YRC will never ever contribute more then 25% into the pension funds! You voted for it now live with it!
Yellow | Work Comp. or Pension costs ?
- Thread starter wongway
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Yes they did but it was negotiated during contract talks with the union and the approved by the trustees of CSPF of which half are union
They did. Now no one can find it....... 911 and stock market falling and paying retirees is the excuse, but no one seems to really know....
I have never believed that the CSPF lost the entire 6 billion dollars in the stock market.
Probably the guy taking the check to the bank got talking to his wife on the phone and he drove right by the bank. Then forgot to empty his pockets, and the check was destroyed in the washing machine. UPS will understand. Ask them for another 6 billion dollar check.....
Probably the guy taking the check to the bank got talking to his wife on the phone and he drove right by the bank. Then forgot to empty his pockets, and the check was destroyed in the washing machine. UPS will understand. Ask them for another 6 billion dollar check.....
Uncle Billy from "It's A Wonderful Life"???
Evidently fund managers haven't been listening to actuaries for quite some time.6 billion was gone in short period of time and everyone seems to have passively taken their accounting as the Gospel.A forensic account should be hired by the members as well as a government agency to make sure the math is correct from day 1 after the over 6 billion began to flow in.With that kind of money skimming a couple hundred million wouldn't be that surprising to me.I guess I'm getting out there,certainly our union nor a governmental agency would take millions to turn their heads the other way to accounting fraud.
The gooberment has been running CSPF for a long time under the Consent Decree
http://www.gao.gov/assets/150/143210.pdf
Hoffa hired people to look over the fund in 2002 but no one has seen the report(members dues paid for it)
http://teamster.org/content/teamsters-retain-consultants-review-central-states-pension-fund
More like my life. Coming out of our washer are the cleanest dollars, coins, checks, credit cards, driver's licenses, etc, you can find
You're laundering money?
twisted-hippie
Twisted Herb Plantation CEO
- Credits
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Who wants ugly,dirty,nasty, stinking money.....not me.You're laundering money?
Bart,I know you are way more up to date on this pension business than I.I read most of the gov.article referring to the 1970's and 1980's and they still have some oversight.I also understand Union hired consultants after the 9-11 Muslim terrorists attac on the USA...6.1 billion has been added to the fund years after that and I guess my question is are all of these transactions open book to the public.I understand market losses and paying out more than you bring in but come on man ..six billion vanished.A Lot less money has corrupted good men and I am just curious if an objective forensic accountant could be obtained to show us the math after the billions were deposited.
In that post I was pointing out there were problems for quite some time and it appears no changes were made and here we are today. One third of the funds assets were lost in the market crash of 08. If one could see what our pensions are invested in a lot questions would be answered. Before someone shows me a pie chart I'm talking about details on investments and the profit / loss. The simple answer is you can't see that information and that makes people suspicious !