Discussion in 'Central States Pension Fund Discussion' started by Freightmaster1, Jul 24, 2019.
Why is it the governments responsibility to bail out my pension fund? i just took a 30% cut from Western Pa. but I get it. There isn't enough money. Mostly because we live longer than anyone ever thought. In my 15 years of retirement, the fund has paid me over $600,000. Benefits like that are not sustainable.
Sorry, I know that I will catch a lot of grief but that's the way it is. Preston Trucking, Yellow Freight and the Teamsters Union negotiated those contracts. It was the trustees who determined the benefits. The government had no part in any of it and bears no liability.
Actually the government had something to do with it. It forced higher payouts on pension funds that ran over 100% funded. They forced CSPF to double pension payments. If that didn’t happen would we be in this predicament? I don’t know for sure but I would bet we would have been fine
The trustees gave us the deregulation benefit that caused all the job losses? wow, learn something every day.
I thought all the time, Feds had something to do with that.
You are correct. In the 80's I was a trustee. We had to increase benefits. We instituted the 25/30 and out. We were forced to do that because under ERISA funds lose their non profit status if they become more than 100% funded. The payouts should never have reached this level. The cuts are no more than a market correction.
I've known a few pension trustees and they had to strictly follow the law in administering the funds. Congress made the laws. Congress created this entire mess. Whether it be ERISA, deregulation, PPA of 2006, 2008 correction of PPA, 2014 MPRA and the near bankrupt PBGC.........................If congress doesn't correct it's mess then look what is projected for the economy by just 1 failed plan. And I think I read there are 130 endangered plans plus the PBGC.
Now Jack Cooper will not be paying full rate how is Central States supposed to survive you can't keep letting these companies stop paying into the pension!
Jack Cooper is going Chapter 11 and only paying 150 per week inot the Hybrid Plan if the members vote for it, if they vote it down Jack Cooper is gone
they would be dumb to vote it down, at this point, its a better deal.
Jack Cooper only going to be paying 150 in now. Central states is toast. Hope you jackasses have not put all your eggs in one basket
I only have one basket, besides, my only hen's about to quit laying!
they are putting the 150 into the hybrid plan, regular cspf isnt getting a penny once this passes....
Sometimes you have to go for it take some risk call their bluff! The the other companies will want the same concessions this crap has to stop let them go bankrupt then their hurting their fellow Union brothers by accepting these concessions. Well the government should have gotten involved not allowed Yellow to buy Roadway and Holland they would still all be making full contributions most likely plus UPS and Kroger leaving the fund.
Also locals with their own fund like 710 will longer be receiving Jack Coopers contributions to their fund now it hurts every member in the local.
Too late. The Teamsters allowed this to happen. The beginning was in the 80's when the union did not strike CF over the Conway startups. CF created a holding company that allowed them to use CF profits and capital to fund and grow Conway. Conway was to be 4 small regional carriers that would not compete with Consolidated Freightways. One of those 4 was a buyout of the union carrier Penn Yan. It wasn't very long before the union was gone and the 4 regionals began interlining with each other. The next step was to merge the 4 together and then redirect the business from CF to Conway by sharing customer lists, sales and pricing information. All of this was done right under the nose of the International Brotherhood of Teamsters.
It's so disgusting when you think about it all Teamsters are in a managed decline nothing but concessions and givebacks all industries. The UPS contract was the worst just force it when UPS released a statement about renegotiating Billions in profits. When are the Union officials going to take a wage and pension cut? I can't believe they can't organize at Amazon the conditions are deplorable in their warehouses.
Local 135 (Indpls) President in 2008 said that Yellow and Roadway both faced the same future alone, and that the merger was the only way either would have survived. The Pension issue loomed/looms over everyone involved in it. Only enough money to pay half the members- even then.
Kroger couldn’t afford to stay in. WalMart and Amazon are kicking their financial butts thru low prices.
(From the article)
but there is more work to be done in order for both sides of Congress to come together on a bipartisan compromise this year.
If the Senate agrees to take it up, it’s not going to pass “as is”. I suspect they put money into the PBGC as the answer, and send it back to the House?
Will a markup of the Senate Bill include provisions to restore promised pension money already cut from pensions?
A fully funded PBGI would’ve......insured......a fully funded pension payment to any participant.......but the PBGI hasn’t been “fully funded” for more than a decade.....
As always,........pensions from either Single Employer, or MEPFs.....are deferred wages promised to employees....
There was a proposal back in the ‘90’s to........tax those defined-benefit pensions......by regarding accceptance of a pension as wages,....to be taxed appropriately,.....just like mine is now....
The problem was comparisons to the tax-deferred defined-contribution funds.......that allowed the tax burden to be loaded after an employee withdrew the money beyond a certain arbitrary age.....They couldn’t figure a .....fair way to tax the weekly pension payments for defined-benefit participants.....
So,........will the Senate realize that they have to either pass the Butch Lewis Act..........or risk a class action lawsuit for their continuing failure to.....fully fund PBGI?
Either way,.......they’re going to pay......
What better way than a long-term, low-interest loan program such as the Butch Lewis Act?
If Congress lets the CSPF fold........the Class Action lawsuit for failure to fund PBGI.....as REQUIRED by law.....
......will be filed on behalf of hundreds of thousands of pension participants.....the day after the failure of the Pension Fund.....