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Yellow | Notes From May 13, 2020 Conference Call On Pensions

COOPER said:
Yes the PBGC insured maximum amount under the proposal is increased from the present guarantee and in fact increased to more than the amount proposed under the Grassley Alexander proposal. I get that but you said Orphans. This proposal would move the Orphans to a new Successor plan ran by the PBGC without any cuts to the Orphan participants. The Original plan, the plan left after the transfer of the Orphans to the Successor Plan would receive the new higher guarantee. It is also interesting to note that those who had their benefits already cut under MPRA like Local 707 would have their benefit not only restored but would be made whole for any cuts that were
previously taken. That’s my read on the Democratic proposal from the House of Representatives. Keep in mind that two plans would exist after the partition. The Original plan and the Successor plan.
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listen to local 707 pension trustee kevin mccaffrey live

----- Forwarded Message -----
From: Laura Campione <[email protected]>
Sent: Thursday, May 14, 2020, 2:39:18 PM EDT
Subject: Fw: Zoom meeting invitation - Local 707 Nassau OTB update




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From: Laura Campione <[email protected]>
Sent: Thursday, May 14, 2020, 2:33:18 PM EDT
Subject: Fw: Zoom meeting invitation - Local 707 Nassau OTB update


----- Forwarded Message -----
From: Kevin McCaffrey <[email protected]>
To: Laura Campione <[email protected]>
Sent: Thursday, May 14, 2020, 1:38:18 PM EDT
Subject: Zoom meeting invitation - Local 707 Nassau OTB update
Kevin McCaffrey is inviting you to a scheduled Zoom meeting.
Topic: Local 707 Nassau OTB update
Time: May 15, 2020 11:00 AM Eastern Time (US and Canada)
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highheadblues said:
I like all the defect hawks on here that never say a word when they’re hacking up the budget with tax cuts for the wealthy and corporations but get in a tizzy over helping working people.
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The entire thing is beyond control now, due to the virus. The printing presses are inventing $$$$ that no one is ever even considering paying back. It’s not real. Long as people don’t care or understand that it’s imaginary, it no longer matters.

Everyone got a Tax Rate Deduction. Every single taxpayer. I paid less taxes in 2019 than I did in 2018, yet made the same amount.
 
COOPER said:
Kennesaw Kid said:
Allow plans to have significant liabilities funded by PBGC without benefit cuts

https://drive.google.com/file/d/1lA...KRLnAUCstx8APBpqhGRpIbkiBb-z6UMAAyWm-iaWveoes
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Your google link states, the PBGC guarantee is $67.50, this is a 32.5% cut for the partitioned orphans. The no benefit cuts are for active participants. You leave the impression, there will be no benefit cuts under the Democrat proposal, yet it's in their documents. Please go into detail, to reconcile these discrepancies.
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Your google link states, the PBGC guarantee is $67.50 this is a 32.5% cut for the partitioned orphans. The no benefit cuts are for active participants. You leave the impression, there will be no benefit cuts under the Democrat proposal, yet it's in their documents. Please go into detail, to reconcile these discrepancies.
 
jimmy g said:
The entire thing is beyond control now, due to the virus. The printing presses are inventing $$$$ that no one is ever even considering paying back. It’s not real. Long as people don’t care or understand that it’s imaginary, it no longer matters.

Everyone got a Tax Rate Deduction. Every single taxpayer. I paid less taxes in 2019 than I did in 2018, yet made the same amount.
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Your tax cut was temporary expires in 3 years. They’re cut is permanent
 
highheadblues said:
Your tax cut was temporary expires in 3 years. They’re cut is permanent
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It's only temporary because Pelosi blocked it as a political move. Trump wanted a 2nd Bill to pass this year making those permanent. The virus has disrupted everything in Congress right now
 
In my proposal, Yrc employees are disqualified from drawing pension. Next to no contributions means you can't retire. Let everyone else suffer because yrc can't pay for your retirement..In actually insulted a pension thread is on a yrc page.
 
iam4us said:
In my proposal, Yrc employees are disqualified from drawing pension. Next to no contributions means you can't retire. Let everyone else suffer because yrc can't pay for your retirement..In actually insulted a pension thread is on a yrc page.
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In my proposal, people posting foolish comments should be disqualified from getting "likes" on TB.
 
highheadblues said:
I like all the defect hawks on here that never say a word when they’re hacking up the budget with tax cuts for the wealthy and corporations but get in a tizzy over helping working people.
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Last I checked most corporations employ people.
Leftist are sending $$$ to Illegals?????
Now sure who they employ...
You seem to have all the answers. Thank heavens..
 
Bubba Gump said:
Your google link states, the PBGC guarantee is $67.50 this is a 32.5% cut for the partitioned orphans. The no benefit cuts are for active participants. You leave the impression, there will be no benefit cuts under the Democrat proposal, yet it's in their documents. Please go into detail, to reconcile these discrepancies.
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So let me first begin Mr. Gump by flipping your question around. I’ll then be more than happy to address your request to “go into detail”. Can you please share where YOU find that the new proposed increase in the PBGC guarantee will only apply to the participants of the Successor Plan or “orphans” who have had their liabilities accepted by the PBGC leaving, “no benefit cuts for active participants”?
Here we go with my promised understanding and explanation...Page 629 of the proposal under “Amount and Manner of Special Partition Assistance”. Paragraph (2) “No Cap———Liabilities assumed by the corporation pursuant to the special order under this section shall not be capped by the guarantee under 4022A”. Just for your edification Mr. Gump the corporation referenced is the Pension Benefit Guarantee Corporation aka PBGC. Reference to “4022A” is to US code or law governing the maximum guarantee of benefits payable by the PBGC on Multiemployer pensions. Again Mr. Gump, the cap will be removed on “orphan” liabilities transferred to the Successor Plan. That’s not for active participants who will remain in the original plan. The increase in guarantees WILL apply to those active participants who remain in the Original Plan. It’s important to note here that the newly increased PBGC guarantee will be indexed annually to inflation. And just for your reference that can be located on page 653 of the proposal.
One more point and I mentioned this before. Participants who had previously had their benefits reduced will not only have those benefits restored but will receive payments for those benefits that were previously suspended. Because I know you are such a stickler for documentation Mr. Gump this can be found on page 631 under “Restoration of Benefit Suspensions”
Hope this helps. Your “friend”.... Cooper.
 
COOPER said:
So let me first begin Mr. Gump by flipping your question around. I’ll then be more than happy to address your request to “go into detail”. Can you please share where YOU find that the new proposed increase in the PBGC guarantee will only apply to the participants of the Successor Plan or “orphans” who have had their liabilities accepted by the PBGC leaving, “no benefit cuts for active participants”?
Here we go with my promised understanding and explanation...Page 629 of the proposal under “Amount and Manner of Special Partition Assistance”. Paragraph (2) “No Cap———Liabilities assumed by the corporation pursuant to the special order under this section shall not be capped by the guarantee under 4022A”. Just for your edification Mr. Gump the corporation referenced is the Pension Benefit Guarantee Corporation aka PBGC. Reference to “4022A” is to US code or law governing the maximum guarantee of benefits payable by the PBGC on Multiemployer pensions. Again Mr. Gump, the cap will be removed on “orphan” liabilities transferred to the Successor Plan. That’s not for active participants who will remain in the original plan. The increase in guarantees WILL apply to those active participants who remain in the Original Plan. It’s important to note here that the newly increased PBGC guarantee will be indexed annually to inflation. And just for your reference that can be located on page 653 of the proposal.
One more point and I mentioned this before. Participants who had previously had their benefits reduced will not only have those benefits restored but will receive payments for those benefits that were previously suspended. Because I know you are such a stickler for documentation Mr. Gump this can be found on page 631 under “Restoration of Benefit Suspensions”
Hope this helps. Your “friend”.... Cooper.
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I went fishing, scored some steaks, you went and researched a bill that will never get passed. I am glad you did, now I can pontificate some more. This bill allows MEPF's to use the same crooked numbers that got themselves into this mess. This bill partitions off the orphans. The orphans get made whole, 100%, they lose none of their pension, they will be ecstatic. So instead of CSPF losing 2 billion a year, it will now only lose, lets say 1 billion. So in 10 years CSPF goes bankrupt and active participants of the "original plan" only get 67.5% of their pension. Ain't that special. The ten billion now in CSPF, won't even cover the withdraw liability plus interest UPS paid in. Much less the withdraw liability other companies paid in. THIS PENSION BAILOUT IS, d.o.a..
 
If this isn’t a terrible situation to be in on one side of the pension fence (drawing a check), or the other side( time put in, not drawing yet), I don’t know what is.
 
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