Withdrawl Liability

Discussion in 'Central States Pension Fund Discussion' started by UTR906, Oct 30, 2015.

  1. UTR906

    UTR906 "There Is No Armor Against Fate"

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    Central States is projecting withdrawl liability income of $399.3 million dollars for 2015.

    Look at withdrawl liability income for the past few years:

    2011 $173.227.000
    2012 $188.828.000
    2013 $153.928.000
    2014 $232.836.000

    The above numbers show a trend of increasing withdrawl by employers. This year will be a huge jump. It is obivious that we are losing employers at an accelerating pace. The Rescue Plan is already factoring in Kroger leaving in 2017. Perhaps CS knows a little more than we do and is not telling us. It would be interesting to find out what are their projections for this continued bleed off.
     
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  2. ESP

    ESP Well-Known Member

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    The writing is on the wall, no company will stay in a plan that will not 100% guarantee a good pension for their own employee's. That being said any company that can buy out will buy out as soon as possible now that the cuts are soon to be put in place. Waste management paid in installments and the last installment was just paid and they will exit. The same can be done for any company that would want to do it. Plus in just ten years any company that wants out the withdrawal will be very small compared to what it is now. That was in the 161 page law. This can and will be very interesting to follow. Lets say we take this cut. Then we still go broke. What amount of pension will the PBGC use to determine our new pension from them be? That is if they are still in business themselves. You know the answer, don't you? Good luck and God bless.
     
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  3. Kennith Lanier

    Kennith Lanier Driving

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    Who are the new orphans. The ones that should no longer have a say in CSPF. We the ones still in CSPF have the say in what happens next.If your company pulls out you only get what the pension guarantee insurance will pay because you choose to abandon the fund. Instead of taking it out on the people who earned the right to their pension.
     
  4. Kennith Lanier

    Kennith Lanier Driving

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    If your company pulls out of CSPF you are lower than a orphan. Your company chose to abandon the fund instead of focusing on how to improve what the problem really is.
     
  5. joes bar and grill

    joes bar and grill Well-Known Member

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    The pension was/ is a Teamster negotiated pension, The company is only looking out for themselves ,as they should taking care of their employees is part of that, paying for a fund managers mistakes/ fraud should not fall on their shoulders. It always comes down to money , who gets it vs who doesn't.
     
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  6. Kennith Lanier

    Kennith Lanier Driving

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    Companies put others out of business or take over other business if they need more employees .. Point being if you choose to work for one that chooses to withdraw or reduces payments you have more of a choice than someone who already has retired then you try to change the rules to favor others
     
  7. Kennith Lanier

    Kennith Lanier Driving

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    That's why you have rules. Who gets what is decided before the game starts not after or during.
     
  8. joes bar and grill

    joes bar and grill Well-Known Member

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    It's really not complicated, the law allows pension to be underfunded, the companies take advantage of that to use that money to their benefit , the company goes out of business or get bought and doesn't pay their "bills". Who gets the screw job? not the execs, not the fund manager. But as a company owner that pays his bills and obligations why should I penalized for what some other company did or didn't do?
     
  9. Kennesaw Kid

    Kennesaw Kid Super Moderator Staff Member

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    BUT...Keep in mind, the IBT bagains to let them out.....this was confirmed by CSPF....ALL contracts have to be sent for approval to the IBT if they are local contracts. ....SO, they have had knowledge of this for years!....KK
     
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