TREASURY DEPARTMENT REJECTS CENTRAL STATES CUTS !!!!!!!!!!!

Discussion in 'Central States Pension Fund Discussion' started by UTR906, May 6, 2016.

  1. UTR906

    UTR906 "There Is No Armor Against Fate"

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  2. wolf

    wolf Well-Known Member

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    Thanks UTR906...... Things gonna get interesting now.
     
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  3. Apostolic

    Apostolic Super Moderator Staff Member

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    Oh my I can see Mr.Hoffa's golden parachute getting smaller.
    I'm sure if the Teamsters kept their sticky fingers out of the till over the years.
    My teamsters brothers & sisters would be able to enjoy the pension they worked for.
     
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  4. ROADY

    ROADY Well-Known Member

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    As bad as he is he does not control the money in the pension funds.Blame the fund trustees and the companies that invest the funds money. They are the cause along with our federal government who appointed them to rid "The Teamsters" from mob control. Thanks you guys did a great job watching our money!:17113:
     
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  5. Apostolic

    Apostolic Super Moderator Staff Member

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    What really ticks me off is the pension we were promised & work for over my trucking career was like a forced bank account.
    Almost like social security,with folks receiving benefits on it that never were truckers,or able body workers for that matter.

    Gee you know I'm happy for this here trucking message board to vent our frustrations over issues we have little or no control over.
     
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  6. Freightmaster1

    Freightmaster1 Well-Known Member

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    [​IMG]
    Kenneth Feinberg has announced that Treasury denied the application of the Central States Pension Fund to implement its planned pension cuts.

    [​IMG]

    Retired and active Teamsters who have built a movement in our union to protect pensions deserve a big congratulations for winning this battle.

    The tireless work by many Teamsters is starting to pay off.

    Feinberg said he rejected the application because it used flawed investment assumptions, didn’t distribute the cuts equally among members and because the notice sent to members was overly technical.

    Click here to read the letter from Feinberg to Central States that details Treasury's reasons for denying the application.

    Feinberg cited the outpouring by workers and retirees who flooded eight town hall meetings held by Treasury.

    Feinberg told reporters, “I must congratulate the retirees for reaching out to us and making sure that their voices were heard. I can tell you that listening to the retirees and what they had to say, of course that influenced.”

    The grassroots campaign won this phase of the war, but the threat to Teamster pension continues.

    The pension protection movement will need to continue to grow to help win alternatives to pensions cuts and protect our retirement security for the future.

    On to victory!
    :usa2:
     
  7. UTR906

    UTR906 "There Is No Armor Against Fate"

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    Yes they are. With Treasury rejecting the proposal because of unrealistically high assumptions. By resubmitting a plan with lower numbers and the fact that the starting amount of money is down to 16.1 billion, I don't see how CS can put together a plan that will fly.
     
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  8. Apostolic

    Apostolic Super Moderator Staff Member

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    I want to personally thank Freightmaster1 & UTR906 for all of the updated information you are providing on this negative issue.
    Keep up the good work,I for one really appreciate your efforts.
     
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  9. Freightmaster1

    Freightmaster1 Well-Known Member

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  10. wolf

    wolf Well-Known Member

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    If I was smart enough I would share an the answer to fix it. I got many ideas but the are ridiculously unattainable.....the one thing that may be possible, write a good law to start with.
     
  11. Why

    Why Member

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    When do WE VOTE!!!!
     
  12. wolf

    wolf Well-Known Member

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    It was rejected....nothing to vote on for now.
     
  13. Why

    Why Member

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    Down the TUBE is that right
     
  14. Why

    Why Member

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    You pull the Chain
     
  15. Why

    Why Member

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    Stick IT up your HAT sorry for the EDIT!!!
     
    Last edited: May 6, 2016
  16. Apostolic

    Apostolic Super Moderator Staff Member

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    I have been getting pension letters every year since I retired in 2008, that claims they have been underfunded.
    So if thats the case,where are they going to find the money to cover all of the current & future Teamster retirees?
     
  17. jimmy g

    jimmy g Kook

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    They can't. This small reprieve just let's it run out of money faster.
     
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  18. DCM_Doc

    DCM_Doc Well-Known Member

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    That is correct. The fund won't last very long as it is now.
     
  19. DCM_Doc

    DCM_Doc Well-Known Member

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    The mob manages money better than government. I don't remember any government program that made money.
     
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  20. Apostolic

    Apostolic Super Moderator Staff Member

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    You got that right,look at social security,the government has been bleeding that fund for years.
    I know a kid that got on SSI at an early age because his Dad walked out on the family.
    When he told me about it,I said I didn't want to hear it,I've been working & putting into that system since I was 14.
    You've never paid a cent,yet you get a check every month.
     
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