Sanders, Kaptur introduce bill to restore retirement security for 10 million
- Thread starter Freightmaster1
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I have not read the entire bill or listened to this yet, but I saw an article on the Kaptur/Sanders Bill that states the following:
'The new legislation establishes a legacy fund within the Pension Benefit Guaranty Corporation to ensure that multi-employer pension plans can continue to provide pension benefits to eligible retirees.'
So it seems the bill is going to fund PBGC and the PBGC formula is about 30 cents on the dollar for insurance pensions. So when the Pension Fund runs out of money, it is up to the PBGC to pay retirees. If a retiree is due $1000 a month, PBGC would pay $300 per month, roughly. So it seems the bill is to add money to PBGC so it doesn't go broke so that when the Pension Fund goes broke they can still pay retirees something.
Would appreciate if someone that is knowledgeable would post bullet points on what this bill contains. I don't have the 45 minutes to devote to listening to it until this weekend. I'm sure the rumor mill at work is probably swirling to with good and not so good information!
Hate to say this, but it's all talk....
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Yeah....it is a lot of talk from the retirees who keep meeting with Congress on a continuing basis to get things done....what have YOU done to help them?
Here is some of that 'talk" that went on this past Monday when they traveled to Washington, DC. I would let you on the Retiree's facebook groups so you can see for yourself, but you are not a retiree, nor are you a Teamster member so I cannot add you....but here is a taste of their "talk"....KK
REPORT FROM DC '17, FROM CYNTHIA OF MKCCPP & TPC...[PRC Meeting]
IMPORTANT INFORMATION FROM DC AND FROM OUR MEETINGS
Several months ago our committee met with Bernie Sanders in Topeka KS. He shared his ideas on who we should contact in Congress and wanted us to travel to DC in June to show our support of KOPPA and telling Congress that we need and expect their help. He wanted us to have a big presence there, and knock on many congressional doors.
We did make that trip this week along with many other committees across this country. Each group set up their own contacts and were very busy being the voice of our retirees. One particular meeting that we attended was with the Pension Rights Center, with Karen Friedman and Karen Ferguson.
Their PRC organization is a powerhouse for our pensions. Make no mistake, THEY are working tirelessly for each of us! Their commitment and passion for "making things right" FOR THE PEOPLE is awesome! Eight people sat down with them and shared ideas about a solution and the importance of unity within our committees.
The UPS plan that is being pushed is a concern. Their 20% cuts to retirees AND actives, if passed, will save THEM billions of dollars! Folks, this is not about Central States or UPS looking after their members, it is all about money. Now, what can we do? Well, we are already working on stopping this UPS plan. Many went to DC and spoke to those legislators who CAN fix this and those retirees who could not make the trip, called and emailed each day to their legislators. One office said they had hundreds of calls supporting KOPPA and pensions. We learned of several ideas that are being explored on how to find a solution, there is interest on both sides of the isle. This is encouraging. This is BIG!
So, we must keep up this fight together. This will not be won without joint effort and common goals.
We must not waste time with reorganizing and complaining. We have the talent and resources already in place. The energy that I came home with says HOPE,.... and the belief that we will win this battle to save our pensions and the pensions of millions of others.
We have much more hope NOW than we have ever had in this fight!!! Do not be discouraged, we must keep up the good fight together!.....
AFTER THOUGHTS.... Cynthia is traveling and I'm posting this from her phone messages...This was the last meeting late on the last day of our work in DC....jc
I will do the best I can, I am driving and will be gone for 4 days but I will work on it with my phone.... the PRC meeting was fantastic, we were there for hours with Karen Friedman and Karen Ferguson. During which we had a conference call with their labor lawyer and their lobbyists. They are going to start using their lobbyists now because of UPS they think that they want to get something done before the legislators go on break in August and put it on a must pass bill just like they did with the MPRA.... if they don't do it by August they have two more windows of opportunity before the end of the year, that they feel like they can get this past with a must pass bill........ so by the end of the year they want this closed up and done !
Speaking of UPS, Mark Green's [of NYST] idea of a credit union with credit cards for the 10 million multi pensioners is suitable with some Republicans Danny Stark who was with us from KC suggested that there be a yearly fee like you would have if you join Sam's Club and that would help fund the pbgc it was well received
Of course UPS wants their deal to go thru. They are supposed to add an additional 2 billion into central states if needed when they originally bought out of the pension fund. If this deal goes thru UPS would be free and clear of any more money.
All talk. Koppa's DOA. I'm due the same cspf pension as you. The Fund sees us as identical.
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No...the fund does not....you are an inactive participant.....I am an active participant.
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Kennesaw Kid, Don't you think any money from KOPPA should go to workers who have no pension or 401k. Wouldn't that be the Christian thing to do with any new taxes on the filthy rich? I would really like you and the other fighters to respond to that Question. I know Bernie Sanders and The Pension Rights Center think your reduced pension and above average Social Security is plenty. K.K. don't expect a bail out, do expect to be used by Pension Rights Center and self serving politicians.
I have a letter from them saying I am VESTED/ACTIVE. Just last year.
We have discussed this several times in the past posts, but yet you still try to use me as your political scapegoat. The Fund knows we both worked under NMFA thru the 80s, 90s, and 2000s. We're equals...
As long as one is Vested, under 65, and eligible to return, they consider you still ACTIVE.
I wasn't seeking to join any Facebook Group, so don't act like I was. I have never read a Facebook page, and I don't intend to ever have one, so I care less what some group posted.
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Your vested at the rate you froze yours at....with no more contributions in your name, it loses value each year. By the time you retire, it may pay your utilities....those GROUPS are trying to make sure your pension gets saved, even though you don't care......have fun working for another 20 years.
How does it lose value every year?
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Same as our wages......the pension you freeze now will not go as far when you take it 10-20 years from now.
2455.10 per month at 65 unless cut by Treasury. I'm 63. As you posted 6 months ago, you expect 960 a month to be what we really get - from PBGC and not CSPF, and I expect 750. We agreed on that. I hope your groups know you posted that. And then PBGC goes broke almost immediately.
Those groups aren't votes in Congress. They are lobbyists with 18 or less mostly Senate votes and need 218 to pass the House, where spending originates. Remind them that part of the reason the MOU passed, was your political clout on here backing the concessions. You were for them while working a full rate job before you were against them working an 85% job. As you truthfully stated- the Locals collapse if concessions arent passed because the Locals are collateral to CSPF.
The Treasury wont bail out the CSPF, because there are potentially Thousands of broke pensions. We'll be lucky if the UPS deal is approved and all we lose is 20%. No one ever answers my 2 year unanswered question: if we can't live on 80% of a promise, how can we live on ZERO?? 15 billion, 410,000 Teamsters. The dollars just arent there.
We both want it saved. I'm a truck driving realist, and you appear to be running for office. We see it differently...
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Yeah we do see it differently....but I am not going to stand by like you and do nothing for the Retirees, because one day I will be one. You keep bringing up past posts....you need to let it go JimmyG....you took your chance and left the Teamsters instead of staying here and fight. I do not have to use you as a "Political Scapegoat", as you do a better job of it on your own. I will retire with more at 62 than you will at 65 and I chose to stay. The Retirees are fighting to save EVERYONE'S pension. As I said before, I prepared myself to retire even if the pension gets cut down to $936.00 a month in my case. If one cannot plan to retire like that, then they will have to keep working a little longer and get debt free.....kk
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There isn't too much lower than the guy who jumps the sinking ship then stands cheerleader on the sidelines telling others to carry his torch for him. Some people just have no integrity.
That earns you the Liar, Liar, Nose on Fire Award if you're referring to me. You couldn't be more wrong. Besides, it's hard to jump ship when there's no job for you...
Kk is using the political tactics of Saul Alinsky to set me up as a scapegoat: Isolate the target, frame it, and freeze it. Unfortunately, he also has a past. In politics, he's be classified as a Flip-Flopper. Was FOR the cuts when it didn't affect him, then this campaign against them when it does.
I'm trying to save the fund for all. 80% is Much Better than the ZERO your group will make happen...
I didn't know eastern Pa was in CSPF?????
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Tell the rest of the story. 250 of us were let go in indy in the merger. There We're NO Teamsters jobs hiring from late 2008-2010. We all did what we had to do... the Pension was not going to grow in my years since then, so I left. But the Pension affects me every bit as much as it does you..
I always come to debate. But for 3 or 4 years you've spread the false flag that I cut and run. If that is fair, then bringing up your flipping is fair as well...
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Go to an indrpendent forum like maybe the Drivers Lounge. I rarely post there. Put up a poll- you vs me, on which of us has the better reputation of integrity.
I dare you...
Are you stalking me?????
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Exactly.