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Republican Senators Introduce New Pension Bill

Discussion in 'Central States Pension Fund Discussion' started by Freightmaster1, Nov 24, 2019.

  1. Roadway spy

    Roadway spy Active Member

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    Sign the bill it’s better then nothing I’m tired of forking freight and putting sky lights in the new trailers.
    Our yard man will leave and stop watching defects go out the gate.
    Sign the dam bill
     
  2. COOPER

    COOPER Active Member

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    Interesting. There must be are a lot of others in the same situation. It makes sense to me that the benefit would be split with liability for the Preston portion going to the Successor Plan and the liability for the Yellow portion staying in the Original Plan. I agree with you on eliminating the Reemployment Rules.
     
    Last edited: Nov 25, 2019
    jimmy g likes this.
  3. excfman

    excfman Well-Known Member

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    All i read and see is a bunch of smoke I want to see some real numbers thrown out there.What is going to the retirees now how much are going to be cut.I'm from Tennessee and anything Alexander is for is not good for the working men and women. he's union hater.
     
  4. jimmy g

    jimmy g Kook

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    The proposed numbers for orphans are in it. 56 cents a month times number of years. Up from the now rates of PBGC of 30 cents. Proposed is $1680 a month for 30 years service. $1400 a month for 25 years. Those are cut and dried. The question seems more to be, what about those that are part orphan/part non-orphan.

    Try to overlook politics, there will have to be a compromise. The House wont like this, and the Senate will never pass the Butch Lewis Act. To pass, parts will be blended.
     
    COOPER likes this.
  5. Kennesaw Kid

    Kennesaw Kid Super Moderator Staff Member

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    [​IMG]
     
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  6. jimmy g

    jimmy g Kook

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    Every Representative and Senator I've read responses from has mentioned 4 weeks to get something passed. That leads me to conclude both sides want a Pension Bill attached to the December Must-Pass Continuing Resolution Funding Bill. Much the same as MEPRA passed in 2014. Both sides want this behind them, with Elections 11 months away.
     
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  7. Roadway spy

    Roadway spy Active Member

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    They’ll probably get into a pissing match at our expense.
     
  8. Jaloc

    Jaloc Well-Known Member

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    Why does the Union allow UPS and Kroger to buy out of the fund? Why is ABF allowed to freeze pension contributions at 2018 rates? Why is YRC allowed to continue paying 25% of 2009 contribution rates? Why are new companies organized not paying into the pension funds only contributing into a 401scam? Why should taxpayers who don't even get a pension have their tax dollars used to bailout your pension? I blame the Union for not doing anything as all these companies closed and went bankrupt the writing was on the wall back in the 80s nothing is done. Can they divert money from overfunded Health and Welfare funds into the pension?
     
  9. SAC75

    SAC75 Well-Known Member

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    Why would anyone vote to put themselves into a failing pension fund? You would have to be a complete idiot to vote in a contract to put yourself in a pension fund that is on the brink of collapse. Taking money out of our health and welfare funds is the dumbest thing I’ve ever heard of! Let’s bankrupt the only remaining good bennies we got! Good thinking!!!!
     
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  10. Jaloc

    Jaloc Well-Known Member

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    Well then who are you kidding thinking the government is going to bailout the funds! Time to end the fund do a payout divided between all the members based on years of service.
     
  11. SAC75

    SAC75 Well-Known Member

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    Did I say the government was going to bail us out? That would be a big NO.
     
  12. jimmy g

    jimmy g Kook

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    It's illegal to do that, unless Congress agrees. Besides, it only comes to about $30,000 per member for a one time payout. Try to live a lifetime on that.
     
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  13. buffalobill

    buffalobill Well-Known Member

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    Last I heard, you can't force any company into a pension plan that's underfunded. It would be an automatic impasse during bargaining. They can flat out refuse to do it, and a mediator would back up the refusal, since it's a bad investment.

    The only thing keeping current companies in underfunded plans is withdrawal liabilities.

    That's also why about the only pension fund adding new shops is western states, which now stretches all the way east to NY and PA, iirc....
     
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  14. Jaloc

    Jaloc Well-Known Member

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    Well then how are these plans going to be fully funded again if you can't get new companies to pay into it? So you expect taxpayers many who don't even get a pension have their tax money be used to bailout the fund that is not right either.
     
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  15. buffalobill

    buffalobill Well-Known Member

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    It's a vicious cycle with underfunded plans, that's the problem. You literally can't force a company organized today into an underfunded plan. All they have to do is bring up the mandatory contribution increases, along with the withdrawal liability, and the fact that almost certainly most of the competition doesn't offer a pension plan.

    Not only that, but do the math on 401k contributions Vs underfunded pensions. You are bucks ahead with the 401k.
     
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  16. mud

    mud Wonderin' AD-FREE USER

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    We have very little to say where the government spends our federal tax dollars.
     
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  17. seabreeze

    seabreeze Not Well Known Member, 63 Year Teamster Member AD-FREE USER

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    Make up your mind Mud, on your advice, I sent them a note, stating where they could and could not spend my tax dollar.
    They sent me a nice letter back, telling me where I could go.
     
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  18. dokman

    dokman Well-Known Member

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    The government had some responsibility for our funds being underfunded. Do you want your tax money paying for some one who works the system and won’t work, or help a guy who worked all their life with contracted wages going into a pension?
     
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  19. buffalobill

    buffalobill Well-Known Member

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    I agree with that, in 1980 every single ibt member, current or future, was stabbed in the back.

    But they still Won't stop doling out endless foreign aid....
     
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  20. Fly-by-night

    Fly-by-night Only when you care to send the very best

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    So who's at fault for the govt getting involved in the CSPF. Lets cut to the chase here. Now you have companies hat are only paying 25% and another freezing there amount in the latest contract. Right now the Teamster are not making any attempt to help themselves so why should the taxpayer
     

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