There are some of us who are vehemently opposed to any taxpayer/government funded bailout as well. It does impact many more than the folks who were CSPF members.
The Central States Pension Fund (CSPF) has been under unique circumstances. It has been under a Government Consent Decree since 1982. Under the Consent Decree the Department of Labor, and U.S. 8th. District Courts took over CSPF fiduciary duties receiving annual reports since 1982. The Department of Labor, and U.S. 8th. District Court responsibilities are manage, and supervise the fund, to appoint CSPF Wall Street Fiduciaries, CSPF Executive Director’s, and Fund Trustees. Under our Governments supervision, CSPF has lost over 11 Billion Dollars in 2008-2009, and over 20 Billion Dollars since 1982.
December 2014, Congress passed MPRA by slipping it into the must-pass omnibus spending bill. There was no public discussions or debate. MPRA was designed for CSPF and written by
RandyG.
DeFrehn,
Executive Director (NCCMP), and Executive
Thomas Nyhan (CSPF-NCCMP) using CSPF Attorneys. CSPF paid Washington Lobbyist over 6 Million Dollars to ensure this bill would pass giving CSPF the ability to cut CSPF Teamsters (Retirees) Pensions. The Employee Retirement Income Security Act of 1974, or ERISA, protects the assets of millions of Americans so that funds placed in retirement plans during their working lives will be there when they retire.
Knowing PBGC is underfunded, and predicted to be insolvent by 2025. Congress rushed to pass MPRA (Holiday Break was upon them, and in a rush to go home). Education and Workforce Committee only made this bill available to the Congress, and Senate to read only hours before the vote. When asked why their explanation was they knew this bill would not pass if it was voted on its own merit.
IMO Congress thought they fixed CSPF, and saved their Government Billions of dollars, saving PBGC from insolvency.
If the CSPF rescue plan would have passed and been implemented. Senior Citizens will lose their financial freedom… their buying power which will affect much more than just the Retiree and his family. Local communities, business, Schools, County, State and the Federal Government will also lose much-needed revenue… They depend on the tax revenue to fund their programs.…. Many will lose their homes, cars, won't be able to pay for their needed insurances, and cover their monthly obligations. They will be forced apply for assistance, costing their local, County, State, and the Federal Government to pick up the tab.
Multi-Employer Pension Funds directly affects over 10 Million people, and indirectly could affect the whole country, causing the next U.S. economic disaster.
Like it or not taxpayers will be affected, and paying for a corrupted Governments Greed. You will not have a choice!!!
There are not enough safeguards to protect Americans from our Government and Wall Street Corruption. Wall Street came after Senior Citizens, and Retirees Pensions first, thinking there will be no resistance.
IMO this is only the first attack from Congress, and Wall Street corruption. Between the Government, and Wall Street bankers they will be coming for your Social Security, 401(K), Roth, or any other retirement investments you may have.
Unfortunately, Congress is more concerned in their own best interest… Not their constituents!!!
Now the only statement I would agree with you on is “It does impact much more than the folks who were CSPF members”.