Someone Explain This To Me

[Dracula]

http://www.tdu.org/central_states_pension_fund_13_2_billion
Central States Pension Fund is losing money with, 54,000 active participants and 200,000 retirees. Central States Health and Welfare Fund, with 196,000 active participants and 8,300 retirees, is flush with cash. The assets of Central States H&W continues to grow and stands at $6.3 billion, which is over two full years of reserves.
They're two different funds but they work out of the same building and, in fact, are moving to a brand new HQ. They are both managed by Thomas Nyhan, yes, the same Thomas Nyhan.
The simplistic view is that a merger, of the two, would have 250,000 actives and 200,400 retirees.
Why not merge the two?

 

[SAC75]

http://www.tdu.org/central_states_pension_fund_13_2_billion
Central States Pension Fund is losing money with, 54,000 active participants and 200,000 retirees. Central States Health and Welfare Fund, with 196,000 active participants and 8,300 retirees, is flush with cash. The assets of Central States H&W continues to grow and stands at $6.3 billion, which is over two full years of reserves.
They're two different funds but they work out of the same building and, in fact, are moving to a brand new HQ. They are both managed by Thomas Nyhan, yes, the same Thomas Nyhan.
The simplistic view is that a merger, of the two, would have 250,000 actives and 200,400 retirees.
Why not merge the two?

Because one is our health insurance and one is the retirement plan that’s why! Why bankrupt them both? To top it off, some of the people in our health and welfare plan are not in the central states pension plan. Why should they have to pay for pensions?

 

[Dracula]

Because one is our health insurance and one is the retirement plan that’s why! Why bankrupt them both? To top it off, some of the people in our health and welfare plan are not in the central states pension plan. Why should they have to pay for pensions?

Thank You, Now I understand.

 

[jimmy g]

Why should they have to pay for pensions?

How is that different than taxpayers bailing out the CSPF by creating a new MEPRA Overlord Bureau?

 

[SAC75]

How is that different than taxpayers bailing out the CSPF by creating a new MEPRA Overlord Bureau?

Easy, one’s health insurance and ones a pension fund.

 

[rtm457]

Because one is our health insurance and one is the retirement plan that’s why! Why bankrupt them both? To top it off, some of the people in our health and welfare plan are not in the central states pension plan. Why should they have to pay for pensions?

So using that analogy of why should members covered by Central States insurance pay for the pensions? Why should any trucking company have to pay for retirees of companies that are out of business? Sounds awfully hypocritical. Any money going to insurance or pension is all the same money. The overall problem is that YRC has only paid 25% for the last ten years. Then on top of that there was no mention of the pension in the new contract, yet the dumbasses passed the contract. It seems to me that the money should be used to prop up the pension. I worked over 30 years as a Teamster and yet receive half of what a friend of mine retired at with the same years just 21 years ago. Another solution is for all the dumbasses that voted for this current contract with no pension provisions to figure out their own retirement. Think about that 10 or 15 years from now when you can't retire. I tried to tell people that they shouldn't vote for this contract without pension contributions, yet all I heard was why put money into a losing cause? So I hope all of you choke on this contract, since you people screwed all of us retirees and yourselves.

 

[SAC75]

So using that analogy of why should members covered by Central States insurance pay for the pensions? Why should any trucking company have to pay for retirees of companies that are out of business? Sounds awfully hypocritical. Any money going to insurance or pension is all the same money. The overall problem is that YRC has only paid 25% for the last ten years. Then on top of that there was no mention of the pension in the new contract, yet the dumbasses passed the contract. It seems to me that the money should be used to prop up the pension. I worked over 30 years as a Teamster and yet receive half of what a friend of mine retired at with the same years just 21 years ago. Another solution is for all the dumbasses that voted for this current contract with no pension provisions to figure out their own retirement. Think about that 10 or 15 years from now when you can't retire. I tried to tell people that they shouldn't vote for this contract without pension contributions, yet all I heard was why put money into a losing cause? So I hope all of you choke on this contract, since you people screwed all of us retirees and yourselves.

It’s not an analogy. The health and welfare is your health insurance your eyeglass insurance your dentist and short and long-term disability. The pension consist of paying the pension fund for weeks worked and your job. The money goes to two different places. I work for ABF. They pay a little over 375 a week for the pension fund on top of what they pay for health and welfare. There are people in central state insurance that does not have a central states pension. You want them to pay for your pension? That’s bull crap. That’s why there’s only 54,000 participants paying into the pension fund and almost 196,000 paying into the health and welfare. Using central states health and welfare to pay for the pension fund is like asking Medicare to pay for our pension fund. They have nothing to do with each other.

Not to mention on top of all that. Central states pension fund could lose $6 billion in two years. It took 10 or more years to get 6 billion in central states health and welfare. All it’s going to do is bankrupt both of them.

 

[jimmy g]

Easy, one’s health insurance and ones a pension fund.

One is taxes, and one is a private pension...

 

[jimmy g]

So using that analogy of why should members covered by Central States insurance pay for the pensions? Why should any trucking company have to pay for retirees of companies that are out of business? Sounds awfully hypocritical. Any money going to insurance or pension is all the same money. The overall problem is that YRC has only paid 25% for the last ten years. Then on top of that there was no mention of the pension in the new contract, yet the dumbasses passed the contract. It seems to me that the money should be used to prop up the pension. I worked over 30 years as a Teamster and yet receive half of what a friend of mine retired at with the same years just 21 years ago. Another solution is for all the dumbasses that voted for this current contract with no pension provisions to figure out their own retirement. Think about that 10 or 15 years from now when you can't retire. I tried to tell people that they shouldn't vote for this contract without pension contributions, yet all I heard was why put money into a losing cause? So I hope all of you choke on this contract, since you people screwed all of us retirees and yourselves.

The pension was doomed to failure before UPS got out. They saw the writing on the wall that they would be stuck paying for ALL, after the IRS regulated there to be no over funding, and 25 and out was invented. No contract forcing YRCW to pay more into the fund could save OUR Pension. You do seem greedily about only YOURS being saved tho.... Forcing YRCW to pay more would've bankrupted them, and more members would have flooded the CSPF, forcing insolvency even quicker.

 

[jimmy g]

. There are people in central state insurance that does not have a central states pension. You want them to pay for your pension? That’s bull crap.

There are 300 million people that are not in our pension, that you want to pay for it. How is that different?

 

[SAC75]

One is taxes, and one is a private pension...

How is health insurance taxes?

 

[SAC75]

There are 300 million people that are not in our pension, that you want to pay for it. How is that different?

Did I ask for 300 million to bail it out? No I didn’t

 

[jimmy g]

Did I ask for 300 million to bail it out? No I didn’t

If you support HB397 you do. Sorry I ASSUMED you backed Butch Lewis. I apologize if you don't.

 

[jimmy g]

How is health insurance taxes?

I mentioned HB397 (taxpayer bailout) bailing out CSPF in the post you answered previously. You said those not in the pension shouldn't be asked to bail it out. I didnt mention healthcare- you did.

 

[SAC75]

I mentioned HB397 (taxpayer bailout) bailing out CSPF. You said those not in the pension shouldn't be asked to bail it out. I didnt mention healthcare- you did.

Sorry, was going off what I was talking about with rtm457 wanting to use our health care so he could retire. Thought you was talking about that too. My bad.

 

[SAC75]

If you support HB397 you do. Sorry I ASSUMED you backed Butch Lewis. I apologize if you don't.

I support a fix but no one is supporting, in the senate anyway, a bailout.

 

[jimmy g]

I support a fix but no one is supporting, in the senate anyway, a bailout.

The House is. HB397 uses taxpayer money to create a new bureau and fund bonds.

 

[SAC75]

The House is. HB397 uses taxpayer money to create a new bureau and fund bonds.

I read the bill and it it exactly what you are saying. Taxpayer money to kick it down the road to somebody else 30 years or less down the road. That’s me!

 

[rtm457]

The pension was doomed to failure before UPS got out. They saw the writing on the wall that they would be stuck paying for ALL, after the IRS regulated there to be no over funding, and 25 and out was invented. No contract forcing YRCW to pay more into the fund could save OUR Pension. You do seem greedily about only YOURS being saved tho.... Forcing YRCW to pay more would've bankrupted them, and more members would have flooded the CSPF, forcing insolvency even quicker.

I'm pissed off that the idiots at YRC voted for this contract with no pension provisions. I worked over 30 years and only receive half of what I should be getting, and now with this contract there is a chance I will be getting even less. So yes I may sound greedy because people only saw the raise they we getting with no thought about the future which is exactly what the company wanted. And everyone fell for it. So no I don't care if any of them retire because none of them ever gave a thought about any of us.

 

[SAC75]

I'm pissed off that the idiots at YRC voted for this contract with no pension provisions. I worked over 30 years and only receive half of what I should be getting, and now with this contract there is a chance I will be getting even less. So yes I may sound greedy because people only saw the raise they we getting with no thought about the future which is exactly what the company wanted. And everyone fell for it. So no I don't care if any of them retire because none of them ever gave a thought about any of us.

They do not need to give a thought about you. The money you are receiving should have been paid in while YOU worked. When the pension was started the guys worked, paid into the pension, then started to receive their money after retirement correct? They retired on their own money. So why do you think people who are working now owe anything to you? They don’t. The system is broken because dirty politicians wanted more money so they doubled the pension payouts. They doubled their tax revenue on our backs. Blame the politicians not the fellow teamsters.