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ABF | Kansas City Teamsters Speak Out On Central States Pension Fund!

If that law gets passed all new central states retirees could receive alot less for their years of service.It could be looking at only about 1/3 to 1/2 of the full payout.
 
I dont see any smart teamster voting for hoffa at the next election......besides the ones that are drinking the kool aid,and have no idea how bad he is as a "leader"
 
I got a solution. Instead of pointing the finger, how about all them retirees picket an organizing campaign in front of all the non union shops. Then you guys wouldn't be in this position. Wait a minute, Hoffa is probably against that. Better take the cuts then because IBT walked away from trucking.
 
Double Barrel said:
If that law gets passed all new central states retirees could receive alot less for their years of service.It could be looking at only about 1/3 to 1/2 of the full payout.
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Can't you see it's going broke only ABF left paying into it. Nobody new coming in to pay into it. The math doesn't work
 
papajohn said:
If this is passed ALL FUTURE AND ALREADY RETIRED MEMBERS WILL BE AFFECTED.
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It is simple math. Fix it today and take a hard hit but still keep 65% to 70% of what you're owed which comes out to roughly $2000. This is a long term corrected action. Due nothing, PBGC will take over and that same $3000 retirement check is $750

Papajohn, if you have another scenario that solves this financial crisis due to underfunding, please enlighten us all..
 
It's pure and simple factual math. It's the same with social security. You have money coming in and money going out, if you continue to have more going out than coming in, it will take care of itself if nothing is done.
 
I hear ya 12pack and nothumb. Nothumb your prob right, doesnt mean its an easy pill to swallow. Once again the bailout falls on the workin man. Years ago I saw this coming, and I advocated that we listen to a company proposal to get out of fund. and a bunch a guys got really irritated with me for even suggesting such a thing. LOL I guess they might see it diff now. Regrettably the proposal never materialized and here we are. I cant believe the unmitigated hubris in thinking this can only happen to other companies or other funds, but never yours. All that being said I dont know all the particulars of the proposal will there still be a govt involvement? I dont know if I am comfortable ceding full control to union/co.
 
12pack said:
Can't you see it's going broke only ABF left paying into it. Nobody new coming in to pay into it. The math doesn't work
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Check your facts before making a statement.ABF is not the only contributor into central states fund or any other fund.There's a lot of different employers from a lot of different crafts contributing too.Motor freight trucking just happens to be a bigger player in it.
 
Akita no disrespect intended and correct me if I am wrong, but my understanding is that there has been a substantial reduction in total funds coming in as a percentage of what is going out. In regards to the troubled funds. If anyone has info to the contrary please post link. That would really **** me off. Maybe I am being duped
 
nothumbleenough said:
It is simple math. Fix it today and take a hard hit but still keep 65% to 70% of what you're owed which comes out to roughly $2000. This is a long term corrected action. Due nothing, PBGC will take over and that same $3000 retirement check is $750

Papajohn, if you have another scenario that solves this financial crisis due to underfunding, please enlighten us all..
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What Pension Fund are you in and is it still doing good? Also I am curious, when someone retires are they able to take it in a lump sum or are they required to receive it in a monthly check?

First of all I do not know the answer, but may I ask how you came up with 65% to 70% figure which you say comes out to roughly $2000 a month.

2. It was my understanding that if PBGC takes over a $3000. retirement check will be reduced to roughly $1100 dollars a month.

Pension-law proposal would hit some retirees - MarketWatch

I am trying to find out how many are still paying into the fund but it will have to wait for the weekend on that. I do know t hat their are more then just ABF.
THIS WAS CAUSED BY THE IBT. and bad management on our Pension Funds, and they should be held accountable.

UPS paid $6.1 billion to exit the fund in 2007. Hoffa allowed UPS to withdraw from the fund in exchange for a card check neutrality pledge allowing the Teamsters to organize UPS Freight, which became a division of UPS after the company purchased the freight shipper Overnight in 2006.

Read more: Teamsters pension crisis sapping Hoffa’s support, power | The Daily Caller
Hope this sheds some light on this.
 
AkitaDog said:
Check your facts before making a statement.ABF is not the only contributor into central states fund or any other fund.There's a lot of different employers from a lot of different crafts contributing too.Motor freight trucking just happens to be a bigger player in it.
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Don't forget UPS. They are still in many of the union funds, though that may be about to change.

And a friend of mine told me that he heard at bar in a fine restaurant that ABF was getting out in return for card check neutrality for Panther.
 
ABFer said:
Don't forget UPS. They are still in many of the union funds, though that may be about to change.

And a friend of mine told me that he heard at bar in a fine restaurant that ABF was getting out in return for card check neutrality for Panther.
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And if your friend believes that, I got a bridge for sale.
 
papajohn said:
What Pension Fund are you in and is it still doing good? Also I am curious, when someone retires are they able to take it in a lump sum or are they required to receive it in a monthly check?

First of all I do not know the answer, but may I ask how you came up with 65% to 70% figure which you say comes out to roughly $2000 a month.

2. It was my understanding that if PBGC takes over a $3000. retirement check will be reduced to roughly $1100 dollars a month.

Pension-law proposal would hit some retirees - MarketWatch

I am trying to find out how many are still paying into the fund but it will have to wait for the weekend on that. I do know t hat their are more then just ABF.
THIS WAS CAUSED BY THE IBT. and bad management on our Pension Funds, and they should be held accountable.

UPS paid $6.1 billion to exit the fund in 2007. Hoffa allowed UPS to withdraw from the fund in exchange for a card check neutrality pledge allowing the Teamsters to organize UPS Freight, which became a division of UPS after the company purchased the freight shipper Overnight in 2006.

Read more: Teamsters pension crisis sapping Hoffa’s support, power | The Daily Caller
Hope this sheds some light on this.
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Am also in the Central States, with a supposed retirement benefit of $1485 at age 65. F.Y.I. The latest from Central States Website on the pension dated from January. https://www.centralstatesfunds.org/CSF/Pdf/Arbitration_Letters/01-30-2013-3rd2012.pdf

taken from page 9 of said report, 60,467 paying into the pension in August of 2011. 64,913 paying into the pension in August of 2012. From the same page of said report, 213,892 retirees receiving benefits in Aug of 2011 and a slight decree in Aug of 2012 to 212,709 receiving benefits. Please keep in mind these receiving benefits range greatly in their amounts.

You will also see a pretty good explanation of the hybrid pension on the next page of the report. In conclusion, this report is less specific than previous reports. But the trend is overwhelmingly conclusive.
 
In 2012, 64,913 teamsters paid into the pension, (some like YRC at a much reduced rate) while 212,709 received teamster pension benefits. source in previous post. That is one teamster supporting 3.27 retired teamsters.

Many people will tell you Social Security is bankrupt, but when compared to Central States Pension is would be considered in great shape. Currently, we 155 million working and paying into social security. March 2013 Employment Situation Summary Table A. Household data, seasonally adjusted We currently have 38 million receiving retirement benefits age 65 or above. All total, 54 million receiving some form of social security. Monthly Statistical Snapshot, March 2013

In comparison to the one teamster supporting 3.27 retired teamsters, Social Security has 2.87 people paying into its pool for every one receiving a social security benefit.
 
According the the last paragraph of the Report of the Independent Special Counsel he says: I will be glad to provide additional details regarding any aspect of my activities as Independent Special Counsel. Should you have questions or comments, please do not hesitate to contact me. David H. Coar.

His business address is 71 S. Wacker Drive Suite 3090
Chicago, Il 60606
phone 312-655-9194
fax 312-655-0644

There is no one better with access who is not on the Teamster payroll about information and knowledge about our pension at Central States. If you see something in that report that doesn't quite answer all your questions, you might send this man a formal response. He is a former sitting judge so respect will be expected and please keep in mind, he has never been in a position of policy direction. He is essentially an independent auditor.
 
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