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Retiree says pension managers have heavy hand in coffer as he fights for his life savings

Discussion in 'Central States Pension Fund Discussion' started by Kennesaw Kid, Apr 27, 2018.

  1. Kennesaw Kid

    Kennesaw Kid Super Moderator Staff Member

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  2. I got nothing

    I got nothing Member

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    This is exactly what I'm talking about. If the pension is fully funded by the government, how long will that last? CSPF is broken and dumping a bunch of cash in it will only last so long. Until the CSPF Board is elected and not appointed they have no reason to put our best interest first. It's the same old reasons, no one joining the union, government regulations, companies going broke. They have proven they aren't the right people to hold on to anyone's money. If it's not in your hand it's really not yours. Dissolve and disperse as soon as it's fully funded.
     
  3. PDX Buddha

    PDX Buddha Member

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    Don't buy this story. For one thing, it's by Faux News so it's already biased against Unions. To I got Nothing- It's true CSPF is broken. That is why the Government is now handling the Trust Fund. But that said, you won't see the pension amount you worked for all your life because of the Feds stepping in. You get a percentage of what you would have got , had the fund remained 100% funded, instead of giving benefits that exceeded contributions for years. The Government taking over control of the Pension will never return it to full solvency. It will never be fully funded. That ship sailed decades ago, when the Pension should have taken the reduction in Benefits before it got so hopelessly beyond saving.
     
  4. SAC75

    SAC75 Well-Known Member

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    The government took oversight in 1982 or so. The government was the ones to force higher payouts because CSPF was overfunded at one time according to the government. So the government is the ones responsible. We actually have the government, whom we all know handles money so responsible (20 trillion in national debt) overseeing our pensions? Crazy rite?
     
    00mustang and Retread like this.

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