Through No Fault Of Their Own!

[Lincoln Highway]

Certain current CSPF members are under the impression the butch lewis act will free up pension contributions for wage increases. Through no fault of their own they were given the impression by the PENSION WARRIORS that money grows on trees. One of the criticism of butch lewis is it has no provision to correct MEPF's shortfalls. I know it is political ******* to provide actual facts, but maybe someone out there will tell Steward of the Rock the particulars of how butch lewis affects current CSPF members.

After studying the Butch Lewis act. I believe most companies will leave the pension fund after five years. Then transition over to 401k's.

 

[Steward of the Rock]

I heard Swift turned him down...they heard he keeps a picture of Steward of the Rock in a cowboy hat on his dash....its too distracting for him...afraid he was going to get all excited and crash....

You guys are just jealous because I was BFL’s favorite and he liked me more than the rest of you. In my cowboy hat, he may have liked me just a little too much. LOL!!!

 

[ROADY]

After studying the Butch Lewis act. I believe most companies will leave the pension fund after five years. Then transition over to 401k's.

Hey Banned for Life, I mean Lincoln Highway welcome to the forum.

 

[seabreeze]

You guys are just jealous because I was BFL’s favorite and he liked me more than the rest of you. In my cowboy hat, he may have liked me just a little too much. LOL!!!

How about Dave's hat?
I have always heard, bigger is better!

 

[Roadway spy]

Don’t get mad get even put Yellow on the Yellow broke road.

 

[seabreeze]

Don’t get mad get even put Yellow on the Yellow broke road.

Spy, I'm not too sure about you.
I can't think your dad was serious when you were conceived.
I'm beginning to think you were a practice shot.

 

[Dracula]

Your so-called "Pension Warriors" are fighting for their earned pensions regardless of political affiliation. Meaning, they are Republican, Democrat, and in some cases have no political affiliation. So you can stop with your political crap about this topic because it has no bearing on it. These people earned their pension just like you did and they have every right to get it.

Who guaranteed those pensions and if you can't answer who guaranteed them, then why do they have a right to them?

 

[Steward of the Rock]

Who guaranteed those pensions and if you can't answer who guaranteed them, then why do they have a right to them?

The government is the ones that set the rules for how the pensions operate that the funds must follow. The government is also the ones that deregulated freight back in 1980 that was the start of this whole mess. So, the government has had plenty of time to help figure out a way to prevent this bail out that was eventually needed to restore the underfunded pensions. The various funds in a lot of cases did make some poor investment decisions, but with the deregulation and then the government oversight of the various MEPF, government bares as much blame if not more than the funds do. Around 1998, I remember that the Central States Pension Fund was very well funded. If I remember correctly, it was funded at over 90%. The fund decided to do higher payouts to get this number below the 90% to avoid additional taxes and the government did not object. The fund also changed the rules by adding the 25 and out at any age to help get the funding under the 90% mark for tax purposes and the government did not object. As the fund (Central States) was under government oversight and had to follow the governments rules, why did they not object to these changes to keep the fund well funded?

 

[Lincoln Highway]

he government is the ones that set the rules for how the pensions operate that the funds must

Teamster pension funds have always operated as being self insured, the government laws reflect the Unions wishes.

he government is also the ones that deregulated freight back in 1980 that was the start o

Deregulation was great for the consumer and UPS.

So, the government has had plenty of time to help figure out a way to prevent this bail out that was eventually needed to restore the underfunded pension

It wasn't the governments responsibility to fix anything. The pension funds could have reduced accruals at anytime. Western States pension fund reduced accruals they are well funded.

The various funds in a lot of cases did make some poor investment decisions, but with the deregulation and then the

It wasn't poor investments that caused pension underfunding. It was large retroactive pension increases.

 

[Lincoln Highway]

T

government oversight of the various MEPF,

The government didn't have oversight over various pension funds. They kept the MOB from using CSPF as a bank

Around 1998, I remember that the Central States Pension Fund was very well funded.

CSPF has never been well funded.

f I remember correctly, it was funded at over 90%. The fund decided to do higher payouts to get this number below the 90% to avoid additional taxes and the government did not object. The fund also changed the rules by adding the 25 and out at any age to help get the funding under the 90% mar

That is not true, why didn't Western States have to make those same changes?

As the fund (Central States) was under government oversight and had to follow the governments rules, why did they not object to these changes to keep the fund well funded?

The government never controlled CSPF, that is what Teamster and management trustees are for. The government did not allow loans to the MOB.

 

[ABF381]

Teamster pension funds have always operated as being self insured, the government laws reflect the Unions wishes.

Deregulation was great for the consumer and UPS.

It wasn't the governments responsibility to fix anything. The pension funds could have reduced accruals at anytime. Western States pension fund reduced accruals they are well funded.

It wasn't poor investments that caused pension underfunding. It was large retroactive pension increases.

Here is an article from Forbes that disavows about half of the things you wrote... in particular CS had a government appointed fund manager...and tax laws regarding overfunding.....I also like how every chance you get you suck up to UPS....kind of like how bubba (you) always has...deregulation was good for the consumer because the trucking companies dont have to properly compensate drivers so they can pass some of the savings off to consumers and put a lot of cash in their own pockets.... https://www.forbes.com/sites/ebauer...es-pension-plans-tale-of-woe/?sh=1e60b9ee6c10.

 

[Lincoln Highway]

Here is an article from Forbes that disavows about half of the things you wrote... in particular CS had a government appointed fund manager...and tax laws regarding overfunding.....I also like how every chance you get you suck up to UPS....kind of like how bubba (you) always has...deregulation was good for the consumer because the trucking companies dont have to properly compensate drivers so they can pass some of the savings off to consumers and put a lot of cash in their own pockets.... https://www.forbes.com/sites/ebauer...es-pension-plans-tale-of-woe/?sh=1e60b9ee6c10.

Actually it confirms everything I wrote. Most importantly the Teamster myth CSPF was overfunded, had to raise pensions to avoid being taxed. Also that it was mismanaged by the wall street bankers.

 

[Lincoln Highway]

hance you get you suck up to UPS....kind of like how bubba (you) always has...deregulation was good for the consumer because the trucking companies dont have to properly co

In 1980, UPS could not carry a package over 50lbs. It could not deliver more than 200lbs to a address per day. It also could not deliver to every address in America. Why should the consumer have to pay a trucking company to deliver a package over 50lbs, why not allow UPS to deliver it..

 

[Steward of the Rock]

Teamster pension funds have always operated as being self insured, the government laws reflect the Unions wishes.

Deregulation was great for the consumer and UPS.

It wasn't the governments responsibility to fix anything. The pension funds could have reduced accruals at anytime. Western States pension fund reduced accruals they are well funded.

It wasn't poor investments that caused pension underfunding. It was large retroactive pension increases.

Bubba, I don't know where you come up with your points of view, but they are just that, YOUR-POINTS-OF-VIEW!!
There was indeed government oversight of various MEPF.
Central States Pension Fund was indeed funded around the 90% mark back in 1998.
It was indeed the governments responsibility to help fix the problem as they had their hands in it with the government oversight and deregulation.
It was indeed poor investment strategies that was part of the problem, especially during the mid to late 2000's.
You are correct that there was a large pension increase change in the late 90's from the 1% rule to the 2% rule to help prevent the fund from exceeding 90% funding. That however has been reverted back to 1% since that time.
And last but not least, you are correct that deregulation helped your company out (UPS) the same as your company (UPS) buying out of the MEPF's helped your company out by no longer being a part of it.

 

[ABF381]

In 1980, UPS could not carry a package over 50lbs. It could not deliver more than 200lbs to a address per day. It also could not deliver to every address in America. Why should the consumer have to pay a trucking company to deliver a package over 50lbs, why not allow UPS to deliver it..

What part of government appointed fund manager do you not get???? The over funding part you are correct on...Why should a driver have to sit for hours a day uncompensated??? That was done by deregulation also with the advent of non union truckload....

 

[Steward of the Rock]

In 1980, UPS could not carry a package over 50lbs. It could not deliver more than 200lbs to a address per day. It also could not deliver to every address in America. Why should the consumer have to pay a trucking company to deliver a package over 50lbs, why not allow UPS to deliver it..

By the way Bubba, Banned For Life, Lincoln Highway, and whatever your next name will be, nice try at flying under the radar with your Avatar. Although I would not recommend posting on the D.C. Forum with it. LOL!!!

 

[ABF381]

In 1980, UPS could not carry a package over 50lbs. It could not deliver more than 200lbs to a address per day. It also could not deliver to every address in America. Why should the consumer have to pay a trucking company to deliver a package over 50lbs, why not allow UPS to deliver it..

Do you have a link for these claims? Not that I think you like to lie or anything.... well actually because I do think that...

 

[Lincoln Highway]

Central States Pension Fund was indeed funded around the 90% mark back in 1998.

so they can pass some of the savings off to consumers and put a lot of cash in their own pockets.... https://www.forbes.com/sites/ebauer...es-pension-plans-tale-of-woe/?sh=1e60b9ee6c10.

According to the Forbes article so kindly provided by ABF381. It states that CSPF was never more funded than 75%. Is ABF381 posting non factual information?

 

[Steward of the Rock]

According to the Forbes article so kindly provided by ABF381. It states that CSPF was never more funded than 75%. Is ABF381 posting non factual information?

Good catch there Bubba, I stand corrected on my 90% funding statement. I was told back then (1998) that this was the reason for the 25 and out being added and the change from 1% to 2%. I will do some more research on it, but in the meantime, my opologies for mis-stating the funding amount back in 1998.

 

[Lincoln Highway]

What part of government appointed fund manager do you not get?

The government made sure CSPF wasn't being used as organized crimes bank. They were not involved with the decisions on whether to invest in GE or Ford. According to the GAO the wall street bankers did a good job with investments.