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Yellow | The Teamsters Pension Trustees Are Meeting In Hawaii?

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I don't blame my fund administrators and trustees for our pension situation. They have done their day to day jobs while complying with all those government regulations. But I do think that holding the annual meetings in Hawaii is a slap in the face to all Teamsters and retirees. There are many less expensive cities where they could meet. What the hell were they thinking?
 
Crystal said:
I don't blame my fund administrators and trustees for our pension situation. They have done their day to day jobs while complying with all those government regulations. But I do think that holding the annual meetings in Hawaii is a slap in the face to all Teamsters and retirees. There are many less expensive cities where they could meet. What the hell were they thinking?
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You should...holding meetings like this on OUR dime when many retirees are about to be dealt a blow that will change their lives? Reagan appointed the Administrators to oversee the funds back in the early 1980s and they invested in THEIR companies....find and dandy until the crash hit in 2008...The feds bailed them out, yet not one penny of that $9B CSPF lost was paid back, and no one was removed.....KK
 
I should have made my post clearer. As I said in an earlier post I'm not retired from the CSPFs. I'm in a smaller fund that is in even worse shape with a 9 to 1 retiree to worker ratio. But I still don't blame the funds administrator or trustees for this mess. They did very well up until Bush's PPA and the market bubble burst. Add to that Hoffa's gutting of the NMFA with the UPSF/Overnite sweetheart contract which insured that no major company would ever sign a contact that required it to join our pension funds.
 
I find this insulting, breakfast in Hawaii is very expensive and starts at about one hundred dollars at any convention center or high end resort. Using my funds to pay the pigs to meet. I am going to write the U.S. Treasury dept and tell them what is going on and they will say " we will be there as well" But I am going to write to them anyway. I am really :hissyfit::nono h4h::ranting2: I know Karen Friedman knows of this, but I am shooting her an email as well.
 
61 years ago this would be accepted with a little chatter and chastising but today they should be ashamed of themselves. If we were all toggle on a boat and think went on it would spawn a mutiny.
 
ESP said:
I find this insulting, breakfast in Hawaii is very expensive and starts at about one hundred dollars at any convention center or high end resort. Using my funds to pay the pigs to meet. I am going to write the U.S. Treasury dept and tell them what is going on and they will say " we will be there as well" But I am going to write to them anyway. I am really :hissyfit::nono h4h::ranting2: I know Karen Friedman knows of this, but I am shooting her an email as well.
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Karen is NOT involved in this....KK
 
If this is true it shows that the rank and file are just a joke to them.
The flights alone will be ridiculous,and they're suggesting two delegates
from every local.The western fund is in good shape yet the want to hold the meeting west of California.I want the hell away from this pension fund.
 
Crystal said:
I don't blame my fund administrators and trustees for our pension situation. They have done their day to day jobs while complying with all those government regulations. But I do think that holding the annual meetings in Hawaii is a slap in the face to all Teamsters and retirees. There are many less expensive cities where they could meet. What the hell were they thinking?
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I do!
From 2009 to 2013, Goldman Sachs and Northern Trust collected over $31 million in fees from the fund. In all, the fund paid more than a quarter-billion dollars in fees during that period. At the same time, firms like Goldman Sachs and Northern Trust have delivered investment returns that dragged down the fund’s performance.

“The 1982 consent decree created what is arguably the clearest conflict of interest in an industry that is riddled with them,” said Edward Siedle, a former SEC attorney and a leading expert on pensions. “The Wall Street fiduciaries have a clear interest in pursuing investment strategies that will generate fees for themselves.”

Give the pension contributions to the rank and file to invest or save for themselves.
Fees are very minimal with Prudential,T Rowe Price ,Vanguard,and dozens others who have
proven track records.This would eliminate the need for all the salaries of the administrators like Nayhan,and the WallStreet managers.The company's contributions could go directly into an account in our name.
This fund is more about feeding the fat cats,than it is about our future.
 
falconfan said:
I do!
From 2009 to 2013, Goldman Sachs and Northern Trust collected over $31 million in fees from the fund. In all, the fund paid more than a quarter-billion dollars in fees during that period. At the same time, firms like Goldman Sachs and Northern Trust have delivered investment returns that dragged down the fund’s performance.

“The 1982 consent decree created what is arguably the clearest conflict of interest in an industry that is riddled with them,” said Edward Siedle, a former SEC attorney and a leading expert on pensions. “The Wall Street fiduciaries have a clear interest in pursuing investment strategies that will generate fees for themselves.”

Give the pension contributions to the rank and file to invest or save for themselves.
Fees are very minimal with Prudential,T Rowe Price ,Vanguard,and dozens others who have
proven track records.This would eliminate the need for all the salaries of the administrators like Nayhan,and the WallStreet managers.The company's contributions could go directly into an account in our name.
This fund is more about feeding the fat cats,than it is about our future.
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If your numbers are correct lets do the math here just for kicks. 31 million in fees over 5 years is roughly 6,200,000 per year. If we use the CSPF asset balance of 18.7 billion and divide the 6.2 million in yearly fees by the 18.7 billion that comes to roughly a 0.33% rate for the fees for Goldman and Northern. I could be wrong but compared to many mutual fund fees that seems awfully low to me. There must be other factors in all of this.
 
Kennesaw Kid said:
Karen is NOT involved in this....KK
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You are correct sir, she is not. When I had a private meeting with her on June 18, 2005. She said " I want to see anything you have on the fund" she will be able to get the infor to the proper people. I was just getting used to the idea that I am going to take a drastic cut, because that is what it is. Now, I have to hear that our money is being wasted in Hawaii, when a on line meeting could have been more cost effective. Bull:shhit: :ranting2: Heck I would even send wrongwaylongblade a letter.
 
This is the reply when I emailed the IBT about discounts on flights and hotels....the lady's name is on the notice....500 Teamster Trustees & Administrators are ALREADY registered to attend...KK

"We are holding this event because more than 500 Teamster trustees and administrators are registered to attend the IFEBP’s annual, and this breakfast is intended for people already attending the IFEBP’s annual program. Others are more than welcome, but we do make any special accommodations.


The IFEBP has room blocks at most of the hotels in Honolulu. For more information on the IFEBP’s event, please go tohttp://www.ifebp.org/education/usannual/Pages/default.aspx.



Senior Program Manager

Benefits Department

International Brotherhood of Teamsters


Compliance Officer

IBT Voluntary Employee Benefits Trust


25 Louisiana Ave, NW

Washington, DC 20001
 
Kennesaw Kid said:
This is the reply when I emailed the IBT about discounts on flights and hotels....the lady's name is on the notice....500 Teamster Trustees & Administrators are ALREADY registered to attend...KK

"We are holding this event because more than 500 Teamster trustees and administrators are registered to attend the IFEBP’s annual, and this breakfast is intended for people already attending the IFEBP’s annual program. Others are more than welcome, but we do make any special accommodations.


The IFEBP has room blocks at most of the hotels in Honolulu. For more information on the IFEBP’s event, please go tohttp://www.ifebp.org/education/usannual/Pages/default.aspx.



Senior Program Manager

Benefits Department

International Brotherhood of Teamsters


Compliance Officer

IBT Voluntary Employee Benefits Trust


25 Louisiana Ave, NW

Washington, DC 20001
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I thought a lot of Teamster pension funds were in trouble? I guess they can scrape up enough cash to pay for events like this once they cut their participant's pension benefits!

:wtflol:
 
Triplex said:
If your numbers are correct lets do the math here just for kicks. 31 million in fees over 5 years is roughly 6,200,000 per year. If we use the CSPF asset balance of 18.7 billion and divide the 6.2 million in yearly fees by the 18.7 billion that comes to roughly a 0.33% rate for the fees for Goldman and Northern. I could be wrong but compared to many mutual fund fees that seems awfully low to me. There must be other factors in all of this.
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Here is a more recent article Trip.I thought it was low also but keep in mind this doesn't count the trustees salaries either.I can post both links if you want but check this paragraph out.Also my mutual fund company charges ZERO in administrative fees, with a balance of 50k.


But let’s look more closely at the alleged source of the problem. It’s not just that there are so many fewer employees per retiree. The Teamsters Central States Fund is a prime example of Wall Street mismanagement. Goldman Sachs, Northern Trust and other firms make the decisions, not the Fund’s own board. A recent report has found that “Roughly a third of the pension system’s shortfalls — or almost $9 billion – can be traced to investment losses accrued during the financial industry’s 2008 collapse. These losses were in addition to more than $250 million in fees paid by the plan to financial firms in just the last 5 years.”
Here is another interesting paragraph from the article.

Yet at the same time, the law stated that benefits already earned by workers cannot be cut back. But last December’s Congressional budgetary coup d’état ruled that now, employee retirement benefits can indeed be cut back. Retiree claims are not treated on the same level as financial debts to Wall Street investors. They are sent to the bottom of the line of claimants.

Their strategy is basically Malthusian: to blame the pension problem on the fact that America is de-industrializing, leaving not enough new union members to pay the dues that are necessary to pay retirees. This is because the pensions were designed to be a Ponzi scheme from the outset – needing new contributors to pay the early entrants.

This is of course the argument that President Obama is making regarding the need to cut back Social Security too.

Heck here is the entire article.

http://www.counterpunch.org/2015/01/05/the-coming-war-on-pensions/
 
Kennesaw Kid said:
This is the reply when I emailed the IBT about discounts on flights and hotels....the lady's name is on the notice....500 Teamster Trustees & Administrators are ALREADY registered to attend...KK

"We are holding this event because more than 500 Teamster trustees and administrators are registered to attend the IFEBP’s annual, and this breakfast is intended for people already attending the IFEBP’s annual program. Others are more than welcome, but we do make any special accommodations.


The IFEBP has room blocks at most of the hotels in Honolulu. For more information on the IFEBP’s event, please go tohttp://www.ifebp.org/education/usannual/Pages/default.aspx.



Senior Program Manager

Benefits Department

International Brotherhood of Teamsters


Compliance Officer

IBT Voluntary Employee Benefits Trust


25 Louisiana Ave, NW

Washington, DC 20001
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Holding the meeting in Hawaii is total bull:::shit:::.It is more of a slap in the face than James and Jamie's bonus.We know what side of the fence they are on, the trustees and the union are supposed to be on our side.
Hold the damn meeting in Ohio ,Illinois, Tennessee,ect .where the members are being affected.
The future control of our pension contributions belong to THE RANK AND FILE.I want the hell out of this nightmare.
 
falconfan said:
Holding the meeting in Hawaii is total bull::::shit::::.It is more of a slap in the face than James and Jamie's bonus.We know what side of the fence they are on, the trustees and the union are supposed to be on our side.
Hold the damn meeting in Ohio ,Illinois, Tennessee,ect .where the members are being affected.
The future control of our pension contributions belong to THE RANK AND FILE.I want the hell out of this nightmare.
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Having the meeting in Hawaii keeps all of the "lowlife teamsters" whose pensions will be destroyed soon from attending to protest the event. They wanted no part of us then and they surely don't want any part of us now. We are only truck drivers and dockmen and are a pain in their side.
 
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