less trucks on the road today. But the fact still remains that many of us bargained in good faith. Our future pensions were guaranteed by law. Then in a lame duck session of congress, with an amendment attached to a spending bill, everything changed. So good luck working in the coal mine. We got the shaft!
http://www.washingtontimes.com/news...-big-on-politics-while-preparing-to/?page=all
The international is no longer interested in trucking. It is more concerned about protecting their own interests and the ones that bankroll them. The fund was stable before 2008. And yes there are more members drawing than paying in today. Maybe if AAA Cooper, Fed Ex, CCX, and others had been organized the ratio would be different. There are certainly not less trucks on the road today. But the fact still remains that many of us bargained in good faith. Our future pensions were guaranteed by law. Then in a lame duck session of congress, with an amendment attached to a spending bill, everything changed. So good luck working in the coal mine. We got the shaft!
- Credits
- 539
The results of all the COOs that moved Teamsters out of Maybrook and spread them around the country.....meanwhile the IBT still will not see what happens to all the rubber stamping of these COOs and what it complicates down the road......the IBT should have been protecting their future at Maybrook!......KK
To the best of my knowledge the last few COO's were gains for Maybrook. Correct me if I'm wrong.
Trip, it's really irrelevant. Since the late 1980's members relocating on COOs remained in their pre-relocation HW&P funds.
Thanks Al. I knew of some road men at MBK that stayed with their former locals/funds. I didn't realize it was standard policy. Thanks again.
I agree over time y'all have gotten the shaft. No doubt about that. I agree the teamsters are not interested in trucking anymore. I can't explain why y'all got the shaft other than from what I have read. I have never worked in an environment where I felt I needed representation. I either handle it myself or change my surroundings. I have worked for cooper and Conway. Conway I would never go back to work for. Cooper I might if circumstances were different. If supervisors were gone I might consider it. Conway was just to corporate to about numbers. They got away from freight hauling and worry about numbers to much. I have always said its freight hauling not rocket science. All the bigger companies are this way now. You want to return to profitability go back to freight hauling not crunching numbers. Agreed?
Im not certain of the basis of pensions- but that is EXACTLY the way SSI was set up to work every day since Day One in 1935. Taxes went into the General Fund and were used to pay someone else that very day. That's the only way it was found to be Constitutional...Why do people think that a pension is based on the active paying the retired? That's not how it's supposed to work
http://en.m.wikipedia.org/wiki/Helvering_v._Davis
I've posted this before....
Unexpected increases in costs and demographic shifts make the valuation of pensions more complex. But the last argument, about the decline in the number of active workers who pay into the fund, is disingenuous. The contributions of active workers are not supposed to pay the benefits of former employees. They are supposed to be invested. Systems in which current payments fund current benefits are called unfunded systems. The Social Security Administration runs on this model. A truly well-funded system, on the other
hand, would ensure that the fund had enough invest- ment income to pay retirement benefits.
This language suggests that someone in the Team- sters, whether in upper-level management, media departments, or financial services, fundamentally misunderstands the nature of the Central States Fund—or, perhaps, is practicing misdirection. A system in which you promise to take an individual’s money, invest it, and return a certain amount to him in the future—but instead use it to fulfill current similar obligations to another person—is not called a pension plan. It is called a Ponzi scheme.
http://www.hudson.org/content/researchattachments/attachment/882/unionvsprivatepensionplans.pdf
I agree in theory.
That's why I have to question those that insist the fund was solid prior to 08. I got letters saying it was critical well before that time. It may not have been critical in the 80s/90s, but it wasn't fully funded. Its been a ponzi scheme for quite some time...
Then add on all the companies that quit paying in, and the ponzi's about done..
That would be correct. When you follow the work you remain in your current funds. If you transferesd under a 5.5 then you would freeze what you had if you were vested if the the terminal you transferesd into was under a different H&W and Pension plan.Then you would be starting from ground zero because most if not all are non-reciprocal.
I said this the minute the pension law was passed back in December 2014, " Every pension plan out there will be finding out how to cut pensions and follow the rules laid out to get them to be underfunded" . The Dam was cracked and now the Dam is leaking and as My Friend Mud says, " I believe he Dam is breaking". It will not be long before we all will be drowning in the water. This is just a pattern set forth by our leaders to save the nation on the backs of the workers and retirees. Just my opinion, Lets see how it plays out, I have some time yet to watch. It ain't going to be pretty!