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Thread: Rally to Save Our Pensions!

  1. #11
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    Default Re: Rally to Save Our Pensions!

    I don't know if this has been posted before. It is an email I just received from the Pension Rights Center.


    Late last year, congressional representatives snuck an amendment into the omnibus spending bill which will allow severe cuts to the pensions of hundreds of thousands of retirees in certain underfunded multiemployer pension plans. This was an unprecedented set-back to retirement security.

    There have been other recent attacks on retirees. In the first four months of 2015, lawmakers have proposed cuts to Social Security insurance benefits for millions of children, veterans and disabled workers. And, just last month, the House and Senate passed budgets which could drastically cut Medicare and Medicaid benefits for millions of seniors and low-income individuals.

    Stand with the Pension Rights Center and the Medicare Rights Center in telling members of Congress that instead of cutting the hard-earned retirement benefits of millions of Americans, we should be working to protect and expand retiree benefits.

    Some in Washington and on Wall Street are making unfounded claims that our retirement programs are “bankrupt” or “insolvent” even though Social Security has a $2.8 trillion surplus and the life of the Medicare trust fund was recently extended by 13 years.

    At a time when America has a $7.7 trillion retirement savings gap, meaning that American workers will have a lower standard of living in retirement than their parents, Congress should be expanding, not cutting the benefits of older Americans.

    Stand with the Pension Rights Center and the Medicare Rights Center in telling the 114th Congress to protect and expand Americans’ retirement benefits.

    Sadly, the last minute amendment to the omnibus spending bill, as well as the House and Senate budgets, continue a trend of shifting costs to retirees who are in no position to foot the bill while giving tax breaks to the very wealthy and large corporations.

    We can’t allow back room deals, written in the dead of night, to set a precedent for the future of retiree protections and benefits.

    Tell Congress to stand with retirees and people with disabilities. It is time to protect and expand Americans’ retirement benefits, not cut them.

    Thank you for your efforts on behalf of current and future retirees.

    Sincerely,
    Karen Friedman
    Executive Vice President, Pension Rights Center
    crazy, loa24y, ABFwife and 1 others like this.

  2. #12
    Getting In The Groove Now.

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    Default Re: Rally to Save Our Pensions!

    These people are standing up for us more than our own union. What a shame!!
    2631 likes this.

  3. #13
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    Default Re: Rally to Save Our Pensions!

    Quote Originally Posted by ROADY View Post
    These people are standing up for us more than our own union. What a shame!!
    You are right, where is Hoffa? I'll tell you where Hoffa is. He's sitting on the board of directors of the NCCMP. That's the organization that lobbied congress for the pension cuts. We all know that Hoffa only did lip service and spoke out against the pension reform bill after it was already written. Since he sits on the board I have to assume he knew where any Teamster money given to NCCMP was being used. If he really cared he would have came out against the NCCMP PAC money being used to buy congressional subcommittee approval of amending ERISA as the easy way out of the PBGC underfunding mess.

    NCCMP Board of Directors

    And don't forget the face of the NCCMP Tom Nyhan from CSPF who is the driving force behind the pension cuts. He sits on the steering committee along with IBT Vice President John Murphy. So the idea that Hoffa didn't know long ago about the plans to cut our pensions is B/S. IMO he wants these cuts. To him, like congress, cutting retiree's pensions is the easy way to correct the underfunding problems of the MEPFs and the PBGC................And a shout out to IBT V.P. Murphy who I assume is also against these cuts. I'm sure he fought long and hard against these cuts in committee. I wonder how much Teamster's DRIVE money goes to the NCCMP?

    NCCMP Steering Committee
    crazy, fiveandfour, Yankee and 2 others like this.

  4. #14
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    Default Re: Rally to Save Our Pensions!

    hmm

    Did you get the new mailing

    2014
    fund percent needed: we have just 48.4 of the funds
    Value of fund: 17,028,061,298
    Liabilities: 35,189,411,452

    Some serious cuts are coming and that's that

  5. #15
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    Default Re: Rally to Save Our Pensions!

    Quote Originally Posted by strapdrager View Post
    hmm

    Did you get the new mailing

    2014
    fund percent needed: we have just 48.4 of the funds
    Value of fund: 17,028,061,298
    Liabilities: 35,189,411,452

    Some serious cuts are coming and that's that
    I don't think that anyone disagrees that changes have to be made. But taking the easy way out by amending ERISA and cutting retiree's and widow's pensions isn't the answer. AARP, TDU and the Pension Rights Center offered alternative plans. But money from UPS and NCCMP bought the Pension Reform Act of 2014 that placed the burden strictly on the retirees

  6. #16
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    Default Re: Rally to Save Our Pensions!

    We're short 17+ billions
    Those that are working will have a weak pension

  7. #17
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    Default Re: Rally to Save Our Pensions!

    When Bush changed the pension laws in I think it was 2007, it changed the way that the pension funds had to report their accountability .. From what I was told from a President of a local in the New York city most funds went to critical status overnight.. Sure they might be in trouble but what I don't get is why they don't hold their investment people to the fire.. I was told that the fund I am in is in critical because they lost a lot of money in the crash of 2008.. Well hello!!!! Stock market is back and even higher in a lot of cases.. WHERES THE MONEY?????

  8. #18
    Taking A Stand!!!

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    Default Re: Rally to Save Our Pensions!

    Central States Pension Fund: $17.9 Billion

    May 15, 2015: The 2014 financial report on the Central States Pension Fund shows that the fund’s money manager – Northern Trust -- performed rather poorly last year, causing the fund to get a sub-par return of 6.86% on investments. The fund’s assets declined to $17.9 billion.
    Despite losses in 2014, the fund still has net growth over the past six years, since the end of 2008 when the fund had $17.3 billion in assets. It was during the 2008 financial meltdown, caused in large part by Goldman Sachs, that the fund lost $9.5 billion. Goldman Sachs was managing most of the Central States assets at that time.
    Central States Pension Fund: $17.9 Billion | Teamsters for a Democratic Union

  9. #19
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    Default Re: Rally to Save Our Pensions!

    Ah yes, Goldman Sachs. Remember when?......

    Dec. 17 (Bloomberg) -- International Brotherhood of Teamsters President James Hoffa said Goldman Sachs Group Inc. is creating derivatives trades that would profit from the bankruptcy of YRC Worldwide Inc., the trucking company trying to avert failure with a debt exchange.

    The most profitable securities firm in Wall Street history “is actively soliciting bond trades for clients and underwriting credit-default swaps to benefit from a failed exchange and resulting bankruptcy,” Hoffa, the union leader, wrote in a letter dated yesterday to Goldman Sachs Chief Executive Officer Lloyd Blankfein.

    YRC, the biggest U.S. trucker by sales, is extending the exchange offer deadline to Dec. 23, after investors holding 75 percent of its debt initially agreed to the exchange, below the 95 percent required by bank lenders. As of 5 p.m. in New York yesterday, participation fell to 57 percent, the Overland Park, Kansas-based company said in a statement. The company said it believes some bondholders have withdrawn because they want to tender their notes only on the expiration date.
    Hoffa Says Goldman Sachs Driving YRC Into Bankruptcy (Update1) - Bloomberg
    Last edited by 222lifer; 05-16-2015 at 09:02 AM.

 

 
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