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There is no cap on this payment, no requirements for repaymentButch Lewis Brings No Good News for Contributing Employers
In the clamor that surrounded the current administration’s adoption of the American Rescue Act of 2021 (ARPA), quietly tucked in as Subtitle H is the
In other words, the American taxpayer is getting hosed for 80+ billion dollars because the unions sold their union workers an unsecured pension ponzi scheme.
When I resigned Yellow in 2009 CSPF had $24.5 billion....
The fund lost 8 BILLION in 2008 under 'government oversight'. It is scary to think what that figure would be if Northern Capital, Goldman & Sachs & our government had not been looking out for us.
That was also when the housing market crashed, most companies had major layoffs, our government labeled this time in history as "the great recession", and most people who could retire did retire. So it might be appropriate to also compare the number of retirees from 1998 to 2009 to 2020. To put the overall health of CSPF in perspective. In my opinion.
I thought my check may have been a little too high last month.
Dig up a jar, and pay it back!!!
The Mob never would have let it lose that much money. It's so disgusting the 6 Billion UPS paid into the fund poof its gone!
Not all of it's gone J, I still have my share.
Yes, and the market crashed and CSPF was heavily positioned in stocks. They changed the portfolio and not the market has more than tripled and the portfolio is not heavy in stocks and is well-diversified and that is why the Fund had not increased a lot due to investments.
Not to mention way more going out than coming in, not much chance of growing.
My 401k account grew substantially after the crash, it recovered fully and doubled during the Trump years.
Will be broke as slow a government is with the bailout.Central States Assets Fall – But Relief is Coming!
The assets of the Central States Pension Fund fell to $9.8 billion at the end of March, a drop of $573 million in the first quarter. The fund projects forward that it will pay $2.83 billion in pension benefits this year, while taking in $651 million in employer contributions.
When you have a defined benefit as does CSPF and you have so many other variables such as, total contributions, total number of retirees vs total workers, earlier retirement, longer life span and market fluctuations, and not to mention some poor investments along the way, it is next to impossible for it to be self sustaining. The CSPF also was hardest hit with the amount of drivers paying in as Midwest was the industrial capital of the country and loss of jobs to foreign companies.
Maybe if you read the posts immediately above yours you would know some of the answers....apparently Goldman Sachs isn't just a Democrat thing..... https://www.reuters.com/article/us-usa-election-goldman-insight-idUSKCN0UZ1BD
KK, I disagree that CSPF is a well-diversified portfolio. I believe it is to heavily weighted in bonds and U.S. treasuries. But your point is well made, that CSPF changed its portfolio from stocks to more secure assets that have lower returns. Almost like an individual does when they know they are not going to live many more years and want to make sure their money lasts through their life and not much longer!
