Now you agree that multi employer pension plans are an asset to the company. Which is it?What a great post! Well thought out logic and reason.
Now you agree that multi employer pension plans are an asset to the company. Which is it?What a great post! Well thought out logic and reason.
The only problem I see with your logic is that the Nons, in many cases, aren't giving any retirement to their employees and they will never agree to start unless they are forced to. That is very hard with more and more states becoming "right to work", meaning "right to fire at will"... Workers are often between a rock and a hard place and when they look at what has happened at YRCW and with the unions attempt to pass card check, it is very hard for us to sell them on the idea of a trying to bring in the union... The only way to get more participants into the multi-employer plans is through greater union participation, and the trend is very much in the opposite direction from that... I wish it were possible, but sadly, I just don't see it happening...The ideal solution would be to recruit more participating employers to help lift the increasingly heavy load. That is where I fault the Union leadership as I mentioned earlier.... It would behoove the member...rank and file, to urge the Union to address this to Employers and to help them see the value in getting other carriers to join the pension plan to help them spread those costs and liabilities out...to lessen the load of all...much in the same manner that Insurance works...Strength is in numbers...the greater the numbers...the greater the strength....It would be in the best interests of other Companies to join the Pension plan rather than to reject it or go alone with their own....The real and only viable solution is to gain more employers to a participating role rather than abandon the fund and all those that have paid in through their working lives... it is to late for them to just start over again....Is it an easy solution? No...the concept is simple but the reality is not easy....that's where it takes a strong commitment from all Teamsters....from the top down to educate and "sell" the benefit of mult-employer pensions to all Companies...and I believe that not just Trucking Companies, but any Industry should be invited to participate for the benefit of everyone......Strong Pension plans can be an asset to Employers not a liability only, as they are seen currently. The answer is not to discard something that is valuable because of increasing cost issues, but to address those issues by lowering those costs and still provide strong benefits to those that actually make them their money....that would be US... The "workers"...... Answers are easy..Standing together is not as easy.......Easy is just giving up and penalize those that have worked so hard, for so long to create the Wealth of those that seek to cut us out of the picture.. There are other courses of action besides allowing Companies to take away things that we, as workers depend on....that we count on,... after a lifetime of service just because some Corporate Executives want more profit..... We should think beyond just ourselves...what is best for all of us is what is ultimately best for each of us...
The only problem I see with your logic is that the Nons, in many cases, aren't giving any retirement to their employees and they will never agree to start unless they are forced to. That is very hard with more and more states becoming "right to work", meaning "right to fire at will"... Workers are often between a rock and a hard place and when they look at what has happened at YRCW and with the unions attempt to pass card check, it is very hard for us to sell them on the idea of a trying to bring in the union... The only way to get more participants into the multi-employer plans is through greater union participation, and the trend is very much in the opposite direction from that... I wish it were possible, but sadly, I just don't see it happening...
We have had a defined pension for decades. Yes there are less members and that has to be addressed. In my opinion Nyhan and the rest of the pension fund Trustees and the people that have been in charge from the government should be held accountable. Under the watchful eye of the government our fund has been done great harm. Some say that we are not owed nothing from the government. Who the HELL do they think screwed or pension up. They have been in They kept Goldman Sachs as one of our main investment firms for years. Now how can they be so successful with many of their other funds but yet so wrong with ours? And still nobody has called for any type of investigation into their actions. After all hoffa said they tried to put yrc out of business. So why would it not to logical to assume they did the same to our pensions. We have to fix it not throw it away. And everybody has to be held accountable for what they have done. YOUR NOT HAPPY ABOUT IT BROTHER ALWAYS!
Ah muler , you're getting into conspiracy territory now. I mean the stock market is a gamble..you win some you lose some. The government's role is to oversee corruption. The trustees are required by law to make prudent investments. Investments that suck up nickles and dimes from all over the world to provide you with a premium pension. No one was better at it then Goldman Sachs. They could smell the scent of money from miles away. Goldman Sachs did not try to put YRC out of business. They did sell investment options that paid off if YRC did shut down..so no, they did not try to do the same to our pensions. Similar to the dice table at the casino where a player could hedge his bet to reduce the possibility of losing the bet. CSPF trustees are big betters. But remember..when you bet big you win big
sometimes
Brother Joe, CALPERS had threatened to sell off it's very large block of Wal-Mart stock in response to Wal-Mart's heavy-handed treatment of employees trying to organize. The Wall Street Journal was livid...frothing at it's metaphysical mouth about how....and I quote: "Unions do not have the right to use stock that they own through pension funds, to do Social Engineering."..............Ummm...we DO own that stock, do we?.... ow, Nhere it is several years later, and through a severe recession......which provided the reason to do so,...the rate that banks lend money to each other is....and has been for several years...0.0%. That's an historical action by the Federal Reserve,...unprecedented...they've never kept the lending rate at "0" for this long. That also happens to be the rate our Pension Fund investments grow by. Somehow......and I don't pretend to be smart enough to know how.....our investment rate is tied to this figure. Now....if Wall Street was terrified that Unions were going to show up at the shareholders meeting with armloads of stock, and start dictating Labor policy, do you think that maybe there's a possibility that Wall Street created a mess to have a reason for the Federal Reserve to artificially lower the interbank lending rate, so that they could de-fund Pension Funds, and remove their ability to gather large blocks of stock? Now, does Brother Muler look like a conspiracy theorist, or is he on to something?...............................................P.S. Pension funds should never be based on a gamble. That's immoral, in my opinion, to promise someone a certain amount if you work hard for 30 years, and after they've literally busted their back, given up their youth, family time, and health, to make the corporation rich, turn to the employee and say that through unfortunate bumbling, gambling on the stock market, their pension is now substantially lowered. That's a violation of a deep 30 year trust. The system should be changed, and NOBODY"S future should be based on that ultimate snake-pit of financial misadventure...the stock market. There needs to be a better way.......
Yes Form 5500 tells where every nickle has been spent. And I also agree that many will be shocked to see who makes what. YOUR BROTHER ALWAYS!Brother Muler, you already know this, but I would recommend everyone on this thread to file a Form 5500 on their pension fund. Don't forget to ask for all notes and attachments, and include $10.00 for mailing, because you'll get a big stack of papers back. This is our right to file for this under ERISA. I suggest we all do this yearly as a matter of maintenance. For those who've never done this, it's an eye-opener as to how your fund is managed.
Oh and for the guy that said the CSPF has lost money every year since 2006 you wee wrong. AGAIN!
The assets of the Central States Pension Fund increased by some $2 billion in 2009, ending the year at $19.6 billion.
YOUR COUNTING THE MONEY BROTHER ALWAYS!
You see you are the misleading one here. You did not tell the members that it was a $6,000,000,000.00(6 BILLION DOLLAR) loss in 2006 that makes it average out to 2.2 over that time period. But you failed to tell the members year by year like I did. You are the misleading person. Why did you not post that the fund grew 2 BILLION DOLLARS in 2009. I was not misleading your post was. The fund has grown since 2006 and you if honest would have stated that. Did the fund grow in 2009? YOUR FACT FINDING BROTHER ALWAYS!F.Y.I., That guy being me, said the CSPF has average a 2.2 Billion loss since 2008. If you can find a post by me stating otherwise, please post. My quote is accurate, yours is not, per usual! How many more times does this have to be shown to you?
https://tdu.org/sites/default/files/Financial and Analytical Report-2nd Quarter-2012.pdf CSPF assets as of Jan 1, 2008 26.8 Billion, CSPF assets as of Dec 31, 2011 17.6 Billion. A loss of 9.2 Billion in 4 Years, with an [B]average around 2.2 Billion per year[/B]. JUST THE FACTS MODERATOR MULER!
You see you are the misleading one here. You did not tell the members that it was a $6,000,000,000.00(6 BILLION DOLLAR) loss in 2006 that makes it average out to 2.2 over that time period. But you failed to tell the members year by year like I did. You are the misleading person. Why did you not post that the fund grew 2 BILLION DOLLARS in 2009. I was not misleading your post was. The fund has grown since 2006 and you if honest would have stated that. Did the fund grow in 2009? YOUR FACT FINDING BROTHER ALWAYS!