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Thread: Don't cut our pensions

  1. #1
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    2631 likes this.

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    Default Re: Don't cut our pensions

    The target is CSPF only..not sure. But if retiree pensions are cut..future retirees are screwed even worse. The NE Fund teamster pension plan is in the rehabilitation and funding improvement mode and plans to be in critical status for years to come. To cut retiree pensions to 10% above what the PBGC will pay ($1100 a month) is a little extreme at this point. It's like saying the funds are already bankrupt which they are not. The plans are already working on preventing this fiasco. YRC is only paying 25% contribution. It seems to me future retirees will get the reduced payout. This is not for Congress to decide. The Fund trustees make this call but then I'm not a pension lawyer

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    Default Re: Don't cut our pensions

    Quote Originally Posted by bean View Post
    The target is CSPF only..not sure. But if retiree pensions are cut..future retirees are screwed even worse. The NE Fund teamster pension plan is in the rehabilitation and funding improvement mode and plans to be in critical status for years to come. To cut retiree pensions to 10% above what the PBGC will pay ($1100 a month) is a little extreme at this point. It's like saying the funds are already bankrupt which they are not. The plans are already working on preventing this fiasco. YRC is only paying 25% contribution. It seems to me future retirees will get the reduced payout. This is not for Congress to decide. The Fund trustees make this call but then I'm not a pension lawyer
    I'm looking at it differently than you. 1st the intent of the coalition is to be able to cut the pensions of not only the CSPF but any other funds in critical status. 2nd of course Congress won't decide which funds to cut but they have to change the ERISA laws in order for each fund's trustees to make the call.

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    Default Re: Don't cut our pensions

    Based on the Fund’s reasonably anticipated experience and
    actuarial assumptions, the Rehabilitation Plan sets forth revised
    contribution and benefit structures (the “Schedules”) which, if
    adopted by the Fund’s Contributing Employers, Local Unions or
    other parties obligated under agreements to participate in the Fund
    (“the Bargaining Parties”), may reasonably be expected to enable the
    Fund to emerge from Critical Status by the end of the ten-year
    Rehabilitation Period as defined by the PPA
    (or other time period
    permitted by any subsequent legislation or regulation).

    All
    benefit adjustments are subject to ERISA’s notice requirements.

    The Board has the sole and absolute power, authority and
    discretion to amend, construe and apply the provisions of this
    Rehabilitation Plan including the Schedules.
    http://www.nettipf.com/pdf_files/200...hab%20Plan.pdf

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    Default Re: Don't cut our pensions

    Quote Originally Posted by 2631 View Post
    I'm looking at it differently than you. 1st the intent of the coalition is to be able to cut the pensions of not only the CSPF but any other funds in critical status. 2nd of course Congress won't decide which funds to cut but they have to change the ERISA laws in order for each fund's trustees to make the call.
    That is exactly right and I'm sorry to say it is going to happen. Disgracefull !

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    Default Re: Don't cut our pensions

    So they cut our pension to 10% above what the Pension Benefit Guaranty Corporation would pay if the funds became insolvent. To save the fund? Seeing NE Fund is saying it should be out of critical status down the road and given the fact even CSPF hasn't defaulted on a pay-out and had a good 2012 stock-market year. Then what would a future retiree get who retires a week or a year or two after this takes place? This has got to be a joke or a wide spread rumor

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    Default Re: Don't cut our pensions

    good joke

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    Default Re: Don't cut our pensions

    doggone it, if the taxpayers had our back we wouldn't be having this problem

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    Default Re: Don't cut our pensions

    Any news on the Congressional hearings today on pensions?

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    Default Re: Don't cut our pensions

    Quote Originally Posted by ROADY View Post
    Any news on the Congressional hearings today on pensions?
    Haven't heard a thing. Nothing on the net either.

 

 
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