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

[COOPER]

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..

Jeez what do you know. I think you are starting to get it. You are actually are able regurgitate a few facts. Keep at it who knows, you may eventually be able to comprehend and analyze them. I wish you the best. Oh by the way, if you pickup some further factual information from your source of that “Duluth Facebook” that you quoted please be sure to pass it along. You “friend” Cooper

 

[Banned for Life]

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.

Since UPS paid their withdraw liability, are they part of the 100% successor plan. Or are they part of the 67.5% original plan?

 

[COOPER]

Since UPS paid their withdraw liability, are they part of the 100% successor plan. Or are they part of the 67.5% original plan?

So here is my honest answer. I do not know about the status of UPS retirees.

 

[seabreeze]

I have never noticed a foolish comment from you. If you know of any would you please point them out to me?

Thanks for being kind, some would tell you most of my posts are foolish.

 

[BIG R GUY]

Thanks for being kind, some would tell you most of my posts are foolish.

Me too. They all laugh at me about mirrors, sun visors, hats, Moldavians,my partner, mystic in the dark,46 mph,bags, bikinis, Capriotti’s, low viaducts, Coop Dispatch, Last, and KBoom.....

 

[seabreeze]

Me too. They all laugh at me about mirrors, sun visors, hats, Moldavians,my partner, mystic in the dark,46 mph,bags, bikinis, Capriotti’s, low viaducts, Coop Dispatch, Last, and KBoom.....

You left out goats, mowers and Wong, should I go on?
Opps, I missed partner, but I can dig deeper.

 

[Elwood]

You left out goats, mowers and Wong, should I go on?
Opps, I missed partner, but I can dig deeper.

Goats, Mowers & Wong.....
Sounds like a law firm that specializes in XXX representation.

 

[nassauotb]

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.

local 707 pension trustee, union president and suffolk county legislator kevin mccaffrey is up for public office election. he has more jobs without timei records than you ever will. retirees and yrc guys may or may not believe all politics is local? vote him out. it is harder for hoffa to fix public elections than union elections. the peter king seat is up in november
https://www.newsday.com/long-island/nassau/schumer-king-teamster-pensions-1.15754544

 

[roadboss]

Thanks for being kind, some would tell you most of my posts are foolish.

Your retired.And over 80 .You can say what ever you want brother.

 

[roadboss]

local 707 pension trustee, union president and suffolk county legislator kevin mccaffrey is up for public office election. he has more jobs without timei records than you ever will. retirees and yrc guys may or may not believe all politics is local? vote him out. it is harder for hoffa to fix public elections than union elections. the peter king seat is up in november
https://www.newsday.com/long-island/nassau/schumer-king-teamster-pensions-1.15754544

My guess is you will vote democratic,Good Choice.

 

[BIG R GUY]

You left out goats, mowers and Wong, should I go on?
Opps, I missed partner, but I can dig deeper.

Oh. Forgot popcorn. Bratwurst flavored, or regular.

 

[Jaloc]

K.K. I think you forgot to mention this cuts orphans pensions by 32.5%.

Some of those orphans have been collecting a pension since they were in their late 40s and early 50s. I know a guy in Cleveland who retired at 48 started on the Dock at 17 who is now 73 been collecting a pension for 25yrs not sustainable.

 

[Jaloc]

Since UPS paid their withdraw liability, are they part of the 100% successor plan. Or are they part of the 67.5% original plan?

UPS got a deal of a lifetime only paid around 7yrs worth of pension payments to get out of Central States fund they should not have been allowed to leave shame on Hoffa! The only reason why my Local 710 pension fund is doing well is because UPS still contributes to the fund.

 

[seabreeze]

Some of those orphans have been collecting a pension since they were in their late 40s and early 50s. I know a guy in Cleveland who retired at 48 started on the Dock at 17 who is now 73 been collecting a pension for 25yrs not sustainable.

I think they should shoot their sorry azz!

 

[TruckinGod77]

I think they should shoot their sorry azz!

The union negotiated a contract in which someone can do that so that's where the blame needs to be

 

[SuperCourse]

The union negotiated a contract in which someone can do that so that's where the blame needs to be

That wasn't negotiated by the union, things like 25 and out where the fault of the individual fund administrators and trustees. A lot of funds never offered such generous benefits and for the most part remain solvent.

 

[Big Dave]

Me too. They all laugh at me about mirrors, sun visors, hats, Moldavians,my partner, mystic in the dark,46 mph,bags, bikinis, Capriotti’s, low viaducts, Coop Dispatch, Last, and KBoom.....

Oh. Forgot popcorn. Bratwurst flavored, or regular.

Are you friggin kidding me???!!!

 

[BIG R GUY]

Are you friggin kidding me???!!!

I said hats. There is not enough room to say, Big Dave’s hat on 1 post.

 

[BIG R GUY]

There I fixed it.

 

[seabreeze]

Some of those orphans have been collecting a pension since they were in their late 40s and early 50s. I know a guy in Cleveland who retired at 48 started on the Dock at 17 who is now 73 been collecting a pension for 25yrs not sustainable.

I still say shoot those sorry azz orphans, some squander their pension on women. boose, boats, lottery tickets, even Playboy magazines.