What's new

If Central States Pension Goes Bankrupt What Will Happen?

Homesick

Homesick

Retired
Credits
169
I'm wondering if, God forbid, CSPF goes bankrupt what will happen? Do the companies currently contributing stop contributing? Do the pension checks stop being sent? Does CSPF go the way of Consolidated Freightways and cease to exist (assets sold off and sent to creditors)?

I remember the conference call from a couple of years ago said checks would be reduced starting 1/1/2025 but I don't think it said what would happen after the bankruptcy.
 
Homesick said:
I'm wondering if, God forbid, CSPF goes bankrupt what will happen? Do the companies currently contributing stop contributing? Do the pension checks stop being sent? Does CSPF go the way of Consolidated Freightways and cease to exist (assets sold off and sent to creditors)?

I remember the conference call from a couple of years ago said checks would be reduced starting 1/1/2025 but I don't think it said what would happen after the bankruptcy.
Click to expand...

I guess I'll be broke, when I get too hungry, mama and I will move to Atl and move in Homesick's basement.
 
Homesick said:
I'm wondering if, God forbid, CSPF goes bankrupt what will happen? Do the companies currently contributing stop contributing? Do the pension checks stop being sent? Does CSPF go the way of Consolidated Freightways and cease to exist (assets sold off and sent to creditors)?

I remember the conference call from a couple of years ago said checks would be reduced starting 1/1/2025 but I don't think it said what would happen after the bankruptcy.
Click to expand...
At some point, the Treasury moves in, seizes what money is left, and moves the Fund to the Pension Benefit Guarantee Board, and reduces payouts to PBGB amounts. Of course- that is broke as well- so who knows????
 
seabreeze said:
I guess I'll be broke, when I get too hungry, mama and I will move to Atl and move in Homesick's basement.
Click to expand...
I don't have a basement but I do have 2 space bedrooms and 2 rooms in the attic that are "catch all" rooms in my house. You are welcome anytime just use the front door. But I'm really not sure what happens to all the money that contributing companies pay into CSPF after CSPF stop paying out. Do the companies stop paying? Do they put the funds in a separate savings or money market account? Does it go to the local unions? Dose the bankruptcy of CSPF signify a breach of contract and the company's no longer have to pay retirement payments?
 
jimmy g said:
At some point, the Treasury moves in, seizes what money is left, and moves the Fund to the Pension Benefit Guarantee Board, and reduces payouts to PBGB amounts. Of course- that is broke as well- so who knows????
Click to expand...

I filed a hardship grievance on this, told them it was hard paying for boat gas.
I'm looking for an exemption any day now!
 
Homesick said:
What? Is that a code?
Click to expand...
The butch lewis act was never intended to be passed. Grassley, Alexander will transition MEPF's into operating more like single employer pension funds. Tighter actuarial standards, higher insured amount. Grassley, Alexander will be attached to the "crucial" stimulus bill. Everyone will vote for it, Trump will sign it. Everyone will be able to say they fought the good fight. AND joe can say he didn't sign it into law.
 
Homesick said:
What? Is that a code?
Click to expand...

Homesick, you should be a happy man today.
I made enough today on the stock market that mama and I won't need to move into your basement.
Thanks for the offer.
BTW we were planning on bringing the kids and grandkids.
 
seabreeze said:
Homesick, you should be a happy man today.
I made enough today on the stock market that mama and I won't need to move into your basement.
Thanks for the offer.
BTW we were planning on bringing the kids and grandkids.
Click to expand...
I was looking forward to borrowing your boat but I guess I'll have to continue using my kayak. The stockmarket was up huge this morning and TD Ameritrade locked a lot of people out, including me. But still a great day for the stockmarket and a great day to be an investor.

I'm getting the idea that no one knows, has experienced, or heard of a situation where a large MEPF has gone broke and contributing companies do (what)? That bodes well for CSPF; no one, especially not the government, wants to experiment with hundreds of thousands of people lives and have it publicized that they screwed it up. New things are not always good things.
 
Homesick said:
I was looking forward to borrowing your boat but I guess I'll have to continue using my kayak. The stockmarket was up huge this morning and TD Ameritrade locked a lot of people out, including me. But still a great day for the stockmarket and a great day to be an investor.

I'm getting the idea that no one knows, has experienced, or heard of a situation where a large MEPF has gone broke and contributing companies do (what)? That bodes well for CSPF; no one, especially not the government, wants to experiment with hundreds of thousands of people lives and have it publicized that they screwed it up. New things are not always good things.
Click to expand...
When a multi employer pension fund goes broke, the PBGC ASSIST that fund by loaning them money to pay benefits. Exactly one fund has ever payed them back. Contributing employers are still on the hook for their withdraw liability. They can pay it all at once like UPS, or pay it off over 20 years.
 
Bubba Gump said:
When a multi employer pension fund goes broke, the PBGC ASSIST that fund by loaning them money to pay benefits. Exactly one fund has ever payed them back. Contributing employers are still on the hook for their withdraw liability. They can pay it all at once like UPS, or pay it off over 20 years.
Click to expand...
Thanks, does anyone know if the withdrawal liabilities are for the full pension liabilities or the reduced PBGC amounts? And how the liabilities are calculated? Is the withdrawal liabilities calculated for the total number of persons in the fund or just the individual companies personnel? What was the name of the fund that paid the PBGC back and what years (so I can do my own research on it, a starting place for my research).
 
Homesick said:
Thanks, does anyone know if the withdrawal liabilities are for the full pension liabilities or the reduced PBGC amounts? And how the liabilities are calculated? Is the withdrawal liabilities calculated for the total number of persons in the fund or just the individual companies personnel? What was the name of the fund that paid the PBGC back and what years (so I can do my own research on it, a starting place for my research).
Click to expand...
Why waste your time researching. Just call the PBGC, Bob, Mike, Sherm at NUCPP, the Pension Rights Center or Senator Sherrod Brown for all of your MEPF related questions.
 
Bubba Gump said:
Why waste your time researching. Just call the PBGC, Bob, Mike, Sherm at NUCPP, the Pension Rights Center or Senator Sherrod Brown for all of your MEPF related questions.
Click to expand...
Thanks, I did talk with a young man at CSPF but the only answers I got from him were on their website. Also, independent research is better than asking someone and taking their answers as truth. Just my opinion of course.
 
Homesick said:
Thanks, I did talk with a young man at CSPF but the only answers I got from him were on their website. Also, independent research is better than asking someone and taking their answers as truth. Just my opinion of course.
Click to expand...
Well the main thing an active CSPF member needs to know is this. The IRS will get their withdraw penalty from active employers when CSPF goes bankrupt. Ask a Teamsters local 707 YRCW driver were there pension contribution goes, it goes straight to their bankrupt pension fund
 
816cliff said:
You are so full of :::shit:::, its coming out of your ears. Biden will be the one who saves pensions. Not that idiot Trump.
Click to expand...
Biden had 47 years to fix things. The only idiot here is the one believing any political party is going to “save” their pension.
 
You must log in or register to reply here.
Top