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

[Kennesaw Kid]

Notes from last night's conference call:

From the Minneapolis Committee:

The May 13th conference call with IBT's John Murphy, Sherman, and Brad Vaughn, was sponsored by Local 120 and it's principal officer, Tom Erickson.

John Murphy started out the call by summarizing the 'Heroes Act' portion of H.R. 6800. Contained within the Heroes Act is the 'Emergency Pension Plan Relief Act, targeting the Central States Critical and Declining status. Not only does it address our plan's decline, but I believe John Murphy mentioned over 300 other pension plans in a critical status or worse.Correct me if I'm wrong on the number.

This Relief Act is not a bridge loan like the Butch Lewis Act, but will instead separate, or partition, active members from retirees. Actives stay with Central States and keep the remaining assets for re-investment, along with member and employer contributions. This should allow the Pension plan to again start building assets for future use.

Retirees are separated and leave Central States. The Treasury at this point will fund the PBGC, and the PBGC will take control of retiree pensions. There are no cuts planned for retirees, and those who have seen cuts to their benefits, like Local 707 in New York, will have their benefits fully restored. This Relief Act will also provide full benefits to surviving spouses, and totally eliminate the 2014 MPRA that encouraged cuts to pensions across the board! This is a very important provision!

The H.R. 6800 bill is the 4th stimulus bill to be introduced. It is a 3 TRILLION dollar bill, and covers many, many aspects of the American Economy. The bill is expected to pass the House ( they vote on it Friday, May 15th.)

The strategy of including the Relief Act as part of the Heroes Act of H.R. 6800is that Senators will find it difficult to reject the bill, since it contains many benefits for their home States.

U.S. Senators will be targeted next week, and for 3-4 weeks thereafter. There are 10-15 Senators who will be encouraged by us to approve this bill, making sure all the key elements of the Relief Act are included, not eliminated.Very important!

But for now, the focus is on our own district Representatives. We need to call their state district offices, e-mail them, and write letters telling them to support this bill and our Relief Act portion! Remember, all members of the House are up for reelection this year. Remind them of that!

We must work fast, since the House vote is this Friday, May 15th. Good luck and get to work. More next week. Thanks

Steve Baribeau

Save Our Pensions-Minnesota

 

[daddy68legs]

I am retired, do I want to lose my pension or take a cut. NO. But should the taxpayer pay because CSP mismanaged the fund. I have preached for years give us a choice either pension or Teamster 401k with match and got laughed out of the room. Congress should look at how much money will be taken out of the economy if these plans go away. But on the reverse side where is the money coming from. Two sources loans from China or the government printing money. Can you say hyper inflation. Just saying.

 

[Banned for Life]

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

 

[Keepingon]

The hero’s act has so much pork written into it that even some democrats are saying it’s dead.

 

[COOPER]

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

I’ve skimmed through the Multiemployer section of the proposal made by House Democrats starting on page 623 and also reviewed the 90 page summary of the proposal. Can you provide the section or page number in either the proposal or the summary which requires the cut for orphans that you are referencing in your post? I am not saying this proposal will become law but again I’m interested to know where in the proposal you are reading specifically about a cut for orphans?

 

[Banned for Life]

I’ve skimmed through the Multiemployer section of the proposal made by House Democrats starting on page 623 and also reviewed the 90 page summary of the proposal. Can you provide the section or page number in either the proposal or the summary which requires the cut for orphans that you are referencing in your post? I am not saying this proposal will become law but again I’m interested to know where in the proposal you are reading specifically about a cut for orphans?

from the Duluth save our pension face book, download (the maximum PBGC guaranteed benefit will almost double from $35.75 a month to $67.50 per month multiplied by years of service, or from $12,870 a year for participants with 30 years of service to $24,300 a year. from the 90 page summary go to page's 31-32.

 

[Banned for Life]

I’ve skimmed through the Multiemployer section of the proposal made by House Democrats starting on page 623 and also reviewed the 90 page summary of the proposal. Can you provide the section or page number in either the proposal or the summary which requires the cut for orphans that you are referencing in your post? I am not saying this proposal will become law but again I’m interested to know where in the proposal you are reading specifically about a cut for orphans?

NUCPP's demands were no cuts, CSPF burned thru $10 billion dollar's since then. That is ten billion dollars in wages and benefits some worker isn't going to get. NUCPP doesn't even mention the cut, but they want to keep you as Democrat activist, call your representative, vote democrat.

 

[COOPER]

from the Duluth save our pension face book, download (the maximum PBGC guaranteed benefit will almost double from $35.75 a month to $67.50 per month multiplied by years of service, or from $12,870 a year for participants with 30 years of service to $24,300 a year. from the 90 page summary go to page's 31-32.

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.

 

[Banned for Life]

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.

To clarify this question, why don't you have your friends at NUCPP, provide clarification on this issue. Please reference paragraph and page, I always say you can never have enough information.

 

[Wrench97]

If you look at how much money the government is currently throwing at "stimulus" checks and factor in less tax money coming in you can forget about any more large expenditures after this there is not going to be any money left to do it with....................

 

[COOPER]

To clarify this question, why don't you have your friends at NUCPP, provide clarification on this issue. Please reference paragraph and page, I always say you can never have enough information.

To clarify this question, why don't you have your friends at NUCPP, provide clarification on this issue. Please reference paragraph and page, I always say you can never have enough information.

You said “Your Friends”? Sorry Mr. Gump but I was told years ago that friends only want favors so I don’t need them. In fact, my e mails to the individuals at the NUCPP have gone unanswered. But......for the question at hand, The Hero’s Act of 2020. If you’ve looked it up on line you’ll see it is over 1800 pages. As I’ve mentioned to you before, the section covering Multiemployer Pensions starts on page 623 and the 90 page summary of the proposal concerning Multiemployer Pensions starts on page 22. So there you go, I’ve saved you the trouble of reading the entire 1800 page document. I guess just maybe I’d have to consider that a favor in itself. By the way.....and seriously speaking as a retired ‘“orphan”, if you find out anymore information please pass it along, I read everything I can get my hands on about this issue.

 

[Triplex]

If you look at how much money the government is currently throwing at "stimulus" checks and factor in less tax money coming in you can forget about any more large expenditures after this there is not going to be any money left to do it with....................

Printing presses at the Bureau of Engraving and Printing are working overtime. Our grand kids will be on the hook for paying for all the "stimulus".

 

[highheadblues]

I am retired, do I want to lose my pension or take a cut. NO. But should the taxpayer pay because CSP mismanaged the fund. I have preached for years give us a choice either pension or Teamster 401k with match and got laughed out of the room. Congress should look at how much money will be taken out of the economy if these plans go away. But on the reverse side where is the money coming from. Two sources loans from China or the government printing money. Can you say hyper inflation. Just saying.

US treasury has an awesome printing press in the basement. As long as they have paper and ink we’re good

 

[TruckinGod77]

Notes from last night's conference call:

From the Minneapolis Committee:

The May 13th conference call with IBT's John Murphy, Sherman, and Brad Vaughn, was sponsored by Local 120 and it's principal officer, Tom Erickson.

John Murphy started out the call by summarizing the 'Heroes Act' portion of H.R. 6800. Contained within the Heroes Act is the 'Emergency Pension Plan Relief Act, targeting the Central States Critical and Declining status. Not only does it address our plan's decline, but I believe John Murphy mentioned over 300 other pension plans in a critical status or worse.Correct me if I'm wrong on the number.

This Relief Act is not a bridge loan like the Butch Lewis Act, but will instead separate, or partition, active members from retirees. Actives stay with Central States and keep the remaining assets for re-investment, along with member and employer contributions. This should allow the Pension plan to again start building assets for future use.

Retirees are separated and leave Central States. The Treasury at this point will fund the PBGC, and the PBGC will take control of retiree pensions. There are no cuts planned for retirees, and those who have seen cuts to their benefits, like Local 707 in New York, will have their benefits fully restored. This Relief Act will also provide full benefits to surviving spouses, and totally eliminate the 2014 MPRA that encouraged cuts to pensions across the board! This is a very important provision!

The H.R. 6800 bill is the 4th stimulus bill to be introduced. It is a 3 TRILLION dollar bill, and covers many, many aspects of the American Economy. The bill is expected to pass the House ( they vote on it Friday, May 15th.)

The strategy of including the Relief Act as part of the Heroes Act of H.R. 6800is that Senators will find it difficult to reject the bill, since it contains many benefits for their home States.

U.S. Senators will be targeted next week, and for 3-4 weeks thereafter. There are 10-15 Senators who will be encouraged by us to approve this bill, making sure all the key elements of the Relief Act are included, not eliminated.Very important!

But for now, the focus is on our own district Representatives. We need to call their state district offices, e-mail them, and write letters telling them to support this bill and our Relief Act portion! Remember, all members of the House are up for reelection this year. Remind them of that!

We must work fast, since the House vote is this Friday, May 15th. Good luck and get to work. More next week. Thanks

Steve Baribeau

Save Our Pensions-Minnesota

Why throw good money after bad.

 

[seabreeze]

Printing presses at the Bureau of Engraving and Printing are working overtime. Our grand kids will be on the hook for paying for all the "stimulus".

Don't worry about my grand kids, when I die they can pay off the national debt with all my assets.
They consist of 2 pair of used shoes, 2 pairs of jeans.a 2004 P U truck, a few rod and reels
and boat.
I forgot, 2 copies of Wheels Of Time.

 

[roadboss]

I am retired, do I want to lose my pension or take a cut. NO. But should the taxpayer pay because CSP mismanaged the fund. I have preached for years give us a choice either pension or Teamster 401k with match and got laughed out of the room. Congress should look at how much money will be taken out of the economy if these plans go away. But on the reverse side where is the money coming from. Two sources loans from China or the government printing money. Can you say hyper inflation. Just saying.

It’s not just mismanagement there is less contributors to the fund.You would be in remiss ,if you did not mention that there are employer trustees on the fund.If your gonna point fingers ,There’s lots of blame to go around.

 

[roadboss]

Don't worry about my grand kids, when I die they can pay off the national debt with all my assets.
They consist of 2 pair of used shoes, 2 pairs of jeans.a 2004 P U truck, a few rod and reels
and boat.
I forgot, 2 copies of Wheels Of Time.

Spend All before you go.!!!!!!and enjoy it.

 

[roadboss]

The hero’s act has so much pork written into it that even some democrats are saying it’s dead.

What’s the difference.pork or fat is your pension important to you.Don’t sweat the small stuff they don’t pay you enough to be a politician.Support the Heroes act.

 

[roadboss]

Printing presses at the Bureau of Engraving and Printing are working overtime. Our grand kids will be on the hook for paying for all the "stimulus".

We have paid our dues and made our sacrifices over our life time.Its time to reap what you have sewn .The’ll just have to wrk a little longer.

 

[nassauotb]

I am retired, do I want to lose my pension or take a cut. NO. But should the taxpayer pay because CSP mismanaged the fund. I have preached for years give us a choice either pension or Teamster 401k with match and got laughed out of the room. Congress should look at how much money will be taken out of the economy if these plans go away. But on the reverse side where is the money coming from. Two sources loans from China or the government printing money. Can you say hyper inflation. Just saying.

and here is Local 707 President, Local 707 Pension Trustee, Suffolk County Legislator, talking trash with a divide and....strategy
hear him talk


----- 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




----- Forwarded Message -----
From: Laura Campione <[email protected]>
Sent: Thursday, May 14, 2020, 218 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
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