Never Underestimate The Power Of A Pissed Off Teamster!

Discussion in 'Central States Pension Fund Discussion' started by Kennesaw Kid, May 7, 2016.

  1. Kennesaw Kid

    Kennesaw Kid Super Moderator Staff Member

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    Never Underestimate The Power Of A Pissed Off Teamster!


    “that the notices of proposed benefit suspensions be written so as to be understood by the average plan participant. Code§ 439(e)(9)(F).”…..Ken Feinberg


    The below Clip is just as appropriate now, as it was a few months ago….Who could understand the letters that were sent to us?……Congratulations to All who stood up, when others were trying to knock you down……Jimi


     
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  2. Apostolic

    Apostolic Super Moderator Staff Member

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    Angry Teamsters got us some pretty sweet contracts in the 70's.
    Before the government deregulated trucking.
     
  3. jimmy g

    jimmy g Kook

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    You do realize, if CSPF tries again to save the fund, the cuts will be even BIGGER?

    The people who can't live on half, will have a harder time in 8 years or so, living on ZERO.
     
  4. ABFer

    ABFer Super Moderator Staff Member

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    Nice clip and tune, I'm glad I took the time to watch it. First it's CSPF but there are more to follow so everybody needs to listen up, pay attention and take action. A list of affected pensions has been posted and there are many more men and women affected that just CSPF across different trades. Sooner or later this is going to come to a head like a big festering boil and I predict that someone(s) will go off the edge. When a person is pushed to where they have nothing else to lose and they've been robbed of everything it is only human nature to take some kind of action. This is a real, sad situation and it is not going to get better soon and it is not going to go away.
     
  5. Kennesaw Kid

    Kennesaw Kid Super Moderator Staff Member

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    CAN THEY REFILE?....""Yes they can resubmit but once again they have to show a 50% or better chance of solvency which at this time they cannot. Also, their unrealistic assumption of averaging 7.50% return on investments the next 30-50 years, because of losses the last couple years, has moved up to 8-9% needed. That won't happen. Plus the contribution rate to employers would have to increase 3-4% every year. That means the employers would have to contribute $849 per week, per man. Keep in mind the top rate they are paying now is around $348 per week per man. YRC is only paying $71 per week per man which is 25% of what they should be paying. The employers will never pay that much. Those reasons are why Mr. Feinberg declined their application under unrealistic assumptions.....Thanks Mike Walden""
     
  6. jimmy g

    jimmy g Kook

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    So it goes broke. I don't see how anyone can by this as a vctory.
     
  7. Apostolic

    Apostolic Super Moderator Staff Member

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    This sad development is no incentive for any non-union workers desire in joining any union.
     
  8. Kennesaw Kid

    Kennesaw Kid Super Moderator Staff Member

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    There are other things in the works to address the problems, if you had stayed here you could have helped us ALL out, and be better informed.....KK
     
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  9. UTR906

    UTR906 "There Is No Armor Against Fate"

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    I agree that things are going on behind the scenes that we are not privy to at this time. I am also looking at the fact that on Jan. 1, 2016 assets were about 16.1 billion. The stock market this year has been basically flat. The time it will take to refile will have CS paying out about 2.8 billion this year. This will decrease assets to about 14.1 billion by January 1, 2017. We have approached the tipping point where pensions will have to be cut to the PBGC +10% to survive without outside assistance.
     
  10. jimmy g

    jimmy g Kook

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    Thank You. That was my point.
     
  11. jimmy g

    jimmy g Kook

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    IF there was no incoming $$$ and the fund liquidated (yeah, I know not happening), when we had 19 billion divded by 410,000 Teamsters we were worth 46,000 each. Next year's 14 billion brings it down to 34,000 each in a onetime payout and the fund depleted. There simply isn't enough for people to expect 36,000 a year payouts for life.
     
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  12. freight jockey

    freight jockey Active Member

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    It's comforting to know people wanted to jump on Central States' proposal that had in their own calculations a 50.4% chance of working. Like Treasury stated in their thumbs down of the proposal......the numbers were not realistic.

    Why do people even throw out 1 time payouts numbers when it is not possible by law and it isn't going to ever happen. All it does is give some uninformed CS participant false hope and some good material for rumors. Talk like " If I had that money I could invest it and make millions in a 401k. yeah. right. " Besides that it goes against the basic concept of pensions, we should be promoting pensions instead of bashing them. Just because 1 fund was screwed up royally by the government, politicians, and bankers does not mean the fundamental principle of pensions is bad.

    Central States stated the cuts were approximately 23 % across the board, and that is without reducing their future operating expenses or going after the bankers that swindled us. I for one would much rather get this fund on stable ground so everybody can get their fair share and if it takes a year to get it right so be it. Central States' current operating practices would have done nothing but bankrupt the fund after the proposed cuts were made in due time, so let's get things changed and do it right. At least we will hopefully have a voice now in future negotiations of a fix for the CS pension fund instead of no voice in the rejected backroom deal that was thrown at us.

    I believe most CS participants that have reasonable knowledge of the matter are not expecting 100% of what they are receiving or expected to receive in the future. I also believe they just want a deal where everybody is treated equally and fairly.
     
    Last edited: May 8, 2016
  13. jimmy g

    jimmy g Kook

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    I threw out the payout number to point out that there is only enough for one time 34,000- yet these threads are demanding continuing drawing 36,000 @year. The Fund simply can't do it. The longer it is put off, the deeper the cuts, or quicker we get to zero. It means people under 55 can pretty much give up expecting anything.
     

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