Screw the 401 k screw the -15 percent give back from the cronies put them in jail with enron cronies... put the money with western conference and let them bring us out of this mess......
Yellow | What's the answer with the CSPF?
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Snark Monkey
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The agreement to allow Wallstreet management of the fund has nothing to do with the current administration. Jimmy Jr. (in secret) lobbied Congress for the law to cut pensions.The Wallsteet firms overcharged fees to the fund and stuck the fund with their bad investments while keeping the winning investment for themselves. So far the Wallstreet firm has lost $51 Billion from the fund and counting.
You Sophomoric attempt to turn this into "I hate Obama" comment is just unproductive and has no place in this serious life decision thread!
The combining of Central and Western funds would buy time but Western would never agree to jumping into this cluster and endangering their long term solvency. Some suggest that the Feds pony up 11 billion to prop up the fund but that ain't gonna happen for so many reasons, primarily, if the Feds did that for Central, they would have to do it for the other funds, that are expected to become insolvent. According to the linked article below, the number of funds that are "likely" to become insolvent by 2035 is as high as 10% of the approximately 1400 multiemployer pension funds.
That only leaves working with PBGC, which is the only political cover around this problem. Which way do you think the politicians are going to run, into the killing field or down into the PBGC shelter? Unfortunately, working with PBGC means taking cuts to what Central States had promised to deliver.
http://www.pionline.com/article/201...ployer-funds-pbgc-face-hurdles-with-partition
This article is one of the best at outlining the problems and potential solutions to the problem and there will be a solution. Unfortunately, it will be a political solution and it doesn't matter who controls the Congress or sits in the White House.
It's late,good night.
That only leaves working with PBGC, which is the only political cover around this problem. Which way do you think the politicians are going to run, into the killing field or down into the PBGC shelter? Unfortunately, working with PBGC means taking cuts to what Central States had promised to deliver.
http://www.pionline.com/article/201...ployer-funds-pbgc-face-hurdles-with-partition
This article is one of the best at outlining the problems and potential solutions to the problem and there will be a solution. Unfortunately, it will be a political solution and it doesn't matter who controls the Congress or sits in the White House.
It's late,good night.
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Because President Reagan trusteed CSPF in the early 1980s and put certain investment firms in charge of it.....2007 came around and everything went to hell.....the Feds were in charge ot watching our pension through the firms they put in charge....many got a bailout, but NOBODY was held responsible for the losses.....the bailout would be MUCH less than what it will costs the economies of the states that these retirees live in.....KK
Lazarus745
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Because the Government injected itself into the fund. They have responsibility.
http://www.nytimes.com/1982/09/22/us/us-reaches-accord-on-teamster-fund.html
It shouldn't have been. But since it was, you believe that now it's your turn? It's like the anti-welfare people being first in line as soon as they qualify.
Billions of wrongs.
Hmmm....interesting perspective. I've never read a prospectus that didn't warn me of the potential risks of said investments. I also receive a neat little note every year telling me how good/bad of shape my pension fund is in.
It also seems that you feel like the fund was doing just fine from the early 80's to 2007 (when
"everything went to hell"). Would you rather the fund fail in the mid 80's?
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mysticobra
Over Here Now.
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Settle down... Settle down... You nagraads replied to my comment. What is your point?For you, i got it on sale at target.
So you have any answers?
I'm curious how much effort you put into solving this problem. How many letters have you written, how many phone calls have you made, how many meetings have you attended. Or are you just sitting on your ars monitoring Trucking boards waiting for someone else to solve your problems for you? 0% effort 100% whining and complaining is my guess.
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mysticobra
Over Here Now.
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Just monitoring. I have sent letters to my state reps.
No phone calls. I also have to work and take care of the many other things that are going on in my life. Four major surgeries in two years come to mind. So... Don't diss people that have had guts taken out and things attached them to just live. Maybe I didn't have time to do what you did if you did do the phone calls and letters and meetings. It's 70 miles one way to the hall. To listen to people just gripe. I can get that here. They don't care at the hall. They have their own agenda and it only includes us cause we give them dues. I'm done. Say what you want. I don't want to argue. No point. We basically are on the same side. Besides... I have to get ready to work. No time for this. Have a good day sir. I will too.
cellblock309
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the way i intrpted fienberg the cuts need to be deeper then nylans proposed if true better sue the investors and nylon and hope sad sad for all you guys hope I'm wrong
A lot of excuses. And the union hall is too far of a drive for you (70 miles) to attend Union meetings. And what's really sad is he can't get a ride with any of his Union Brothers because they're not going to the meetings either. Unless of course something is being given away for free at the hall, then in that case it's standing room only.
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Lighten up. The Ridge Sox will start winning again.
Woopsmitty
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There is ABSOLUTELY NOTHING funny about this situation.. This is not something to joke about..... This will destroy the livelihood of so many people,there is nothing humorous about it Whether you are a participant or not, It's just not funny,it's a terrible situation that the retirees present and future had nothing to do with.
Your pension is in good hands, sleep well. And of course please work more OT this week.
Whether you joke about it or not the fund is CTD. Another guy who thinks he's doing his part to save the fund by arguing about it on Trucking boards.