Running Out Of Cash At PBGC

Discussion in 'Central States Pension Fund Discussion' started by Kennesaw Kid, May 31, 2016.

  1. Kennesaw Kid

    Kennesaw Kid Super Moderator Staff Member

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    https://www.washingtonpost.com/news...ut-of-cash/?wpmm=1&wpisrc=nl_p1most-partner-1

    "The Pension Benefit Guaranty Corp., which insures private pensions, was created as part of the 1974 Employee Retirement Income Security Act (ERISA) to provide another level of security for the millions of Americans counting on pensions in retirement. The agency has separate programs for single-employer plans, through which one company is paying completely for the costs of financing a pension, and multi-employer plans, which allow businesses to share the costs of providing pension benefits to their workers. The insurance fund for single-employer plans is financially stable, but the fund for multi-employer plans is woefully underfunded.

    That’s because when the multi-employer plan insurance fund was created, it was expected that the fund would not be needed much, said Josh Gotbaum, former director of the Pension Benefit Guaranty Corp. and a guest scholar at the Brookings Institution.

    The thinking was that multi-employer plans would be able to turn to the other companies in the pension fund if one employer fell short in contributions or went out of business, he said. Because of that, multi-employer plans pay smaller premiums than single-employer plans and receive smaller payments from the PBGC when their funds run out of cash."....

    Then 6 years later the dumb asses voted to deregulate trucking and that killed the multi-employer pension funds!....KK
     
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  2. I got nothing

    I got nothing Member

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    Give us our portion now, no one is going to help us now.
    If we just sit back and wait we will got nothing.
     
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  3. Kennesaw Kid

    Kennesaw Kid Super Moderator Staff Member

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    Your "portion" is about $36 K each....I think I'm going to get more than that by standing up and continue to fight the bastards with my Brothers & Sisters!.....KK
     
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  4. I got nothing

    I got nothing Member

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    With 30 years in at age 50, I will take my portion.
    The problem is, there is only a small group fighting.
    No one sticks together any more.
    If there was a glimmer of hope for this fund I'm all in, but it's been failing for most of my career.
    A buck in your hand is worth two in the fund.
    Good luck on your fight.
     
    flat top likes this.
  5. flat top

    flat top Active Member

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    So a guy who has 3 years of contributions would get the same as a 30 year guy, I really don't believe it would work like that,do you? The government bailout is not going to happen,lets be real.
     
  6. Dracula

    Dracula Well-Known Member

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    PBGC is not going to run out of money because the feds will pour money into it to shore it up. The politicians, of either party, will kill to claim credit for solving the pension fund mess and this is the only publically acceptable way to do it. It's like raising the Social Security retirement age. The public may not like it but they will go along with it. If I remember correctly, Bernie had the KOPPA Act of 2015, an idea of paying the Central States orphans at PBGC funding levels and leaving the others in Central States, at full funding.
    http://www.pensionrights.org/issues/legislation/keep-our-pension-promises-act-2015

    Of course, to fund this idea would require a heavy tax on rich taxpayers, and I don't see either party rushing to commit political race funding suicide. One way or the other PBGC will survive.
     
  7. flat top

    flat top Active Member

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    PBGC will survive ,but for everyone the benefits payed out will be less than what they would have received under the proposed plan that was rejected by the Treasury department.
     
  8. Crystal

    Crystal Well-Known Member

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    This whole pension funding mess was created by congress. I remember some years back when Gotbaum, head of the PBGC, asked congress for a premium increase for it's MEPF account. Congress turned him down because we were in good shape and less likely to fail than the SEPFs.

    Congress took the easy way out in 2014 by rubber stamping the NCCMP's solutions not bailouts plan. They fast tracked amending ERISA and cutting pensions without going through the normal legislative investigative process. They tried to put a bandaid on the problem.They did the same thing with the PPA and had to amend it's mistakes 2 years later. Maybe if Nyhan and UPS hadn't lobbied so hard congress would have taken the time and done it's job properly.
     
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  9. I got nothing

    I got nothing Member

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    Here we go again, PBGC is already in the hole, no one cares if we fail.
    No one is going to help us out, wishful thinking is what got us into this.
    Close Central States today, quit wasting the little money that's left.
    Pay us out NOW!
     
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  10. SAC75

    SAC75 Well-Known Member

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    The multi employer system should have never been created in the first place. A company should have been putting money into personal savings or 401k's. holding another company responsible for someone else's retirement Is ridiculous. The government has us right where they want us. The retirees want the current companies to keep paying into this. And current workers want out knowing we will never even see a dime of it. There is no solution that's going to make anyone happy. You know the government is going to side with the big business and let UPS ABF and YRC out of it obligations. I think they will bankrupt the whole system and then go after the rest of these public sector pensions while they are at it. Just my opinion.
     
  11. I got nothing

    I got nothing Member

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    That's why dissolve and disperse now!
     
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  12. freight jockey

    freight jockey Active Member

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    Welcome to Truckingboards Tommy Nyhan, glad to see you as a new poster with your informed opinions.

    Getting a little hot in the Central States kitchen for you is it ?
     
  13. I got nothing

    I got nothing Member

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    Nice try, email froze, opened new account
     
  14. DCM_Doc

    DCM_Doc Well-Known Member

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    It's good for us Teamsters that the government took over the pension fund in the 1980's. Just think what the fund would have if investments in real estate. casinos, brothels etc. had continued.
     
  15. Bubba Gump

    Bubba Gump Active Member

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    I've been trying to guess who is a union shill, cspf shill, company shill and FBI shill if anybody would like to point these suspected individuals out I would be most appreciative
     
  16. SuperCourse

    SuperCourse WHO IS JOHN GALT?

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    A voice of reason.
     
  17. bigtruk_us

    bigtruk_us Well-Known Member

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    I think that the Gooberment should replenish the PBGC and over fund it to a certain degree of percentages.Then use the difference in the over funding to aid in the ailing CSPF.Say it as a long term loan by which the Gooberment can appoint an investment company that would be serious and not fraud the fund out of money.Therefore it wouldn't actually be a taxpayer bailout.im sure the Gooberment can skim some aid going to some foreign country and direct it to the PBGC.The reserve has tons of money that they had printed from QE1 and QE2 stored in warehouses.The money wouldn't just flood our economy causing major inflation and such.Because the funds would be distributed over a long period of time.Some pensioners may be stung somewhat but not as much as the proposed cuts would've been if they had been implemented.
     
  18. deadeyetwo

    deadeyetwo Member

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  19. jimmy g

    jimmy g Kook

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    In 1970, maybe. Not today, 20 Trillion in debt...
     
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  20. jimmy g

    jimmy g Kook

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    That's illegal.
     

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