vongrimmenstein
I stand for our flag, & kneel for the fallen
- Credits
- 112
Was there any mention of un-restricted employment in the pension submission to the Treasurer?
Yes. Unrestricted If you are already retired. If you retire now you would have wait 1 year before working again. They want you to stay until death.Was there any mention of un-restricted employment in the pension submission to the Treasurer?
The pension has not been saved for anyone in CSPF at this time. The changes proposed by the Fund have been denied by the US Treasury Dept. but there are still changes forthcoming. It may end up in the hand of the PBGC and their prescribed benefit rates.Well now that the pension has been saved for the retirees what about the rest of still working and can't retire for another 15 yrs. By all accounts the pension will be broke in 10 yrs leaving nothing for current employees. So what's the point of working for a union outfit? And how the hell is ABF going to recruit new employees. The carrot of retirement is now gone.
This statement is going to ruffle many feathers. But now that the retirees saved THEIR so called earned pension there's no more meetings no more worries I guess it's everyone for themselves.
Yes. Unrestricted If you are already retired. If you retire now you would have wait 1 year before working again. They want you to stay until death.
Now that I have reached age 65, I believe I can work all the hours I want and not be penalized by CSPF or Western Teamsters.Are you saying that I could go to work for a trucking company in the office & not be penalized from the Fund?
Central States just put out an E-mail and a statement saying they have no plans on resubmitting another plan.The last thing we need is for the PBGC to take over the fund.
Are you saying that I could go to work for a trucking company in the office & not be penalized from the Fund?
Well now that the pension has been saved for the retirees what about the rest of still working and can't retire for another 15 yrs. By all accounts the pension will be broke in 10 yrs leaving nothing for current employees. So what's the point of working for a union outfit? And how the hell is ABF going to recruit new employees. The carrot of retirement is now gone.
This statement is going to ruffle many feathers. But now that the retirees saved THEIR so called earned pension there's no more meetings no more worries I guess it's everyone for themselves.
That sweetheart deal was part of the trade off for card check recognition at UPS Freight.Why the Teamsters and the CSPF allowed UPS to withdraw from the fund,.......and allow YRC to halt payments/full payments for five years,......are questions that should be asked on the convention floor in Las Vegas in July. It looks to me like they were almost designing the plan to fail by cutting out it's two biggest sources of funds.
And that is where I place a good part of the blame on our legislators for where our funds stand today.It wasn't ten years ago, when we were paying retirees a thirteenth check, because Federal law does not allow Defined Benefit funds to ....."save for a rainy day".
Actually, if I read the reply from Treasury concerning the "rescue plan" correctly, it sounded to me like the accounting the treasury was disputing was the overly rosy projections CSPF was making concerning future returns. I didn't get a hint that they thought there was no hurry to get something done. If anything, it sounded to me like they were basically saying nice try, but you will have to cut even deeper to get where you need to be. Maybe I am misinterpreting the message.The Treasury Dept. called into question CSPF's accounting and reasons for being in such a sweat to cut retiree's checks...
That plus the fact that the cuts were not equal across the board, it looks to me like those were the two sticking points.Actually, if I read the reply from Treasury concerning the "rescue plan" correctly, it sounded to me like the accounting the treasury was disputing was the overly rosy projections CSPF was making concerning future returns. I didn't get a hint that they thought there was no hurry to get something done. If anything, it sounded to me like they were basically saying nice try, but you will have to cut even deeper to get where you need to be. Maybe I am misinterpreting the message.
Actually, if I read the reply from Treasury concerning the "rescue plan" correctly, it sounded to me like the accounting the treasury was disputing was the overly rosy projections CSPF was making concerning future returns. I didn't get a hint that they thought there was no hurry to get something done. If anything, it sounded to me like they were basically saying nice try, but you will have to cut even deeper to get where you need to be. Maybe I am misinterpreting the message.
That halt is only temporary and the final result will be worse than the proposed program. On one hand I agree on that taxpayer bailout thing, on the other I saw how we lavished the Wall Street Tycoons with my tax dollars and I disagree more with giving money to the rich than I do the needy.And I never agree with making EVERY American tax payer responsible for a corporation (or pension fund's) failure.
So, although these cuts being halted (for now) could eventually benefit me personally, I don't like seeing the American tax payer being on the hook for the mismanagement of the pension fund.
One side of me is happy, the other side feels guilty.