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BREAKING NEWS FROM THE NUCPP: WE DID IT!

Freightmaster1

Freightmaster1

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Check this out from our NUCPP Secretary, Dana Vargo. If you missed the live stream of the Markup of the pension legislation, you can watch it here (it starts around the 1:18:54 mark)...

Markup of COVID-19 Relief Legislation--Thursday, February 11, 2021, Pt. 2

Markup of COVID-19 Relief Legislation--Thursday, February 11, 2021, Pt. 2​





FOR MORE INFO ON THE BUDGET RECOMMENDATIONS ON Subtitle H -The Butch Lewis Emergency Pension Plan Relief Act of 2021Section-by-Section SEE THE LINK BELOW...
https://waysandmeans.house.gov/site...use.gov/files/documents/8. Retirement SxS.pdf

Thanks to everyone for your continued support and for staying united in our fight to protect our pensions and our retirement security!


mail

PENSION WARRIORS!!!!!!

WE DID IT! IN CASE YOU DIDN’T HEAR, THE MARKUP OF THE COVID-19 RELIEF LEGISLATION PASSED TODAY WITH A VOTE OF 25-18. THIS MOVES THE BILL ON TO THE FLOOR OF THE HOUSE OF REPRESENTATIVES.

The NUCPP Board of Directors and Advisory Board wish to thank everyone for such an all out effort! WE COULDN’T HAVE DONE THIS WITHOUT THE HELP OF EACH AND EVERYONE OF YOU!!!

Celebrate tonight and we’ll be in touch soon! Good job Pension Warriors!!!!!!!!!

NUCPP Board of Directors
Mike Walden, President
:hyper:
 
I've got to admit, I'm amazed at how low the democrats will go to get a vote. The NY state pension fund takes the cake. They were knocking down $60,000 a year in pensions another $30,000 a year in S.S. and they have the chutzpah to demand a bailout from the American taxpayer who's average S.S. check is $1,500 a month. The company and union officials who negotiate that outrageous pension are responsible for it's 30% MPRA cut, not the taxpayer. If my facts and figures are erroneous in any way please feel free to correct me; thank you; very much.

For a history of Teamsters Pensions through the eyes of TDU. Google, TDU pensions and benefits, a 52 page index of articles of left leaning commentary.
 
easyliving said:
sounds like your jealous
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Unless I develop a coke habit, I should do O.K.. This is your first post. Did you set this account up so you could comment on this specific legislation? I set my account up specifically to comment on this legislation. My gig is securing the blessing of liberty on posterity. You know, not enslaving them on paying their parents debts.
 
highheadblues said:
If that’s TDU’s take on the pension fight- then I sure don’t want them on my side and I’ll certainly remember that in our upcoming elections. Amazing is when banks or executives need bailouts, handouts or tax breaks it’s no big deal we have plenty of money for them but if someone who carries a lunch pail to work needs help they should have planned better. Amazing is someone who thinks the Democrats are going low because they want to help the working class folks out. Amazing indeed.
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750 billion to Wall Street nobody went to jail !!!! I’m sorry us poor truckers are getting what we deserve and paid for !!! No life but work for thirty plus years !!!!
 
SuperCourse said:
65% of Americans have no pension at all. What do they get?
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Ok, let's discuss this for a few posts. The United States government enacted rules on Central States Pension Fund to keep the Teamsters from lending money to the mob and refused to remove these legislative rules until a few years ago when Central States Pension Fund was in to much financial trouble to pull itself out. These rules kept Teamster companies putting money into a failing pension fund instead of allowing them to have company matching 401k plans like other American company have.

Now most Americans have 401k, ie government approved retirement plans, that Teamsters could not afford because of government regulation.

So my question to you is, what Teamster company that is in CSPF also offers MATCHING 401k plans?
 
Homesick said:
Ok, let's discuss this for a few posts. The United States government enacted rules on Central States Pension Fund to keep the Teamsters from lending money to the mob and refused to remove these legislative rules until a few years ago when Central States Pension Fund was in to much financial trouble to pull itself out. These rules kept Teamster companies putting money into a failing pension fund instead of allowing them to have company matching 401k plans like other American company have.

Now most Americans have 401k, ie government approved retirement plans, that Teamsters could not afford because of government regulation.

So my question to you is, what Teamster company that is in CSPF also offers MATCHING 401k plans?
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you need to have someone edit your post. ABF can't quit paying ever. Pay the pension or pay the withdraw penalty.
 
Homesick said:
Ok, let's discuss this for a few posts. The United States government enacted rules on Central States Pension Fund to keep the Teamsters from lending money to the mob and refused to remove these legislative rules until a few years ago when Central States Pension Fund was in to much financial trouble to pull itself out. These rules kept Teamster companies putting money into a failing pension fund instead of allowing them to have company matching 401k plans like other American company have.

Now most Americans have 401k, ie government approved retirement plans, that Teamsters could not afford because of government regulation.

So my question to you is, what Teamster company that is in CSPF also offers MATCHING 401k plans?
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Don’t forget the government would not allow central states to run a surplus and forced the pension fund to continue raising payouts
 
RG27 said:
You are wrong. Back in the heyday my stepfather got a 13th pension check because the goverment said there was too much in the fund and it should be payed out to the retirees
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Sour diesel? The 13th paycheck was greasing palms for the next election, not an indication of the financial health of CSPF.
 
ROADY said:
I have to give you credit, you can make up a fake answer to just about anything posted.
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I just read an excellent article on CSPF by Elizabeth Bauer. She states, when the government took over CSPF in 1982 it was 40% funded, seems the MOB really wasn't that good of an investment. By 2003 CSPF was headed for insolvency, they changed the accrual rate from 2% to 1% a year. In exactly what year do you claim CSPF was fully funded?
 
Homesick said:
Don't mean to interrupt but, Bubba, you critiqued one of my posts so I'm returning the favor.....

Elizabeth Bauer​

Associate Professor of Biology and Neuroscience

A Biologist? Writing in Forbes about finance? :)
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I'm not surprised you couldn't find the correct Elizabeth Bauer. Does ABF get a tax credit, for employing a special needs employee?
 
Bubba Gump said:
I just read an excellent article on CSPF by Elizabeth Bauer. She states, when the government took over CSPF in 1982 it was 40% funded, seems the MOB really wasn't that good of an investment. By 2003 CSPF was headed for insolvency, they changed the accrual rate from 2% to 1% a year. In exactly what year do you claim CSPF was fully funded?
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www.gao.gov

Central States Pension Fund: Department of Labor Activities under the Consent Decree and Federal Law

The Central States, Southeast and Southwest Areas Pension Fund (CSPF) was established in 1955 to provide pension benefits to trucking industry workers and is one of the largest multiemployer plans. According to its regulatory filings, CSPF had less than half the estimated funds needed to cover...
www.gao.gov www.gao.gov
 
Bubba Gump said:
I just read an excellent article on CSPF by Elizabeth Bauer. She states, when the government took over CSPF in 1982 it was 40% funded, seems the MOB really wasn't that good of an investment. By 2003 CSPF was headed for insolvency, they changed the accrual rate from 2% to 1% a year. In exactly what year do you claim CSPF was fully funded?
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The ERISA Act of 1974 requires Multi Employer funds to be underfunded. Fully funded pension funds would lose their non profit status. That is one of the reasons funds are now going broke. As the stock market boomed in the 80s and 90s, funds were forced to raise benefits. By law those earned benefits could not be reduced in the future. That resulted in $40.000 a year pensions and 30 and out pensions that meant paying out over longer periods of time and were unsustainable.
 
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