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Holland | FAQs: What the Pension Bill Means for You

SuperCourse said:
I've said it before and I'll say it again, the best possible outcome for CSPF members is for the members to band together and demand the fund be dissolved and the money equitably distributed to the members with those still working having any future contributions put into a 401K.
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Who would decide what is equitable? Your suggestion would probably take years to work out if Congress would even allow it. It took over 3 years of NCCMP lobbying to get Kline-Miller passed. I doubt that just the CSPF member's demands would have enough support in Congress to amend ERISA again...............I hear it takes a lot of $$$$$$$$ to lobby Congress for a bill.
 
Crystal said:
Who would decide what is equitable? Your suggestion would probably take years to work out if Congress would even allow it. It took over 3 years of NCCMP lobbying to get Kline-Miller passed. I doubt that just the CSPF member's demands would have enough support in Congress to amend ERISA again...............I hear it takes a lot of $$$$$$$$ to lobby Congress for a bill.
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Not that hard for formulas to worked out based on years of service, age, etc. A young guy still working with say 5 yrs in the fund might only get 6 or 7 thousand seed money for his 401K while a guy with 35 years and a couple years left to work might get 300 thousand, a retired guy with 35 might get 325 thousand. These are made up numbers but might be in the ballpark. Other than a resolution similar to this you can sit back and wait to collect your $1200 a month......maybe.
The buzzards are circling, the consultants, planners, financial advisors, big banks, lawyers, all at exhorbitant fees, they love the smell of a rotting carcass, they'll pick it clean.
 
Kennesaw Kid said:
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Keep in mind, Hoffa did NOT let UPS out of CSPF....UPS had the right, as well as other participates to pay out their liability to the fund and go to another pension plan.....they paid over $6 Billion to do so on a huge gamble and it paid off for them.....YRCW companies obviously do not have the deep pockets as UPS does and cannot do it.....KK
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The yellow pig outsmarted UPS. They basically got out of the pension funds without paying the withdrawal liability. They simply cried poor and threatened a shutdown.
 
Crystal said:
I doubt that just the CSPF member's demands would have enough support in Congress to amend ERISA again...............
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Yep. You're right. Especially since they just proved that the CSPF members don't mean anything to them. Congress just shafted the members what......two weeks a go?
 
You're right. That was the initial cause. Congress just threw them a lifeline and bailed them out. But the employees get the shaft.
 
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