Discussion in 'Central States Pension Fund Discussion' started by UTR906, May 9, 2016.
Central sends a plan, that can't pass muster, then say's that it doesn't have time to submit a plan based on more realistic estimates, and kicks the can to Congress wanting money to cover their private enterprise screw up. Here's an idea. Stop bitching about deregulation, it had nothing to do with it. Stop bitching about the feds stepping in and taking over what amounted to Hoffa's little slush fund and own the fact that you gave your money to a private enterprise and your particular management team screwed up and lost your money. How about these other plans that didn't screwup, pony up the 11 billion and help their union brothers and sisters out. What, use union money to fix a union screwup. Why didn't the union management think of that. You know why. Why spend union money, we are entitled.
The union didn't put the money into the private companies hands.the government did! The union has nothing to do with the pension fund and how its run,the government did! So quit blaming our union for it!
Really? The money deposited into Central States Pension fund is not union money? You're saying that the union just stood by and watched the fund go dry, even after Nyhan was warning of this tsunami as early as 2010. You wouldn't do that with your personal checking account, kind of stupid to do it with your retirement money.
or how about this article,
Everybody is pointing the finger at everyone else, literally, but the bottom line is that the union allowed it's money to be invested in a private fund and now, for whatever reason, that fund is drying up. All I keep hearing is that the fed needs to fix it. What I don't read is that the union asking Congress to close tax loopholes that they use and funneling that money into the fund. Why I don't read is how union members are volunteering an hours wage per week to help Central States tread water. It's hard to pull for you guys when all you have done is demand a do over after setting by and watching this situation roll downhill like the pile of crap that it is.
Yes. Congress gave control to Nyhan. And it's not union money. It is money contractually put in by our companies.I've been a teamster in central states since 2001. Central states has been warning about critical status every year sense I've had a pension fund. I'm not saying this is right what they're doing, but they have been warned for the past, at least, 15 years
No, control of the CSPF was taken away from the Teamsters Union years ago. The Teamsters Union has had no control over the CSPF for years.
My point is, we have thousands of fellow Americans whose promised pensions could be cut in halve. Would you rather have your tax dollars sent overseas to help or bribe or sent into a dark hole to do who knows what, or would you rather have your tax dollars help fellow Americans. Help fellow American issues versus your tax dollars spent helping illegal immigrants. Either way it's becoming a question of how we want our politicians to spend the money taken from us every payday. More and more we have no control over what our elected politicians are doing. And I'm getting tired of it.
Guys, I feel bad for the situation that you now find yourselves, I really do. We can split hairs over whose money it is and where should the politicians spend our money, but the fact is and for whatever the reason(s) are, Central States is going to run out of money. Nyhan had better resubmit something or this situation is going to get a hell of a lot worse. What I can't understand is how Hoffa sleeps at night, but then again, he is as slimy as they come so I guess that's how he sleeps by knowing that he has his. Good luck to all of you.
Nyan is right for once.He won't be giving up any of his funds or retirement to help what he did to mess it up.
I punched the "like" button, but you speak the truth which I "dislike". The truth also is that Hoffa and Nyhan have been running a ponzi scheme ever since Nyhan and Hoffa teamed up around 2001. The Fed Gov't watchdogs through Erisa was supposed to watch over corruption beginning in 1972. Instead, nobody did anything to stop or even slow down the corruption and theft from CSPF. Hoffa, Nyhan and all their cronies went happily along draining the Fund for their own enjoyment. Nyhan gave himself a $32000.00 raise in pay in 2014 to now over $694,000.00 for doing such a stellar job as chief manager of the CSPF. As for the gov't "watchdogs", Hoffa and Nyhan "threw them a bone" every so often (in the form of untraceable cash) to just keep on doing nothing. That was no problem for our members of Congress, both Dems and Repubs. That is what they do best. Spend other peoples' money and do nothing constructive. When and if the truth ever comes out, this ponzi scheme will make Bernie Madoff's Wall Street ponzi scheme look like small potatoes.
Partly true, but Hoffa, Nyhan and their cronies did nothing but very feeble attempts to stop it. In fact, they liked it. It is always nice to be able to blame other things or other people when you are caught with your hand in the cookie jar'
I suppose the gov't made Lichtenwald take $6.5 in members' money to go bribe lawmakers to vote IN FAVOR of abolishing ERISA in Dec 2014.....right?
I suppose the gov't made father and son team Brad and Brad, Jr Slawson and family member Todd Chester steal way over $500,000.00 from the Local 120 treasury, too.....right?
In both of those cases (uncovered by IRB investigations), nobody was arrested or did any jail time. Instead, they were allowed to "retire" with fat bonuses and lifetime multiple pensions. There are many more corruption cases, too many to list, and even more that haven't been exposed yet.
The IBT, Hoffa and the CSPF has a long history of corruption. To assume they are no longer involved in pilfering and mismanagement of the $16.1 Billion in assets (as of June 2016) at the CSPF would be sheer fantasy. A "cookie jar" with that amount of cash in it would be irresistable. There are just too many ways to "cook the books" and hide a few million here and there. You can bet there are more than a few hidden off-shore fat bank accounts waiting for both corrupt gov't officials and corrupt Teamster officials. The members that gave up that money are left holding the empty bag.
The truth is the government took over the fund in the 80"s because they said the Teamsters were corrupt & had invested in Las Vegas real estate & casinos which were owned by the mob. The funds were to be managed by banking firms Northern Capital & Goldman-Sachs which lost billions. None of the bankers lost any of their money but our fund did.
I would venture a wager that the investments made in Las Vegas real estate would have returned quite a profit on our pension funds instead of losing billions in the stock market.
Who is more corrupt the government that caused billions to be lost or the ones who were making a profit on investments with our pension fund?
In my mind (and in the eyes of the law) those that stand idly by and watch an injustice or crime happen and do nothing to stop it or correct it are also guilty of a crime. With the exception of one feeble attempt by Nyhan in 2010 (before a completely Democrat controlled Congress and White House) to get a bail-out, nothing has been done or attempted by either the IBT or CSPF in all the years since 1972 to avert the bankruptcy of the CSPF that they all knew was coming if nothing was done. Instead they all lied to the contributing members about the CSPF being secure and our pensions safe. As late as April 2014, I got a signed letter of assurance from Nyhan in the mail (I still have it) assuring me that my full pension was secure since I DID retire before April 2008. One year later, that proved to be just another lie. I will be cut over 50%. My wife's survivor benefit that I have been contributing 15% ($510.00) of every retirement check ever since 2007, totaling now over $60,000, will also be cut after my death. Will any of the IBT or CSPF salaries or retirement bonuses be cut? No, not a penny. If THEY would have been looking at a pension, bonus or retirement cut in the future, then something would have been done. For me personally, I was lied to from 1972 until 2015 about how my pension was secure. "Can't be touched", they said "ERISA is there to protect the pensioners", they said. In the meantime, Lichtenwald used $6.5 million in members' money to bribe members of Congress to abolish ERISA in Dec 2014. Hoffa, Nyhan and Murphy had already planned the cuts through the NCCMP.....BEFORE Erisa was abolished. They knew what Congress was going to do months before they did it. They paid for it. They used Teamster members' own money against them to eliminate Erisa protections that stood for 40 years. They didn't care if Goldman and Northern Capital were taking money off the top so long as they (IBT and CSPF officials) skimmed off their share. All ponzi schemes eventually fail when the bottom of the pyramid drys up.
You, my friend spent a lot time to put out the truth, the whole truth and nothing but the truth. I have the same letter from April 2014. You put this in writing of what I have been saying all along. With your permission I want to send this letter to every Congressman and woman. I know they know this, but SO WHAT, I think they need to be reminded of what has been happening. I also think Congress as well as all politicians need to be cut on their pensions, as their funding is also in debt, by about 21 Trillion. Great job my friend. This fight will never be over, we have to win every time, they will only need to win once. What a shame.
You have my permission to do whatever you want. One person (yrc-atm) seemed offended by my comments. I don't know why, especially since he and I worked for the same company (Holland) both before and after the Yellow takeover in 2005. I don't know him, but he seems bitter. I do hate to be the bearer of bad news, but I believe the truth, as I know it, should be told.
I, like so many others, in my working days, was too busy putting in 60 - 70 hours a week to keep track of what the Teamsters, Hoffa and the CSPF were doing. I made the mistake of believing what I was told by union officials - "Your pension is safe and secure." "The ERISA Law protects all retirees" "We have your back".
It wasn't until the (PPA) Pension Protection Act was passed in 2006 that pension plans, such as the CSPS, had to notify each participant (in writing) every 3 years as to the financial health of their pension fund and the benefits each participant was entitled to. Prior to that, the only time a fund had to respond to info was IF a participant requested it IN WRITING. Practically nobody did. We foolishly trusted the IBT, our Local's officers and the Nyhan run CSPF. Also we assumed that the gov't was watching because of the Congressional Oversight Committees of 1972 and 1989. We all assumed wrong - we were too busy working.
Prior to the PPA being passed in 2006, we were all (nearly all) kept in the dark about what was really going on with our pension fund. That was exactly the way Hoffa and Nyhan wanted it. Then came the 2007 debacle of Hoffa allowing UPS to exit the Fund for a cash pmt of $1.48 Billion. He in turn gave it to Nyhan who promptly lost it in bad Wall St investments, plus a whole lot more before the end of 2009. The UPS exit resulted in a $600+ Million per year loss of income for the CSPF for every year forward, due to over 44,000 UPSers no longer contributing to the CSPF. UPS officials said it would only take 3 years for them to recoup that $1.48 Billion.
Since I have began digging into the history of the CSPF, and the reasons of it's impending failure, it has been enlightening and disgusting. Like so many others, I was pretty ignorant of what has been going on with our money for so many years until April of 2015 when 400,000 of us were told a pension cut was coming. That's when I started digging into finding out why. The more I dug, the more dirt I found. Just one example is Nyhan's $694,000 annual salary. Another is the over
$8 million paid to CSPF executives (in aggregate) each year. (salary lists are on-line to see)
The IBT list of over 300 executive officers' salary is also on-line if anyone cares to look it up. Why are all these people being paid that kind of money? For being good money managers? For being good stewards of the pension fund so many worked so hard for and counted on for their security in their old age? But the sad truth is that Nyhan still has his $694,000 job and Hoffa was just re-elected for another 5 years. Why?
Nyhan says in part, "We're going to go into bankruptcy" No WE are not. YOU Mr Nyhan are doing just fine with your $694,000 per year (plus percs). I'm sure you and the other members of the CSPF executive board have your backside covered very well. The aggregate total salary for all members is over $8 million per year. None of these people have given up a penny of their salary. To the contrary. Mr Nyhan GAVE HIMSELF a $32,000 raise in 2014. Let's look at Mr Nyhan past history as a financial genius.
In 2002, just a year after being appointed as CSPF chief, Nyhan lost over $2.8 billion in the Fund's investments. Then fast forward to 2007, after Hoffa gave Nyhan $1.48 billion cash (the UPS cash pmt. for the privilege of exiting the Fund with Hoffa's blessing), Nyhan lost all of it, plus a whole lot more ($10 billion total between 2008-2009). For this, he is actually worth $694,000 per year? The only reason he is still there is that Hoffa, his cronies and the membership allows it. The CSPF is still the IBT's huge "piggy bank". The IBT, Nyhan and Hoffa have a whole building full of lawyers and accountants working full time on "cooking the books" to hide any corruption and "mishandling" of members' money. There are just too many ways to hide what is really going on now and has been going on for over 40 years. In the "old days" the CSPF money went to build a large part of Las Vegas. Now it just goes into the pockets of corrupt Teamsters and politicians. A New York Times article dated Nov 15, 2004 (two years after Nyhan was appointed) titled "Teamsters Find Pensions At Risk" documents how poorly Nyhan invested funds in 2002, losing $2.8 billion (article is on-line to read)....interesting. Same story in 2007-2008, but he blames everything and everybody else. The point of the story is that the mob was better at investing Fund money than Nyhan.....so who is the crooks?
I won't get into those long "manifestos" about my opinions about Hoffa, the IBT, Nyhan and the CSPF anymore after this one.
(at least not on-line). Everything I've found to comment on and form an opinion about, is out there for anyone to read
I have been digging into the reasons for the CSPF collapse of the pension fund and who is at fault ever since April 2015 when nearly over 200,000 retired Teamsters (like myself) and another 200,000 still working members covered by CSPF were first notified by Nyhan and his cronies of the coming "necessary" deep cuts in pensions already earned and paid for as well as future cuts for future retirees still working.. I wanted to know "Why" when for the last 35 yrs or so I've been told my pension was "safe".
I have dug up many things I did know before, many things we all were never told. Most, if not all, of this info on the corruption, incompetence and mismanagement of the CSPF is out there for anyone to find and read if one just takes the time and effort. All you have to do is "follow the bread crumbs". Those crumbs lead to a whole assortment of "rats" all the way to the top. It is frustrating and maddening that these people at all levels have gotten away with this scam to fill their own pockets with members' money for so long, going all the way back to Frank Fitzsimmons and the days when the mob was running things. No doubt the mob is still heavily involved, but now keep a low profile. Now it is pretty much too late to do anything.
As I've said before, the main reasons the money scam involving the Fund has lasted so long is that the membership (including myself) have been too busy working long hours to really dig into the workings of the IBT, The CSPF and certain dirty Locals. We trusted and believed what they were telling us, while at the same time, they were stealing us blind. That's how scams and ponzi schemes work. Get their confidence, then bleed them dry. Not until the Pension Protection Act of 2006 required the Fund to send out detailed reports on the Fund's assets, expenditures and long term financial health to all members, did the truth begin to show and questions started to be asked about "Where did the money go?" Nyhan was and is quick to blame a lot of things other than his own incompetence and possible corruption. Hoffa. Jr. was and is involved too, but now he claims that he "Saved the Fund from bankruptcy" as well as saving pension checks. What a crock. But I guess it worked - he got re-elected. Too many Teamsters prefer to keep their heads buried in the sand or are too lazy to vote. Nyhan and Hoffa love it. I'm ashamed to say that my former Local 120 had just a 19% turnout. Disgusting. Overall 213,000 Teamsters voted - 1,000,000 did not.
Talk about the "key" - I wish I held the only key to the prison cell of Hoffa, Ken Hall, Bill Lichtenwald and Nyhan.
So henry j it looks like you have really got to the bottom of the decline of our forced retirement savings account.
I say forced due to monies that were in written contracts over the years per agreements with the union LTL's,as part of our wage & benefits package.
Of course we can reflect back,however can't change anything that is in the past..
Hindsight,had we not agreed to those pension contributions in the NMFA contracts.
We would of had higher,hourly & milage pay,that we could of been investing a portion of our pay into our own personal retirement funds.
So hey forth-sight is golden where as hindsight is worthless.
You have found in your research that the upper management has squandered our pension.
Well news flash, as far as I know being a Teamster from 1965 that has been an on going practice I believe from the dawn of the contracted fund.
Way back then I knew of a practice called Ghost payrolls where friends & relatives of my local officials from the president, VP, & Treasurer,all were receiving paychecks for nothing.
None of us working Teamsters had better say anything if we knew what was good for us.
Now that I'm retired I doubt theres much they can do to me now,other than stop paying my pension which is going to be reduced by 31%.
But the bottom line is the upper management down to a lot of the locals, have been draining our fund,like forever.
With nothing anybody could do about it without getting themselves in a jam.
Heres one more thing that really ticked me off since I'm going down memory lane.
The president of my local had a car provided to him by the local.
The first Teamster company I worked dock & city for had a gas powered fork lift.
Seeing I was the newbie I was given the chore of going to the fuel island to fill up the gas can every morning after punching in.
Well the first time out I see the local president waiting at the pump,the pump was kept locked & I had to take the key out with me to unlock it.
I was puzzeled about seeing that guy sitting there,but I didn't say anything.
I just unlocked the pump,& he gets out & takes the hose out of my hand & proceeds to fill up his car,says,you didn't see anything & drives away.
I filled up the can,then relocked the pump,turned to walk back up on the dock.
When I saw one of my co-workers standing in the doorway.
He asked me what the president said to me,I told him he said I didn't see anything.
Well then my co-worker says he's right, if you know whats good for you,you didn't see anything,he says he fills his car there all of the time.
I'm thinking well what a no good cheap skate,but I didn't say anything.
Next thing I'm out making deliveries on my route.
Don't this guy pull me over on the side of the road with his car & a car behind him,asking to see my drivers license & union card.
I'm thinking what the heck does he need 2 car loads of suites to check me out?
Well he seemed to be happy that my paperwork was in order & drives away.
After I got back I shared what happened with my co-workers.
They said the guy must have been nervous,that I blew him in for stealing the gas.
He was sending me a message by pulling me over,to make sure I was a teamster in good standing.
So yeah I know all about the good old Teamsters union.
Although not all negative, we did have some pretty good contracts over the years.
It is no secret the ones who were corrupt,had no problem doing their shady deals when the fund had a lot of LTL's contributing.
However now that theres little going in we are all suffering,except I'm thinking maybe the fund wasn't all squandered.
That some of the money has been socked away to take care of the upper management golden parachutes.
Iron Workers retirees get bad news on pension cuts
WASHINGTON, D.C. -- The Treasury Department late Friday said a local Iron Workers union in Cleveland can cut retiree pensions deeply for the sake of keeping the pension fund solvent. This gives the green light for Iron Workers Local 17 to reduce pensions -- for men and women who erected the iron and steel that frames Cleveland's modern skyline -- by nearly 50 percent for some.
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