WHO SHOULD PAY AND HOW MUCH?

Discussion in 'Central States Pension Fund Discussion' started by Bubba Gump, Jun 18, 2016.

  1. papajohn

    papajohn Banned

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    This is not a done deal unless you just sit on your butt and do nothing. It has to be accepted by the Treasury Department and be able to stay 50% funded for years . If it cannot stay over 50% then the Treasury Department has to reject the application.

    Seems you still have a problem comprehending facts. Their pensions have not been reduced under anything yet.
    Same old Gump, All mouth, and no facts!!! It is evident that you know nothing about the PBGC, but you are ok with pension theft.
     
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  2. Bubba Gump

    Bubba Gump Active Member

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    Dear PAPAJOHN, According to the letter their pensions where reduced in Feb 2016 by about 30%. It sounds like a done deal Sir. Have a blessed day PAPAJOHN.
     
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  3. nounionfool

    nounionfool Banned

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    LOL... Now read letter again and see what you come up with this time:

    Board of Trustees, Road Carriers - Local 707 Pension Fund

    14 Front Street, Suite 301
    Hempstead, NY 11550
    Dear Mr. McCaffrey and the Board of Trustees:
    On February 19, 2016, you submitted an application to the Pension Benefit Guaranty Corporation (PBGC) on behalf of the Road Carriers – Local 707 Pension Fund (Plan). The application you submitted (Application) requests a partition under the Multiemployer Pension Reform Act of 2014 (MPRA).
    We are writing to notify you of PBGC’s decision to deny the Application because the proposed partition fails to satisfy the statutory criteria for approval of a partition.
    As you know, the Fund entered the 2016 plan year without sufficient financial resources to pay full Plan benefits. The Plan filed its insolvency notice with PBGC in December 2015, designating February 1, 2016 - January 31, 2017 as its first insolvency year. In February 2016, the Plan reduced benefit payments for retirees and beneficiaries by about 30%, to the "resource benefit level," a level above the PBGC guaranteed benefit level that is supportable by available Plan assets. The Plan will file for financial assistance beginning February 2017, when it’s expected to run out of money to pay benefits. At that time, PBGC will extend financial assistance to allow the Plan to pay guaranteed benefits. Due to the Plan’s impending insolvency, the Plan’s partition Application requests a July 1, 2016 effective date, requiring expedited consideration of the request.
    The Application states that insolvency will be avoided if the partition is approved and implemented, along with benefit suspensions, as of July 1, 2016. If the Application (along with benefit suspensions) is approved, the Plan will continue to provide accruals over the long-term for active participants and residual benefits in excess of PBGC-guaranteed benefit levels for all participants. The Application proposes a transfer of 100% of the guaranteed benefit liabilities of retirees, beneficiaries and terminated vested participants to a successor plan that would receive financial assistance from PBGC.
    Under section 4233(b)(3) of ERISA, as amended by the MPRA, a plan is eligible for a partition if, among other things, PBGC reasonably expects that (A) a partition of the plan will reduce the corporation’s long-term loss with respect to the plan, and (B) a partition of the plan is necessary for the plan to remain solvent. A plan must satisfy the requirements of the Act to be eligible for a partition. PBGC then uses its discretion on whether to order a partition.
    After reviewing the Application, PBGC has determined that the Application fails to demonstrate that the Plan would remain solvent following a partition. The contribution base units, active participant counts, and contribution levels projected in the Application are based on unreasonably optimistic assumptions. Because the Application fails to demonstrate the requirement to remain solvent, PBGC did not make a determination as to other statutory criteria for a partition.

    http://www.pbgc.gov/documents/PBGC-Letter-June-2016.pdf
     
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  4. ABFer

    ABFer Super Moderator Staff Member

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    I mistakenly thought you accused me of being banned somewhere while you were falsely claiming that he had been banned. And the answer to your other question is 'no', that is not the reason.
     
  5. papajohn

    papajohn Banned

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    Again you are confused. This is not a done deal. They are only guaranteed to lose if they accept this and do nothing.
    Maybe one of these days you can actually post something that is factual. Have a blessed day!
     
  6. Bubba Gump

    Bubba Gump Active Member

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    Dear PAPAJOHN and DOCKER, Teamster 707 pension plan is insolvent. there was no vote. Feb 2016 pension where cut 30%, Feb 2017 PBGC will start kicking in money to pay pensions at PBGC guarantee level. This will happen to CSPF if MPRA isn't amended soon. PAPAJOHN, DOCKER have a blessed day.
     
  7. nounionfool

    nounionfool Banned

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    If this were true, it would be simple for you to prove. All you have to do to prove that is show me where in the letter it states that, so let's get to proving it shall we? Oh, that's right, you never can back up any of your lies...lol

    One simple letter would prove it, you know, like the one I posted. The one that proved you are nothing but full of hot air and BS. Do you even know what BS is?
     
  8. papajohn

    papajohn Banned

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    I wonder how you can dream up this stuff? Your post has no merit, with false information. Please provide evidence to back up your ridiculous misleading theories. Have a Blessed day.
     
  9. ABFer

    ABFer Super Moderator Staff Member

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    Okay, that's enough :horseshit:. Remain on topic and knock off the demeaning, condescending and inflammatory remarks. And I DO NOT want to hear ANY negative feedback about this notice. First one to come out with a snide comment about it gets 30 days off.
     
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  10. nounionfool

    nounionfool Banned

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    I see that there's over 20 posts missing. What's the matter, can't finish something that you start? Do you make it a habit at pulling rank when you get way in over your head and then go around covering your tracks by deleting posts that put you in a bad light? How's that for being insecure? I've been spending some time reading many of your posts and found that the majority of them are nothing but negative feedback and snide comments and here you are, now warning others once it starts getting too hot for you to handle. You are really some piece of work, aren't you? Oh, and by the way, don't think for one second that I didn't notice how you deleted my last reply to you, that along with many others. That's a pretty nice racket that you are running here.

    Now, here you come with that idiotic little symbol of a knight on a white horse, but in reality, you would end up having that lance taken away from you and have it shoved where the sun doesn't shine. How's that for theatrics?

    Now I'm beginning to make sense of that remark you made about not getting banned from some other site, that you left on your own accord. You probably left alright, tucked tail and ran! Oh, but don't threat, I know the name of that site now thanks to a member that was kind enough to PM me and I will have to stroll over there and have a nice chat with this Docker character so I can find out all about you and why you hate him so, or maybe fear would be a better word, who knows but I will soon be find out.

    Oh, and by the way, you said about remaining on topic, do you even know what the author of this thread renamed it?

    Now, do you actually think that a warning of 30 days off coming from a pitiful, insecure, lily-livered pansy such as yourself will keep me from posting my thoughts on the matter? I see that Barney Fife is alive and well and has found a home on Truckingboards, who has renamed himself ABF'er.
     
  11. ABFer

    ABFer Super Moderator Staff Member

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    Are there any more with more balls than brains?
     
  12. Apostolic

    Apostolic Super Moderator Staff Member

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    What will you change you'er nickname to the next time you come back after getting booted off this time?
    Also whats it take to just obey the rules of this message board when you sign up?

    I'll admit Moderating isn't a perfect science,but it is something that is needed with so many whiners,going at it.

    Oh my I'm finally done here.
     
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  13. Triplex

    Triplex Experienced stalker

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    707 pensions were reduced as of February 1, 2016 and there was no vote on the reduction.
    Local 707 Pension Fund insolvent in 2016
     
  14. Apostolic

    Apostolic Super Moderator Staff Member

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    The fund is running on empty,because there isn't enough contributions going in to support it.
    So any of you who are living in your dream world who think there is anyway to change the facts of pension cuts.
    You are sorely disillusioned, the board of trustees of my pension fund submitted a plan for a reduction to the US treasury department.
    If there are not cuts with the pensions present state,it will run out of money in 2026.
    If the plan runs out of money,then a greater cut will be paid by the (PBGC) Pension Benefit Guaranty Corporation.
    The last page of my letter explained my cut,the starting date I will start receiving the reduction,& what the formula that it was figured on.

    So there you go PAPAJOHN,dream on if you think any whining to any lobby group is going to change any reduced benefits from a drastically underfund pension fund.

    You can get after me for caving in,however I'm looking at the big picture & am happy I'm going to be getting something,rather than zero.
     
  15. ABFer

    ABFer Super Moderator Staff Member

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    That sounds like a violation of current laws somehow.
     
  16. Bubba Gump

    Bubba Gump Active Member

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    the 707 pension has been declared insolvent, under ERISA law now superseded by MPRA. When it can no longer make reduced payments the PBGC will give it the funds to make PBGC guarantee payment. The PBGC does not take over multi employer funds when they become insolvent, it just gives them the money to cover their short falls in funding, A great many retirees think they won when they got the MPRA cuts denied. This is wrong. It just got CSPF one step closer to where 707 Pension Fund is now. $35.75 a month x years of service, max. The PBGC will not let the CSPF pay out full benefits till all the money is gone. So older retirees it is your problem, because you are not going to be dead by the 'TIME CUTS COME".
     
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  17. Apostolic

    Apostolic Super Moderator Staff Member

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    You are exactly correct Bubba Gump,$35.75 per month for my years of service is what I will get.
     
  18. deadeyetwo

    deadeyetwo Member

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  19. Apostolic

    Apostolic Super Moderator Staff Member

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    Well I'm not in the Central States Plan,I'm in Western NY.
    My slap in the face is a lot less than this gent making over a half million per year.
    The letter I received stated.
    I will be getting $186.28 less starting July 1,2017,the letter also states.
    If the fund runs out of money I'll still be under what is called a PBGC Guarantee Benefit,which is a corporation guaranteeing something.
    This reduces my reduced amount another $72.22,so I'll still be getting some money every month if the fund goes belly up.
    Thats the thanks I get after putting up with all of my Teamsters LTL years working city & dock.
    To bad I didn't put all of my dues money into a savings account,for all those years.
    I'd have been a lot better off now days.
     
  20. sedain

    sedain Member

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    you guys voted for hoffa and the people managing this wreck, its public record that these cspf creeps are making 600,700k/yr, how do they justify that? how does this union justify not telling its members where the money is going? how much do they give to democrats every year of your money? the pension is basically insolvent due to corruption and mismanagement over DECADES, the people who are trying to retire voted for these people.
     

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