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Yellow | YRC's unionized workers saved massive pension chop by Treasury's rejection of Central States plan

the5tolls said:
The fact that I have to work several years or more older than I was planning on should somehow be offset by the fact that the retired guy can't go back to work....huh?
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It's all ugly no matter how you cut it. It's just uglier for some than it is for others.
wolf said:
Sad if one wants to throw others under the bus on what might happen, as is I got mine so who cares.
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When it comes to this animal instincts kick in and it's all a free for all. But regardless of how who thinks it should go it's going to go according to PBGC and the cuts will be across the board. All are going to be forced to do things that were not in their plans. Some are going to be backed into a corner that they cannot get out of.
 
mud said:
I'm becoming a broken record. Why can't our politicians in Washington stop sending OUR Tax Dollars All OVER THE WORLD AND HELP FELLOW AMERICANS FOR A CHANGE. Thank you , carry on.
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I don't see how anybody can argue with you on that. Charity begins at home and we need to take care of our own.
 
Correct me if I am wrong. And I am sometimes.
Why are the other pension funds in other areas of the country fine when ours went down the toilet? Just throwing that out there.
 
mud said:
I'm becoming a broken record. Why can't our politicians in Washington stop sending OUR Tax Dollars All OVER THE WORLD AND HELP FELLOW AMERICANS FOR A CHANGE. Thank you , carry on.
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For the same reasons that our gov't is broke but politicians will never, ever see their benefits cut.
 
Triplex said:
I don't actually believe anything illegal was done. What happened is that way more was promised (and everyone loved hearing that) than could realistically be sustained. Who among us really questioned if those great retirement payouts were financially feasible and actuarilly sustainable? No one, but we're not CPA's either. We all loved hearing about the big numbers we were promised and accepted that on good faith. Unfortunately the chickens have come home to roost.
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I'm not in CSPFs but here's my opinion. Those big payouts were advised by the professional actuarial services in order to best utilize the excess funds. Since IRS regulations didn't allow overfunding the pension funds had to either increase the accrual or some adjustable benefit or give the money back to the companies.
 
Crystal said:
I'm not in CSPFs but here's my opinion. Those big payouts were advised by the professional actuarial services in order to best utilize the excess funds. Since IRS regulations didn't allow overfunding the pension funds had to either increase the accrual or some adjustable benefit or give the money back to the companies.
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Yes, I believe you're absolutely correct about that. The IRS is certainly complicit in what happened in so many funds. There are multiple reasons why the funds are in the condition they're in and that's certainly one of them.
 
I guess it's cheaper to buy our allies and enemies than fight them. Remember the C-130s full of cash we sent to Iraq to buy the republican guard? How did that work out?
 
Crystal said:
I'm not in CSPFs but here's my opinion. Those big payouts were advised by the professional actuarial services in order to best utilize the excess funds. Since IRS regulations didn't allow overfunding the pension funds had to either increase the accrual or some adjustable benefit or give the money back to the companies.
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I've been drawing a pension from Western States for seven years. Every year they send me a thirtieth check. This year it was for $202.18. Up about $20.00 from last year. No brag just fact.
 
mud said:
I've been drawing a pension from Western States for seven years. Every year they send me a thirtieth check. This year it was for $202.18. Up about $20.00 from last year. No brag just fact.
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I wouldn't blame you if you were bragging. That's something to brag about. That knocks the hell out of the Ponzi scheme theory. Fortunately for you the WS funds were in control of it's investments. Unlike CSPFs who lost all that money with the consent decree's mandated greedy Wall St high risk high commissions investments
 
Crystal said:
I wouldn't blame you if you were bragging. That's something to brag about. That knocks the hell out of the Ponzi scheme theory. Fortunately for you the WS funds were in control of it's investments. Unlike CSPFs who lost all that money with the consent decree's mandated greedy Wall St high risk high commissions investments
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Some good info about why Western States has done so well especially compared to CSPF.

http://www.institutionalinvestor.co...ns/can-the-teamsters-save-union-pensions.html
 
the5tolls said:
Does anybody know one hundred percent for sure an answer to the following question: Am I correct that if the fund went totally broke in ten years or so that there is a government guarantee that you would get about eleven hundred dollars? Am I also correct that at anytime congress could change that to a different amount or even eliminate it?
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If it goes broke, we go on the Pension Guarantee- IF IT HASNT GONE BROKE AS WELL! Congress makes laws. They can change it or end it. They currently have Far More problems than 400,000 Teamsters. Social Security Disability already went broke, Congress transferred funds from the imaginary, non existent Social Security Fund to keep SSDI running. (they just pushed a digital button and it appeared from nowhere). MediCare is about to go broke. Shortly after that, Social Security itself faces cuts. Don't expect a bailout. Imagined or otherwise...
 
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