Yellow | Teamsters Organize To Defend Pensions!

He didnt let UPS out of the funds. The members voted to exit Central States and UPS wrote a check for $6 billion. He didnt let YRC pay only 25%, the members voted for it. As far as cutting the pensions, when you have more drawing from the fund than you have paying in, the money doesnt last very long. You can only do a few things, increase contributions or decrease benefits or let the fund go belly up.

Don't give me that "the members voted for it routine". The UPS members just voted to turn down some supplements and what did Hoffa and Hall just do? He was elected to watch out for the members interest and if he thought pulling out of the Central States Fund was harmful to the membership he shouldn't have allowed it. He never should allowed YRC to stop paying into the funds in the first place. the problem is he doesn't give a damn about freight teamsters. We are a thorne in his side and if the jobs and pensions disappear then so be it.
 
I could be wrong but wasn't UPS's 6 billion dollar withdrawal from the CSPF set up to be paid over x number of years?
 
Don't give me that "the members voted for it routine". The UPS members just voted to turn down some supplements and what did Hoffa and Hall just do? He was elected to watch out for the members interest and if he thought pulling out of the Central States Fund was harmful to the membership he shouldn't have allowed it. He never should allowed YRC to stop paying into the funds in the first place. the problem is he doesn't give a damn about freight teamsters. We are a thorne in his side and if the jobs and pensions disappear then so be it.
The Teamsters Union seems to want to be rid of LTL trucking, but not the members dues money, Imo.
 
ok so why is the TDU doing this and NOT the union & Hoffa ?? Oh yeah it was Hoffa's idea to let UPS out of the pension fund !!!
 
Contacting the bums in Washington is a solution, because they want to keep their seats in Congress so they can keep their fingers in the cookie jar. Sure up the Pension Guaranty Fund by charging employers more than $12 an employee a year would be a start. They claim Teamster Multiemployer Pension Funds will bankrupt the Fund so sure them up. Congress bailed out the banks and GM why doesn't somebody (Hoffa) go to Congress and ask for money to sure up our funds until they are in a financially better place and then we can pay them back like the others? Organize some jobs and eliminate withdrawal liabilities so companies won't be afraid to join these funds. There are ways we can sure up these plans, but the easiest way for Congress, the companies and Hoffa is to cut them to the bone or just let them die. If we don't open our mouths they will die.

So your answer is to have the taxpayers take care of the problem? And eliminate the withdrawal liabilities so more companies will get in? The withdrawal liability is the only thing keeping the companies in the funds!
 
I could be wrong but wasn't UPS's 6 billion dollar withdrawal from the CSPF set up to be paid over x number of years?

UPS paid a one time withdrawl from CSPF. They basically pulled out the checkbook and wrote one for $6 billion. The fund lost most of that money when the market tanked in '09.
 
The solution to the pension fund(s) problems are first, to increase contributions which is highly unlikely. Next, an increase in retirement age, eliminating any pension payments until that age is reached. This is probably also unlikely due to the outrage it will cause among those still working. Next will be to stop UPS and anyone else from buying their way out. The funds that look at this as a short term gain of much needed cash quickly see that it is more like a band aid on cancer. Once they're gone, no more monthly income. Getting the government involved in this should be exactly what we don't want. It comes under the heading "be careful what you wish for". All the best. We all worked for and deserve to get what was promised.
 
The solution to the pension fund(s) problems are first, to increase contributions which is highly unlikely. Next, an increase in retirement age, eliminating any pension payments until that age is reached. This is probably also unlikely due to the outrage it will cause among those still working. Next will be to stop UPS and anyone else from buying their way out. The funds that look at this as a short term gain of much needed cash quickly see that it is more like a band aid on cancer. Once they're gone, no more monthly income. Getting the government involved in this should be exactly what we don't want. It comes under the heading "be careful what you wish for". All the best. We all worked for and deserve to get what was promised.

Exactly. .
 
He didnt let UPS out of the funds. The members voted to exit Central States and UPS wrote a check for $6 billion. He didnt let YRC pay only 25%, the members voted for it..

Maybe not, but 1 thing is for sure. Hoffa saw to it that there won't ever be another company joining our MEPFs. By not allowing the UPSF workers into the NMFA and instead giving them a stand alone contract he set the standard for any future organizing. If we should ever organize a FedEx or Conway they will demand the same type of hand crafted sweetheart contract that UPSF was given.

Hoffa sits on the board of directors of the National Coordinating Committee for Multiemployer Plans. That's the group that is lobbying congress to change ERISA which protects retiree's pensions. He was in favor of fund trustees being able to cut retiree's pensions. But I think he flipflopped and is now against it. But Teamster money still supports the NCCMP's lobbying effort.

TDU isn't alone in this fight. There are big guns like AARP that are against changing ERISA. Some of their ideas for STRENGTHENING THE MULTIEMPLOYER PENSION SYSTEM are included in the link below.

https://tdu.org/sites/default/files/2AARPStatementOnMulti-EmployerPensionFunds.pdf
 
So your answer is to have the taxpayers take care of the problem? And eliminate the withdrawal liabilities so more companies will get in? The withdrawal liability is the only thing keeping the companies in the funds!
Why don't you talk about this, and what it involves. Since everyone voted for it.

https://www.yrcw.com/corporategovernance/guidelines_charter.pdf

Don't forget to mention about the wealth management systems and the global government policies that go along with it.
 
People seem to loose sight of why Hoffa and Hall pulled the UPS members out of the CSPF. The reason was that when those members were to come to retirement age, they wouldn't have a whole lot because everyone saw the writing on the wall as to what was going to happen to the fund. Think yellow and red zone and what being in one of those zones triggers. The buyout cost UPS more than 6 billion because the company also guaranteed those members all PAST benefits. Was it a great solution, probably not but I would bet bottom dollar those members are happier today than they would have been had they not bought out. Also remember that without UPS almost every fund out there would be done. Again, I am not saying there have been no errors but the anger and distrust must be aimed in the right direction for the right reasons.
 
People seem to loose sight of why Hoffa and Hall pulled the UPS members out of the CSPF. The reason was that when those members were to come to retirement age, they wouldn't have a whole lot because everyone saw the writing on the wall as to what was going to happen to the fund. .

Okay lets assume you are right and Hoffa & Hall were looking out for the UPS members of the CSPF. Was that a good enough reason to throw the rest of the CSPF Teamsters under the bus along with the NMFA and the future of the entire Teamster MEPFs?
 
Everyone wants to blame the UPS withdrawal as the reason for the CSPF debacle. Two other major events have A LOT to do with this. The creation of the 25 and out, and the CF closure. Both contributed heavily to this problem.
 
Everyone wants to blame the UPS withdrawal as the reason for the CSPF debacle. Two other major events have A LOT to do with this. The creation of the 25 and out, and the CF closure. Both contributed heavily to this problem.

Can it also be because of the high risk highly commissioned investments made by the government imposed Wall St. brokers who control the fund?
 
I think the question was asked if the feds should step in and help the ailing CSPF. Well I say yes since the feds have helped to create this mess. Guess who invested and squandered the $6 billion UPS paid in withdrawal fees? Guess who collected commissions on those lost investments? Guess who the government bailed out?

This is the most recent article I could find.

The Central States Pension Fund is a multi-employer pension fund, and
under federal law the Teamsters Union itself has no control over the
management or investment strategy of the Fund. The Fund continues to operate
under court and government supervision as the result of a 1982 Consent Decree.
Under the terms of the Consent Decree, the Fund's named fiduciaries -- who are
ultimately responsible for investment strategy and the overall investment
program -- must be approved by the Federal court after appropriate notice to
the U.S. Department of Labor. The current designated named fiduciaries are
J.P. Morgan and Goldman Sachs. Employer and employee trustees are prohibited
from making any investment decisions
.

Teamsters Retain Consultants to Review Central States Pension Fund -- re> WASHINGTON, Nov. 12 /PRNewswire/ --
 
So your answer is to have the taxpayers take care of the problem? And eliminate the withdrawal liabilities so more companies will get in? The withdrawal liability is the only thing keeping the companies in the funds!

No you're wrong, the withdrawal liabilities are what stops companies from joining multiemployer pension funds.
 
Okay lets assume you are right and Hoffa & Hall were looking out for the UPS members of the CSPF. Was that a good enough reason to throw the rest of the CSPF Teamsters under the bus along with the NMFA and the future of the entire Teamster MEPFs?

You're exactly right.
 
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