ABF | Pension

[DCM_Doc]

Central States fund was essentially taken over by the government when they said the fund was under control of the mob & gave Sachs-Goldman etc. control of investment. I doubt any of the investment groups take a reduction in their commission fees or give back any of the losses the fund has suffered as a result of their mismanagement & bad investments. The end result for us will be much worse than the board's proposal on pension cuts. The PBGC would reap a windfall is they get control of the 18 billion or whatever the fund has now. We would not get nearly as much if Central States loses control of the fund.
I know a Teamster that has part of his pension in the Western States fund. He said that fund is much better funded than Central States. There has not been any letters of distress sent to him from that fund.

 

[DCM_Doc]

One of the best reports on Central States was by Elliot Blair Smith on MarketWatch. He mentions Goldman Sachs & Northern Trust & their management or mismanagement of the fund. He researched the fund & it's history extensively & questions all those involved & has a 2 part report. There is a long list of investors involved & how the investments have done. It's worth reading.

 

[Deleted member 5115]

The end result for us will be much worse than the board's proposal on pension cuts. The PBGC would reap a windfall is they get control of the 18 billion or whatever the fund has now. We would not get nearly as much if Central States loses control of the fund.

As I see it yes, not really and maybe. It is possible that The Treasury Dept is right that the projected rate of return in that proposal is too high and that it could just be an inadequate band-aid on the wounds doomed to failure and readjustment down the line. How the PBGC will handle the money is questionable at best, our government does not have a good record on fiscal responsibility and it is unsettling, only time will tell. Additionally, I am not familiar with the particulars on the cuts but I have heard beneficiaries discuss their cuts and that they were not equally levied. I do not know how they determined who got cut by how much but equal cuts was one of the requirements of the Kline-Miller Pension Reform Act.

No matter how you cut it it is ugly for many of us. I expect someone(s) to go Postal before it's all said and done. People are already going over the edge but thus far they have all been single perpetrator actions. One day they will have a leader and assistants.

 

[Northern Flash]

No matter how you cut it it is ugly for many of us. I expect someone(s) to go Postal before it's all said and done. People are already going over the edge but thus far they have all been single perpetrator actions.

I personally know of one case where these cuts pushed a retiree over the edge and he tried to end his own life. He failed, but he is extremely messed up now.
Sad.

 

[Deleted member 5115]

I personally know of one case where these cuts pushed a retiree over the edge and he tried to end his own life. He failed, but he is extremely messed up now.
Sad.

A damn shame and I feel for him and all others.

 

[Northern Flash]

The entire scenario of what he did is chilling to say the least.

There is no excuse for any retiree to get benefits cut or their check being lowered AFTER they retired, because those same benefits and income is what helped them make their decision to retire, because they knew that they could survive. To cut either of them AFTER a guy retires is criminal as far as I'm concerned.

 

[canaryinthemine]

When I file my taxes this year , I'll list my occupation as "Wall Street Broker", instead of truck driver.

When they see how little I earned, compared to other "Wall Street Brokers".........I bet I'll get a complete refund,...........plus an extra $100,000 or so ,........to back up my "investment portfolio"....…

There is only compassion for the wealthy.......they don't waste it on the needy,......it's easier to demonize the poor and claim it's their fault they don't have a job.........

Take away their pension and Social Security.........take away their health care too..........Like Scrooge said,.........maybe then they'll die, .....and decrease the "surplus population".............