The Ongoing Fight To Save The Central States Pension Fund!

Discussion in 'Central States Pension Fund Discussion' started by papajohn, Jun 15, 2016.

  1. papajohn

    papajohn Banned

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    Retirees and Actives who were slated to lose 40 to 70% starting on July 1, 2016 have joined together to fight to keep their pensions. On May 6, 2016 Kenneth Feinberg, the Treasury Department’s special master appointed to review Central States’ application, said the rejected proposal was based on flawed investment assumptions. It didn’t distribute benefit cuts equitably, and notices for workers and retirees weren’t easy to understand. But retirees speaking out at town hall meetings against the cuts also influenced the decision.



    Many Congressmen, and Senators along with the IBT, Pension Rights Center, TDU, and AARP (the list is long), along with Retirees, and Active participants was in contact with Kenneth Feinberg and the Treasury Department requesting that the rescue plan be rejected. I personally like to thank all that joined in to push for the denial of CSPF flawed rescue plan that!


    CSPF teamsters have won the 1st. battle. We know this is not over and time to start preparing for the next Pension battle.


    Central States Pension Fund is still in critical status, and is projected to be out of money in 10 years. Now is the time to be in contact with your State and Federal Representatives, requesting that they support KOPPA (S.1631). PENSION ACCOUNTABILITY ACT (.2147), along with the latest Legislation to Hold Pension Fund Executives Accountable if Retirees’ Benefits are Cut act(S. 2894). It has been reported by good sources, that there is another bill being looked at now, and should have more details coming soon. We also need to be pushing congress to repeal the Multiemployer Pension Reform Act,


    This is not going to be an easy battle. 60 Groups have formed in over 30 States, working together with the same goal in mind.


    Do the math… CSPF Executive Director Thomas Nyhan needs to be held accountable for his actions, along with fund Trustees. This is what they want everybody to concentrate on to see sell his flawed rescue plan. The ratio of Retiree’s to Actives are a problem… No Argument there. But this is not the real problem… This is not the root of the problem we are facing.

    By consent decree the government gained control of the Central States Pension Fund in 1982. . The government selected the banks that managed the CSPF while under the consent decree. . These banks "failed" to follow the provisions of ERIAS federal law that govern their fiduciary conduct. . As a result they "repeatedly" lost many $Billions of Fund retirement money due to high risk investments that were referred to as fraudulent… The DOL "repeatedly failed" to enforce the provisions of ERISA that govern the conduct of retirement plan fiduciaries. The DOL proclaims to assure the security of our retirement benefits in the EBSA "Mission Statement.” +How the CSPF became severely underfunded was not the result of a "one time mistake" or "one time lapse of judgment." It was the disregard for and repeated violations of ERISA federal law. Since 1982 CSPF has lost over $20 Billion Dollars. In 2008-2009 CSPF lost 11 Billion.


    CSPF- Rescue Plan- NCCMP Executive Director Randy Defrehn, and CSPF Executive Director Thomas Nyhan, used CSPF team of Lawyers. MPRA was wrote and introduced to congress (Took about 2 years using the Funds Money to cut Teamster Pensions). CSPF gave Washington Lobbyist another 6 Million Dollars to make sure their bill is passed.


    CSPF knew this bill would not be passed on its own merit, so they used the divide and conquer strategy. They knew if they could create a division within, they would have a better chance to push these cuts thru with the least amount of resistance. With that being said, CSPF Executive Director Thomas Nyhan, and the fund Trustees does not have the experience or the ability to run a fund like CSPF (They did not seek any other solutions other than cutting pensions of the Active and Retired workers), and needs to be replaced by the proper agencies (DOL). CSPF members have lost faith in the leaders of CSPF, and they should be replaced immediately. The members do not have a say in this, and most be done as soon as possible.



    IMO the actives are being told that in 10 years the fund is going to be broke. This very well could happen.

    Pension Cuts will be devastating to Both Active and Retiree’s!!!


    Retiree’s… Try to think about this from the Active Teamsters view. They know without a miracle they stand to lose what they are still paying in, and may never be able to retiree without even drawing a single check. I know if I was still active working I would be pissed. They have done nothing wrong, but could suffer if something is not done.


    Actives… Try to think how this is going to affect the Retiree’s that stand to lose everything, not be able to pay for everyday living, and raising healthcare. Pension cuts will devastate them thru loss of their financial freedom, and most will be unable to make up the difference.


    If Retirees had to take the cuts, many would face Bankruptcy, and unable to pay for their monthly obligations, causing hardship to not just them, but their families, friends, local Business’s, Schools, Communities, County, State’s and the Federal Government who all depend on the revenue to keep operating. This was not caused by Retiree’s, or Active workers. We sure do not need to blame one another. We need to unite and fight together. This is our only chance. We can be heard thru strength and numbers.


    I know some would like to see CSPF dissolved, and the money dispersed. This will never happen. IMO the Government may not act on this immediately, but will have to do something within the near future. Their priority right now is working on solving the Miners Pensions, which is projected to be insolvent December 2016. They will not let CSPF go under, putting the Government Controlled PBGC in grave danger of collapse!!! This is only my opinion!!!


    Congress may not want to deal with this, but if they don’t, this may cause the next Economic Disaster. Congress may be more concerned in the economy, and how it will affect the nation. We all know they don’t care about Senior Citizens, and Retirees. Let’s stand together, and be heard!!!
     
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  2. SAC75

    SAC75 Well-Known Member

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  3. nounionfool

    nounionfool Banned

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    1 down, 8 to go, now it's time to concentrate on the removal of the king rat along with the other seven bandits.
     
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  4. nounionfool

    nounionfool Banned

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    There are some that ask why members weren't complaining about the fund's troubles years ago because the funds have been at risk for atleast a decade. The answer to that is, they have been all along but their voices were either shunned, given some bull crap explanation or just dismissed altogether by the Labor Department, federal court officials, IBT and the fund's administrator. So the fact of the matter was that the outrage by the members was always there. Just like when that article came out in the New York Times in 2004, "Teamsters Pensions at Risk"---

    Tommy Burke, a U.P.S. driver in Fayetteville, N.C., had been planning to retire in 2005, when he would turn 60, and go into the restaurant business. But when the pension fund reduced benefit accruals, it also began enforcing a rule that pensioners could not re-enter the work force, under penalty of having their pensions stopped. Mr. Burke, frustrated, began to research the pension fund on his own, trying to learn just what had happened. In an annual report for the plan, he was shocked to see a reference to a $77 million uncollectible loan.
    "How in the world can you have an unsecured loan in the amount of $77 million?" he asked.
    When an official of the pension fund visited his union local hall this year, Mr. Burke put that question to him, but the answer only upset Mr. Burke more.
    "He said it wasn't a loan at all," Mr. Burke recalled. "It was shares of stock in a bank in Russia, and it went belly up." Mr. Burke said he didn't understand why pension money had been used to buy something so risky, if the Labor Department and federal court officials were monitoring the pension fund.
    http://www.nytimes.com/2004/11/15/business/teamsters-find-pensions-at-risk.html?_r=0

    And guess what, they lost big in 2008 too while still investing in the Russian banks.

    Then here comes Nyhan when he chastised Walsh and the Times for, among other things, reporting on a questionable Russian investment. Then he goes on to defend the 20-year period from 1984 through 2003. Here's Nyhan's two page rebuttal---
    http://pupsinc.homestead.com/Central_States_rebuttal_of_NYT.pdf

    He can try to explain all be wants but the fact remains the same. Since 1982, under a consent decree with the federal government, the fund has been run by prominent Wall Street firms and monitored by a federal court and the Labor Department. They claim that there had been no more shadowy investments, no more loans to crime bosses. Yet in these expert hands, the aging fund has fallen into greater financial peril than when they complained about James R. Hoffa using it as a slush fund.

    Then many of the members complained that their questions about the pension fund were met with bromides about unforeseeable market forces, and about an unusual convergence of stock market losses and low interest rates that is always described as "the perfect storm." They weren't fooled but what could they do at the time? "If this was all about the stock market and this 'perfect storm,' why weren't all these funds affected the same way?"

    For example, take the Western Conference of Teamsters pension fund. In the 1980's, when the Central States plan was shifting from real estate into stocks, the Western Conference trustees, acting on actuarial projections of future pension benefits, put together its conservative portfolio of high-quality bonds and other fixed-income securities. The bonds were held until they matured. From 2000 to the end of 2002, when the Central States fund lost $2.8 billion, the Western Conference fund gained $834 million.

    So the members have been complaining and showing their outrage for atleast a decade now.
     
  5. papajohn

    papajohn Banned

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    Great post nounionfool!!! We have been deceived by those who have been in control for a long time. Now it is time to hold them accountable!!!
     
  6. nounionfool

    nounionfool Banned

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  7. papajohn

    papajohn Banned

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    PAYMENTS TO PGBC GATBAUM AND PERLIN FOR NCCMP EVENTS
    [​IMG]
    [​IMG]
    [​IMG][​IMG]
     
  8. nounionfool

    nounionfool Banned

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    This is the list of questions contained in the letter that Marcy Kaptur and Sherrod Brown released on Tuesday to the Government Accountability Office to consider, which was signed by 10 Senators and 41 Members of Congress.

    How did the named fiduciaries, the Independent Special Counsel (ISC), and other relevant parties ensure compliance with the consent decree and Title I of ERISA, ensure the Fund received conflict-free investment advice with reasonable fees, and the Fund operated to protect the interests of participants and beneficiaries? Are there instances where behavior was inadequate or in violation of responsibilities? Were investment decisions free of conflict of interest? If not, please identify such investments, the particular conflict(s) of interest and individuals who participated in these decisions.

    For each year from 1997 to 2015, what was the Central States Pension Fund’s investment strategy, how was this strategy set, who implemented the strategy (including any contracted investment managers), and how did the average annual return on investment under this strategy compare to similarly situated pension funds by asset class? How did the rate of return for each asset compare to standard benchmark indices?

    What was the annual asset allocation of the Fund by asset class by year from 1982 through 2015 (in both dollars and as a percent)? Was the overall asset allocation of the Fund altered in 2008? 2009? 2010-2015? What positions were sold during 2008 and 2009? How were the proceeds from these sales reinvested?

    What was the assumed rate of return on future investments by year and by asset class for the Fund from 1982 through 2015? How was the discount rate used to calculate future liabilities adjusted to reflect the historically low interest rates seen in the past ten years?

    Experts believe factors such as stock market losses, industry deregulation, and employer withdrawals contributed to the current critical and declining financial status of the Central States Pension Fund. How and when did the Fund’s investment strategy respond to these factors and were these actions timely and appropriate given fiduciary responsibilities?

    At any point did the Fund’s investment strategy reflect a greater than appropriate level of reliance on aggressive or alternative investments in violation of Title I of ERISA? For example, the Fund invested $1.4 billion in single-A-rated bonds at the height of the 2008 economic meltdown. If so, what was the purpose of such investments and who directed these investment decisions?

    How much of the Fund’s overall portfolio were invested in credit default swaps, collateralized debt obligations, mortgage-backed securities, insured variable rate bonds or other instruments or asset classes in 2005-2010, by year, by instrument or asset class?

    To what extent have the interests of board members of the Fund’s investment advisors been a factor in the investment strategies or decisions made by the Fund? To what extent have the interests of the Fund’s investment committee been a factor in the investment strategies or decisions made by the Fund? Did these decisions expose fund assets to greater than appropriate levels of risk or volatility?

    http://toledoblade.typepad.com/blad...-central-states-pension-fund-investments.html
     
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  9. Bubba Gump

    Bubba Gump Active Member

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    DEAR P.J., the plan to save the miners pension fund is to rob the interest from the mine reclamation fund. two problems there, the first is there is not enough interest, so the tax payer would have to cover the rest. the second problem is 90% of the reclamation fund is funded by non union companies. this money is suppose to take care of abandoned, dangerous, polluted mines not pay pensions. second what about the 90% of the non union workers don't they deserve a pension paid for by the reclamation fund. as usual all of your solutions are to rob peter to pay paul. get a life neither the democrats or the republicans are going to bail out any pension fund. THE PROBLEM IS JUST TO BIG. tighten your belt the cuts are coming and they will be deep. a country boy can survive, P.J. you and no u fool can learn to run a trot line. I can smell the cat fish frying already.
     
  10. SAC75

    SAC75 Well-Known Member

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    My problem with this whole deal is all the tax money that goes to foreign countries. Especially ones who hate us or ones that was going to let Russia nuke us. Obama plans to give 40 billion to Cuba. Thats our money. Look at all the countries we give money to that support terrorism. Why do we give them one dime? Save our people not pander to other countries. End of rant.
     
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  11. Bubba Gump

    Bubba Gump Active Member

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    YO PAPA "p.j." JOHN, WHICH GROUP IS GETTING CUT 70%. sure ain't the ORPHANS they are being cut 60.67%. must be those ups drivers with less than 20 years in cspf. don't you think a 70% cut is kind of harsh since U.P.S. paid their pension not once but twice. I'm glad you posted 70%. ON THE OTHER THREADS YOU AND NO U FOOL CALLED ME A :censored: LIAR FOR USING THAT FIGURE. P.J. please quit using left wing propaganda in your post. THEY WANT YOUR VOTE, but they have no intentions on giving you anything in return.
     
    Last edited by a moderator: Jun 24, 2016
  12. Bubba Gump

    Bubba Gump Active Member

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    DEAR PAPAJOHN, who told you the reason nothing is happening with cspf is because all of their resources were going toward fixing the miners pension fund? during the "RITA" hearing, the president of the United MINE Workers was sitting next to RITA. A solution to the MINERS PENSION WAS IN THE WORKS THEN. DID YOU WATCH THE HEARING? IT SOUNDS TO ME THAT EVERY GROUP FROM THE EPA TO THE SEIRRA CLUB, TO THE NON UNION MINERS HAS SAID HELL NO> TO ROBBING THE MINE RECLEMATION FUND FOR UMW PENSION.FUND. PLEASE PAPA, NO MORE LEFT WING PROPOGANDA.
     
  13. nounionfool

    nounionfool Banned

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    I agree and what also sticks in my craw is just who benefited from the last bailout and how much taxpayer money these billionaires pilfered to pay for their fiscal follies.

    The following list (not an exhaustive catalog of the bailout recipients) is taken from an article penned by William Jasper for The New American:

    Citigroup — received more than $2.5 trillion;
    Morgan Stanley — received more than $2.04 trillion;
    Merrill Lynch — received more than $1.9 trillion;
    Bank of America — received more than $1.3 trillion;
    Barclays — received more than $868 billion;
    Bear Stearns — received more than $853 billion;
    Goldman Sachs — received more than $814 billion.
    JPMorgan Chase — received more than $390 billion.

    In the case of JPMorgan Chase, one researcher reported, “To be precise, JPMorgan receives a government subsidy worth about $14 billion a year, according to research published by the International Monetary Fund and our own analysis of bank balance sheets. The money helps the bank pay big salaries and bonuses. More important, it distorts markets, fueling crises such as the recent subprime-lending disaster and the sovereign-debt debacle that is now threatening to destroy the euro and sink the global economy.”

    http://www.thenewamerican.com/econo...-remove-obstacles-to-future-taxpayer-bailouts
     
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  14. SAC75

    SAC75 Well-Known Member

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    Ya thats ridiculous!
     
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  15. Bubba Gump

    Bubba Gump Active Member

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    as usual you haven't a clue what the numbers you throw out mean. nor do you put them in the right context. WHAT IS IMPORTANT TO REMEMBER IS IT WAS OBAMA HANDING OUT THE MONEY. THE DEMOCRATS owned the white house they owned both houses of congress they had a filibuster proof senate and they did nothing. JIMMY HOFFA asked Obama for TARP money "bailout money" Obama said NO BAIL OUT FOR CSPF. WHAT ON GODS GREEN EARTH GIVES YOU ANY INDICATION YOU ARE GOING TO GET A BAILOUT NOW.
     
  16. nounionfool

    nounionfool Banned

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    We will be taking our replies to Bubba Gump over to his thread which is called "Who Should Pay and How Much" just incase anyone would be interested in our childish bickering back and forth. Seeing that he has already trashed two threads, with one of them even being his own, we decided it was best to keep the bickering there and keep this forum clean of our bickering back and forth. We can't keep him from posting on this thread but we sure can keep him from trashing it. I'm kind of curious to see just how long he will play with himself before the shame of it all sets in and moves on. Personally, I think that may take awhile for someone like him.
     
  17. nounionfool

    nounionfool Banned

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    Yes it is, especially knowing how the Madoff investment scheme which many call the largest financial fraud in U.S. history, which Madoff was sentenced to 150 years in prison and his assets confiscated to partially reimburse those he swindled. Then there's JPMorgan Chase who cut a deal with the U.S. Department of Justice to pay $2 billion in fines and reimbursement to investors for its role in the Bernard Madoff investment scheme but their executives, who were Madoff’s partners in crime for many years, have gotten off without any criminal prosecution. The Madoff losses represented a tragedy for around 4,800 clients who invested in Madoff’s long-running scam, but at least those victims voluntarily placed their funds in his hands. The millions of victims of the Fed’s policies are given no choice in the matter. Yet, no Wall Street bank executives have been prosecuted by the Obama administration’s Justice Department, and there has been no criminal investigation into the enormous, blatantly obvious conflicts of interest among top officials and personnel of the Federal Reserve itself. And if that doesn't prove that the Fed, Wall Street bankers and the government aren't all in bed together, nothing does!

    The Madoff investments scandal defrauded thousands of investors of billions of dollars. Madoff said he began the Ponzi scheme in the early 1990s but the federal investigators believe the fraud began as early as the mid-1980s and may have begun as far back as the 1970s. Those charged with recovering the missing money believe the investment operation may never have been legitimate. The amount missing from client accounts, including fabricated gains, was almost $65 billion. The SIPC trustee estimated actual losses to investors of $18 billion. Who knows, it may of started around the time of that 1982 consent decree for the CSPF. In my own personal opinion is that the only reason Madoff was investigated and prosecuted was the simple fact that his victims were voluntary and not under government control. His firm wasn't put in charge by the government, therefore wasn't under their watchdog protection like the CSPF.

    The government's watchdog is just that, Wall Street bankers own personal watchdog to protect their own personal interests. They are watching and looking out for their partners in crime which is the Fed and the Wall Street bankers. The millions of victims of the Fed’s policies and are given no choice in the matter. Just like the government's 1982 consent decree that gave all control over to the Wall Street bankers and their own personal watchdog and screw the hundreds of thousand victims of the CSPF's members who weren't given any choice in the matter. It's as simple as that, anything that is mandated by the government, the working class gets screwed nowadays and MPRA proves that.

    The GAO report revealed that the Fed had pumped out $16.1 trillion dollars to the banks to cover their toxic mortgages and other debts. And 10 trillion of that just went to those 8 banking institutions mentioned. What's the national debt these days, that's right, 20 trillion dollars. And yet they have the audacity to blame today's working class for destroying the financial future of our kids and grandkids.
     
  18. papajohn

    papajohn Banned

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    Ya that's sad part... They have people believing it!!!
     
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  19. Bubba Gump

    Bubba Gump Active Member

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    NO U FOOL, P.J. , the only important number a active, retired, orphan, 75 to 79 or 80 and above teamster needs to know is $35.75 because that is the max benefit they will get a month per year of service. THE JIG IS UP, THE FATS IN THE FIRE. SAY GOOD BYE RESCUE PLAN, SAY HELLO PBGC TAKEOVER. SORRY YOU HAVE TO HEAR IT FROM ME!!!!!!!!!!!
     
  20. Bubba Gump

    Bubba Gump Active Member

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    na
     

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