Teamster Pension issues

[crazy]

This is about all the funds that are applying to the treasury dept..

http://www.pionline.com/article/2016...er-plan-debate

In addition to the CSPF these also have applied with the NYS Teamsters considering to add to that list..

The $92 million Iron Workers Local 17 Pension Fund, Cleveland, and the $123 million Teamsters Local 469 Pension Plan, Hazlet, N.J., also have filed for benefit suspensions.

And earlier this month, trustees of the $1.46 billion New York State Teamsters Conference Pension and Retirement Fund, Syracuse, told participants that they, too, are considering applying for MPRA relief.

[B'oink]

Meeting in Syracuse is this Sunday,Rep from pension will be there.

[B'oink]

Pension rep wasn't there,will be at a special pension meeting in April.

[break time]

Here is a very interesting article about why our pension fund is in trouble.

How the IRS Wrecked Your Pension
Don't blame the fund managers, blame the tax code.

How the IRS Wrecked Your Pension - The Daily Beast

[x475]

By May 7, federal mediator Kenneth Feinberg must decide whether to accept a plan to cut Allsen’s payouts and those of thousands of other teamsters to prevent the Central States Pension Fund from going broke. The decision could set a national precedent for other multiemployer funds.

Fate of 400,000 Teamster Pensions Rests in Ken Feinberg

[BilyWamBam]

I'm not the least bit worried.....I ALREADY get NOTHING, 0, ZERO, NADA, ZELCH!!!!

[break time]

I am getting ready to go to the Pension meeting at the Holiday Inn today. Interesting, how the union, my local anyways, choose not to inform anyone by mail. Apparently just word of mouth. Fortunately someone called me a few weeks ago...

It' pretty clear they don't- want many people going.

[bean]

Fate of 400,000 Teamster Pensions Rests in Ken Feinberg

Allsen is at the center of what could be the first U.S. government-approved multiemployer pension reduction outside of bankruptcy proceedings.

“You cannot help but be affected by retiree after retiree after retiree,” said Feinberg, who has attended town halls in eight states to discuss the Central States plan. “On the other hand, there is a law that was passed and we have to enforce the law.”

The Teamsters alternative is a bill, sponsored by Vermont Senator Bernie Sanders, that would repeal Kline-Miller, make pension obligations a first-claim priority in bankruptcies and allow multiemployer pensions to hand over orphan retirees to PBGC-created funds. That agency has problems of its own, running up a $76.3 billion deficit in 2015.

“I don’t see anything in the configuration of the Congress now, or in the near future, that’s going to put up the billions of dollars to do that,” said Miller, who retired last year. “I think you’re misleading people when you tell them that.”

Vermont Senator Bernie Sanders, going to bat for the teamsters. That deserves a vote or two except that if the PBGC was doing the slashing the cuts would be more severe the half the pension

[break time]

AP news

May 6, 6:01 PM EDT

Treasury rejects plan to slash Teamsters pension benefits

The Treasury Department on Friday rejected an effort by the Teamsters Central States Pension Plan to cut benefits for 270,000 retired workers starting in July.

Treasury Secretary Jacob Lew said in a letter to members of Congress that while the decision blocks the pending pension cuts, it does not resolve the issue because the pension plan remains severely underfunded and is projected to become insolvent within the next 10 years.

The review was conducted by Kenneth Feinberg, the outside attorney selected by Treasury to review the case under a law passed by Congress in 2014.

That law, known as the Kline-Miller Multiemployer Pension Reform Act, set up requirements for cutting benefits for hundreds of thousands of retirees covered by underfunded multi-employer pension plans as a last ditch means to stave off insolvency. Before the cuts can go into effect, they have to pass a review by Treasury which has the power to block the cuts if they do not meet certain requirements

The Associated Press

[BilyWamBam]

Cool....that mean they won't cut my $0 I get...