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Grassley, Alexander Release Plan To Shore Up Failing Multiemployer Pension System

Discussion in 'Central States Pension Fund Discussion' started by Freightmaster1, Nov 21, 2019.

  1. jimmy g

    jimmy g Kook

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    First, it's only a Proposal- but I like the step towards solving it.

    Sounds virtually like the proposed cuts of 3-4 years ago. If I understand it right, Critical Status guys deemed from Orphaned Companies would be partitioned off to the PBGC (that's half of my vested time), and MAYBE PBGC payouts would rise from the current30 cents on the dollar, to higher amounts???? The survivors would pay higher Premiums, (and it sounds like even retirees would pay a portion of the premium, up to $80?), and closer watch on future growth will be given to ensure positive growth???

    To me, it sounds like, for instance- half of my promised 2455 a month would go to the PBGC (what I earned at Preston) and the rest would stay with CSPF. The PBGC part would be reduced, but maybe not the CSPF (what I warned at Yellow)part? It probably means I could get $1600 or maybe more @ Month forever, instead of 2455 for a couple years, and then nothing. I'd take it in a heartbeat!
     
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  2. COOPER

    COOPER Active Member

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    I have looked at the “
    I did a quick read of the
    I did a quick read of the technical document which leads me to some technical questions. I found Central States specifically mentioned twice. Central States is, according to what I read, automatically qualified to be partitioned. Ok, speaking for myself I’m good with that. The second mention of Central States mentions that the liabilities allowed to be transferred to the New or Succession Plan are not just limited to the amount of the PBGC guarantee but that all liabilities, even those that exceed the PBGC guarantee at least in Central States case are to be transferred. That is an exception for Central States. By transferring all liabilities from the Original Plan to the Succession Plan the Succession Plan would then be the only plan responsible for paying benefits. The Succession Plan however, from what I am reading is limited to only paying an amount not to exceed the PBGC guarantee. So how does that work? If the Succession Plan can, in the case of Central States, pay an amount in excess of the PBGC guarantee I’ve missed reading it. There is also a requirement that retirees contribute to this process. In the case of partitioned plans that would amount to 10 percent unless the retiree is between 75 to 80 years old or disabled. If I had the opportunity to take just a 10 percent reduction I’d take it in a heartbeat too!
     
  3. Crystal

    Crystal Well-Known Member

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    I'm glad that at least some of you can understand what this proposal would do. I don't understand how a partition works. By reading jimmy's post it sounds like a plan in critical status can turn it's, so called, "orphans" over to the PBGC. There they will take a huge cut in monthly cash pension benefits. But those not classified as "orphans" would stay with their funds and receive full monthly cash legacy benefits less some sort of fee.

    Also if someone might try and explain to this dumb retired truck driver how much this plan differs from this years version of the Butch Lewis Act passed by the house?
     
  4. seabreeze

    seabreeze Not Well Known Member, 63 Year Teamster Member AD-FREE USER

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    I feel I have already drawn my fair share the past 30 yrs, therefore, I'd be for any plan that benifits the guys who have been shafted.
     
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  5. jimmy g

    jimmy g Kook

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    The Lewis Plan is a (I'm guessing $100 billion or more?) bailout of the entire system thru new government bureaus, and loans that never get payed back, but theoretically, most MIGHT recieve their entire pension. It also will never pass the Republican Senate.

    Grassley's plan partitions off orphans to the PBGC, POSSIBLY ups their pay from the current PBGC 30 cents on the dollar, makes everyone pay a portion of the PBGC Premium, and MIGHT let Legacy plans survive a while. (Probably costs $10-$15 billion ?) It probably wont pass the Democrat House.
     
    Crystal likes this.
  6. Jaloc

    Jaloc Well-Known Member

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    The only solution is to roll over all these pension funds with social security Bernie Sander's National Pension Plan.
     

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