Discussion in 'XPO Logistics' started by upnorth, Oct 12, 2016.
Are you a city driver?
It was fully funded until the government took control and "saved" it
I'll apologize now for the long post.....
Make no mistake about it and it's not even debatable....the "fund" was taken away from the Teamsters due to corrupt officials within their organization and organized crime. You are correct, the fund started bleeding money more quickly due to economic conditions and poor investments made by the companies that were supposed to "monitor" it....Central States Pension Fund administrators; the Goldman Sachs & Co. and Northern Trust Global Advisors fiduciaries. This can easily be looked up on the internet. With a current shortfall of $2 billion per year due to declining membership and increasing retirees, the fund is expected to be completely depleted by 2025, which is sad for all those who have contributed and relied upon this as their primary retirement. Very sad situation for all parties involved but the fund started declining when deregulation came to our industry.
Quoted directly from the Central States Pension Fund page.....
The deregulation of the trucking industry in the 1980s resulted in the loss of more than 10,000 employers that used to contribute to the Fund, many without paying their full pension funding obligation. When a company goes out of business without meeting its pension funding obligations, Central States Pension Fund is forced to make up the difference. About half of all Central States Pension Fund benefits payments currently go to these “orphaned” employees, whose employers never fully paid the Fund to cover their benefits.
Baby Boomers are retiring in record numbers and the union workforce has been steadily declining for years. As a result, for every $3.46 that the Fund pays out in pension benefits, only $1 is collected from employers, resulting in an annual shortfall of $2 billion. That math simply doesn’t work.
I'm not saying that the fund wasn't being raided, it was which Is one reason it stayed "fully funded" nobody wanted the feds to see what was going on. The government has to share the blame by allowing companies to underfund.
We will simply have to agree to disagree. When the market plunged and I lost money in my 401K, I did not ask the investment company to "cover my losses." Remember, when the gov't removed the corrupt leadership from managing the fund, they still kept the Central States Pension Fund Administrators as part of the board. They are as much to blame for not monitoring it closely as the other investment firms. The burden for the collapse of these types of funds should not be put on the taxpayers which is partly why the Multiemployer Pension Reform Act was put into place.
As for the benefits you think you can improve, until there’s something in writing, it’s just another empty promise.
I don’t understand why so many struggle with this. Had the union done their job and looked out for the workers, the government never would have taken control. It wouldn’t have gone broke if the Teamsters weren’t thieves.
I think Roadhouse pretty well covered what Happened to Csp . The lack of employers paying into the fund due to companies going out of business was the main factor in leading to the current state of that particular fund . No doubt any corruption would have exasperated any underfunding. This was a MUTI employer fund that was left to a few contributing companies in the end due to competition after deregulation.
Depends on how much you guys want it. Officials only negotiate not vote. It’s up to you if want it.
There's simply no law or rule that states if you unionize you must put your pension in the Central Sates plan. UPGF has never been in the plan our plan is funded by UPS and overseen by both the the company and the Teamsters. Don't get stuck in the mud of letting either the union or the company attempting to sway your thought. Think of it like finding a job either you like what they have to offer or you keep the car you've already got.
All contributing factors. What kills me is the fact that most pro union guys want to ignore the theft and corruption of the union. This isn’t a chicken and egg arguement. We know what happened and we know what happened first. Why do so many guys seem to be ok with what the union did?
I don’t want it at all. The Teamsters didn’t do a damn thing for me 20 years ago, I sure as hell don’t want them taking my money and doing nothing for me now.
I guess for the same reason people are willing to overlook Brad Jacobs conviction on cooking the books. Some trust him now some don’t.
Not all CEO s are crooks just like not all Teamsters are.
Are people over looking The misdeeds of Jacobs? I haven’t seen it. I don’t trust him, but sadly I trust him more then the union.
Had the government done their job it wouldn't be distressed, we can dance all night if you want.
How is it the governments job ? It should have never been in the governments hands.
Facts don’t have a place in their dance. 150 plus pages have shown that to be a fact.
I ask why so many guys seem to be ok with the union theft and corruption and all you want to do is dance around it. Nothing like making my point when you think you’re being smart.
I never denied it