National Conference Call On Pensions MONDAY, 11/23/15 @ 3 PM!

Discussion in 'Central States Pension Fund Discussion' started by Kennesaw Kid, Nov 22, 2015.

  1. Kennesaw Kid

    Kennesaw Kid Super Moderator Staff Member

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    National conference call with the U.S.Treasury on the pension...MONDAY @ 3 pm eastern time Nov.23
    Call 1-888-324-9602... pass code 7865356.


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  2. Freightmaster1

    Freightmaster1 Well-Known Member

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    The Kline-Miller Multiemployer Pension Reform Act of 2014

    UPDATE (11/19/15): APPLICATION FROM CENTRAL STATES PENSION PLAN
    The Treasury Department has received an application under Kline-Miller from the Board of Trustees of the Central States, Southeast and Southwest Areas Pension Plan (Central States Pension Plan).
    Read a message about this application from Kenneth Feinberg, Special Master for the Treasury Department’s Implementation of Kline-Miller.
    Treasury haspostedthe application on this website. Treasury has also publisheda notice in the Federal Register soliciting public commentson the application from plan participants and other interested parties. If you wish to submit a public comment electronically, you can click hereto comment via the Federal Register Notice through December 7, 2015.
    In order to provide additional opportunities for plan participants to provide feedback, Treasury is hosting regular conference calls on the Central States application every Monday. The next conference call will be:
    Monday, November 23, 2015 at 3:00 PM.
    Conference call-in number: 888-324-9602
    Conference participant code: 7865356
    Treasury will also hold public sessions in impacted regions. Check back soon for information about a public session in your area.
    If you are a participant in the Central States Pension Plan, the plan's Board of Trustees is required to provide notice of the application to reduce benefits to you. That notice is also required to include an individualized estimate of the effect of the proposed benefit reductions on you. If you have questions about how proposed benefit reductions will specifically impact you, please contact the plan administrator. Contact information for the plan administrator is available in the Central States Pension Plan summary plan description.
    Under Kline-Miller, Treasury is responsible for determining whether the application for a reduction of benefits meets the requirements set by Congress. Benefits cannot be reduced until after the following actions take place:
    • The plan sponsor must notify participants and beneficiaries of the application for a benefit reduction and provide an individualized estimate of reduced benefits
    • Participants and beneficiaries must have an opportunity to comment on the application
    • Treasury must review and, if the application satisfies all of the Kline-Miller requirements, must approve the application
    • Participants and beneficiaries must have an opportunity to vote on the benefit reduction
    Treasury has up to 225 days to approve or deny an application, and, if an application is approved, 30 days to administer a vote on the proposed benefit reductions.
    https://www.treasury.gov/services/Pages/Benefit-Suspensions.aspx
     
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  3. ABFer

    ABFer Super Moderator Staff Member

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    This is an interesting tidbit. How long will it take them to make that decision?
     
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  4. ESP

    ESP Well-Known Member

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    I listened to the call, it only made me :cuss:. This LAWWWWWWWWWWWWWWWWW as he says, is rock solid and going to pass. The Orphans are in the law and will not be changed. UPS is in the law and will not be changed. Disabled and 75 and over are in the law and will not be changed as per the LAWWWWWWWWWWWWWWWWWWWWWWW as he says. YRC companies are in the LAWWWWWWWWWWWWWWWW and will not be changed. However he will look at the suggestions and see what he can do as to the letter of the LAWWWWWWWWWWWWWW. This call was a formality and nothing more. What you got in the mail as per your cut is cut and dry. Good Luck. It is the LAWWWWWWWWWWWWWWWW. Also if I heard it correctly, they can come back for more in the future, I hope I heard that wrong. Just makes me want to get :very drunk:
     
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  5. ESP

    ESP Well-Known Member

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    Did I get enough sarcasm in there? :1sm364jumpbed::1sm057crazy::woot2::wee:
     
  6. ABFer

    ABFer Super Moderator Staff Member

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    Thank you for that update, sorry to hear that it is what it is.
     

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