Discussion in 'Central States Pension Fund Discussion' started by UTR906, Apr 30, 2016.
Now that is what I am talking about. Instead of giving themselves raises, they also take cuts, as they were the ones in charge. Fair is Fair. Nothing less than a 50% cut in pay. They may not be so speedy in cutting pensions if they themselves will have to take a cut in pay. They just may find a solution or manage it better.
I know that the pension cuts are going to really affect a lot of people and my heart goes out to those, who have played by the rules and who are now going to get screwed, but I still don't understand why you are blaming Congress. ESP just posted, Now that is what I am talking about. Instead of giving themselves raises, they also take cuts, as they were the ones in charge and also posted They just may find a solution or manage it better.
Maybe I'm have been missing something but when was Congress ever in charge of Central States Pension Fund? The answer, never. Did Congress pass out union cards and promise you a pension? The answer, no. You want Congress to pony up the money necessary to fund what you were promised but what you were promised was promised by the unions and not the Federal government. Unless you can show that Congress had anything to do with who was appointed to manage the fund, past and present, how can you blame Congress?
OK , Good Post and a lot of questions. First back in 1982 or so, The Government took over control of our pension fund, saying they could do a better job of managing it than the Teamsters. No cards needed, just take it over by government mandate. Actually I am only blaming Congress, because back in October of 2014, they voted to change the rules of Erisa, thus allowing cuts to pensions of current retirees'. They only took seven minutes to discuss it before they put the must cut pension bill in with the must pass spending bill which allowed it to pass without most Congressmen and Senators not having even read the 161 page bill. I am not asking The tax payer to PONY UP THE MONEY TO REPAY MY PENSION FUND. I might add that a bailout is not even in the works as a solution and would not be favored. The one bailout is for PBGC not the Central states pension fund. I am only asking that the cuts be more fair to the total population of the fund. Right now about 195,000 will take cuts and not all equal cuts. 205,000 are protected from the cuts by age protections. To the point, The Government appointed our Director of the funds, the Director managed the funds and raised the payouts, when in 1998 we were flush with cash, which began a slow draining of the funds. Our problems need to be solved internally, keeping in mind our pensions are paid out of our paychecks when we worked, it is our money and they did not watch it close enough. I guess what I want is a fair system where the cuts come from everyone in the fund, not just the members of the fund, but also those who watch over it.
After the pension cuts were announced, the fund director took a 32 thousand dollar raise, and his entire staff also got raises. This is what the uproar is about now. It comes down to accountability, you mismanage and you take a cut also, There are a couple of hundred pages of comments on the pension cuts on here if you wish to be more informed.
Thanks for your concern for your government, be assured you will not be taxed to pay for my retirement.
I guess today, it is important to know that if Congress had to live with the same rules, the problems of America would be fixed instead of just passing the buck. etc healthcare, pensions, social security, payscale,many other things. Thanks again. Maybe others think I am full of also.
Unfortunately cutting their pay won't help much but it is something that should be done and it's about time. Their pensions should be reduced to layman's levels as well.
And require them to live out their life under the new conditions like most of us will have to do.
Like ESP covered in his reply the government had everything to do with this debacle, they appointed the fund managers in 1982 that have mismanaged our funds.
Congress and the President were also responsible for the MPRA bill which erased 40+ years of pension protection so their hands are as dirty as the crooks that stole our pensions we earned.
This isn't a union/non-union matter either, those that think 401k's are the answer and pensions are a thing of the past need to pay very close attention to this situation. Unless you have the time and knowledge to actively manage your 401k fund 24/7 and monitor every bill proposed that could affect your 401k this very well could happen to you. Laws can be changed well after the fact that can adversely affect your savings, as the MPRA bill has proven. You have no input on the matter and there is a very good chance those passing the bill don't have a clue what it contains. In short nothing is safe.
When the Bill becomes public, I will post a link to it.
Here is more information on the bill.
Thank you Under the radar906, You are a true American. All is fair in love and war. This is war, keep up the good reporting and the fight.
More info on S2894