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Where The Central States Money Went...

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lulu belle

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Venezuela, Davids Bridal, Lehman Brothers, etc.

CSPF and the investment companies had a fiduciary responsibility to invest that money.

From Burypensions:

With the Central States Pension Plan about to go bankrupt and bring the PBGC (and the entire private-sector pension system) down with it, some might ask where did all their money go?

Over one-hundred million dollars of it went down ratholes like Argentina, Venezuela, Lehman Brothers, and David's Bridal.

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Central States – Gone Money
by burypensions
 
lulu belle said:
Venezuela, Davids Bridal, Lehman Brothers, etc.

CSPF and the investment companies had a fiduciary responsibility to invest that money.

From Burypensions:

With the Central States Pension Plan about to go bankrupt and bring the PBGC (and the entire private-sector pension system) down with it, some might ask where did all their money go?

Over one-hundred million dollars of it went down ratholes like Argentina, Venezuela, Lehman Brothers, and David's Bridal.

Read more of this post


Central States – Gone Money
by burypensions
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They did and they were lousy at it or they realized, that the fund was on a slow roll to hell, and started making junk investments because they promised a higher return.
 
Dracula said:
They did and they were lousy at it or they realized, that the fund was on a slow roll to hell, and started making junk investments because they promised a higher return.
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That just shows the incompetence of both the CSPF trustees and the Wall Street crappy outfits. If they wouldn't invest as if the money was coming out of their own pocket they shouldn't have thrown our money into the pot.
 
lulu belle said:
That just shows the incompetence of both the CSPF trustees and the Wall Street crappy outfits. If they wouldn't invest as if the money was coming out of their own pocket they shouldn't have thrown our money into the pot.
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Important, but changes nothing. Soon as the IRS made overfunding illegal, and CSPF created 25/30 and out at any age, the Fund was doomed. Employees of Companies that closed rushed to the Pension. We have twice the promises as we have/had money. No investment could make up for that.
 
jimmy g said:
Important, but changes nothing. Soon as the IRS made overfunding illegal, and CSPF created 25/30 and out at any age, the Fund was doomed. Employees of Companies that closed rushed to the Pension. We have twice the promises as we have/had money. No investment could make up for that.
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Jimmy's been reading my mail, 35 and out @ 54
 
jimmy g said:
Better start getting some of your mail in Plain Brown Wrappers....
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Seriously, I would never have retired at 54, but PIE would spoil you, I knew I would never find a job like that.
I was offered a job with Yellow, but declined.
C F was hiring dock workers, but I never considered that offer.
 
seabreeze said:
Seriously, I would never have retired at 54, but PIE would spoil you, I knew I would never find a job like that.
I was offered a job with Yellow, but declined.
C F was hiring dock workers, but I never considered that offer.
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Why even try for anything else in the Teamsters? At $3500 @ month, you weren’t going to add more to your pension...
 
seabreeze said:
Seriously, I would never have retired at 54, but PIE would spoil you, I knew I would never find a job like that.
I was offered a job with Yellow, but declined.
C F was hiring dock workers, but I never considered that offer.
Click to expand...
My last day at YRC was 06/01/2009 at 58 years old. After the merger I was number four in seniority.
I liked my job and would of stayed longer but it was apparent it was time to retire with a pension from the
Western Teamsters Pension Fund.
 
lulu belle said:
Venezuela, Davids Bridal, Lehman Brothers, etc.

CSPF and the investment companies had a fiduciary responsibility to invest that money.

From Burypensions:

With the Central States Pension Plan about to go bankrupt and bring the PBGC (and the entire private-sector pension system) down with it, some might ask where did all their money go?

Over one-hundred million dollars of it went down ratholes like Argentina, Venezuela, Lehman Brothers, and David's Bridal.

Read more of this post


Central States – Gone Money
by burypensions
Click to expand...
 
vote him teamsters local 707 trustee

OPINIONENDORSEMENTS
Kevin McCaffrey to represent Suffolk's 14th Legislative District
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Kevin McCaffrey, Republican incumbent candidate for Suffolk County Legislature District 14, poses for a portrait at his office in Lindenhurst on August 19, 2019. Photo Credit: James Escher

By The Editorial BoardOctober 23, 2019 5:57 PM
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By The Editorial Board
 
Why was UPS allowed to leave the fund where did that money go poof its gone? The Union can't organize any new companies to pay into the fund lets YRC get away with 1/4 contribution, ABF frozen at 2018 rates, Jack Cooper into hybrid plan, Kroger allowed to leave the fund it goes on and on.
 
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