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Thread: Rally to Save Our Pensions!

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    Default Rally to Save Our Pensions!

    The Central States Pension Fund has summoned hundreds of Teamster officials to a meeting Wednesday, April 8, where pension fund director Thomas Nyhan will report on his plans regarding possible pension cuts for some 300,000 retired and active Teamsters.

    The Wisconsin Committee to Protect Pensions has called for a rally to defend Teamster retirement security to commence at 11 am outside the Rosemont Convention Center. Active and retired Teamsters from Ohio, Missouri, Minnesota, Michigan, Illinois, Iowa, and as far as Georgia will be traveling by bus, car, and van to meet up and be heard.

    WHAT: Rally to Defend Our Pensions. No Rush to Pension Cuts without an Independent Audit.

    WHEN: 11 am CDT, Wednesday April 8.

    WHERE: The Rosemont Convention Center is located at 5555 N. River Rd. in Rosemont, Illinois


    Rally to Save Our Pensions! | Teamsters for a Democratic Union
    Last edited by ABFwife; 04-30-2015 at 09:33 AM.
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  2. #2
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    Default Re: Rally to Save Our Pensions!

    The first words out oh Nyhan's mouth should be equal sacrifice. He and all his staff should take the same cut in pay as everyone else. Pension "orphans" should not have to be penalized extra to make up for the $2 billion exemption Congress gave to UPS.
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    Default Re: Rally to Save Our Pensions!

    Teamsters Organize to Defend Pensions
    "We're here today because we worked hard, sometimes gave up raises, to earn a decent pension,” said Greg Smith, a retiree from Akron Ohio Local 24. The retirees talked with officials and passed out a leaflet to them, as they entered the meeting called by the pension fund.

    In that meeting, fund director Thomas Nyhan told Teamster officials that pension cuts are the only answer, and laid out a timeline.

    Nyhan was a principal supporter of a bill that sneaked through Congress as an amendment to the federal budget last December, to allow troubled pension plans to make cuts in already-earned pensions.

    The rally was called by committees that are part of a growing movement to defend pensions. Groups travelled from Wisconsin, various Ohio cities, Iowa, Tennessee, Michigan, Georgia, Missouri and other areas. The Wisconsin Committee to Protect Pension spearheaded the rally.
    Teamsters Organize to Defend Pensions | Teamsters for a Democratic Union
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    Default Re: Rally to Save Our Pensions!

    Central States Timeline for Pension Cuts

    April 9, 2015: Yesterday Teamster leaders and Central States Pension Fund director Thomas Nyhan laid out in vague terms their plan to cut the pensions of retirees and active Teamsters. A preliminary letter to all participants will be mailed out today.
    No details or numbers are being revealed, but they did outline their timeline for cuts. By June or soon after, every active Teamster and retiree will receive an individualized estimate of how the proposed cuts will affect them personally.

    By late summer or fall, there will be a vote of all active and retired Teamsters on the plan. It is very important that Teamsters and retirees organize now to prepare to reject the plan – we need to send a signal to help mitigate the cuts and win a better solution.
    Central States Timeline for Pension Cuts | Teamsters for a Democratic Union
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    Default Re: Rally to Save Our Pensions!

    Central States Drops Pension Cut Bomb
    April 15, 2015: The Central States Pension Fund has launched a PR offensive to sell their fast-track pension cut plan as the only way to “rescue” members’ retirement. Teamster members and retirees are demanding a review by independent actuaries and consideration of alternative proposals before the cuts are imposed.

    Central States Director Thomas Nyhan pitched his plan in a letter and national conference call, calling for deep cuts on a fast track with no amendments permitted.

    Nyhan’s conference call was scripted from start-to-finish. The “question-and-answer” segment consisted of softball questions with pre-scripted answers.

    “We just got a rehash of what we already know,” said Dave Scheidt, a retiree from Kansas City Local 41. “We’re paying Nyhan $662,000 a year for that? He needs to go.”
    Central States Drops Pension Cut Bomb | Teamsters for a Democratic Union

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    Default Re: Rally to Save Our Pensions!

    This is from a letter that I received from my senator on this issue a few months back..

    Specific to your concerns,the bi-partisan Kline-Miller amendment on multiemployment pension reform was added to H.R.83 by the house rules committee. This measure gives multiemployer pension trustees the option to restructure plans in order to prevent insolvency and would increase premiums to the financially troubled Pension Benefit Guarantee Corporation.

    This is a major change to the pension law and the Kline-Miller amendment SHOULD HAVE gone through the traditional hearing process.Instead,this measure was tacked on to must-pass spending legislation at the LAST minute with almost NO review or opportunity for plan participants to voice their views.I understand your concerns with these changes and the LACK of transparency in passing the Kline-Miller Amendment.


    and would increase premiums to the financially troubled Pension Benefit Guarantee Corporation
    From what I understand is that the fees that the pension funds pay to the PBGC have doubled. That money has to come from somewhere and it will be from the ones that are receiving pensions.. All the Miller Kline bull shit amendment for them was to get more money to fund the PBGC because they the PBCG doesn't know how to invest.. Nothing more than "pass the buck to the little guy down field"
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    Default Re: Rally to Save Our Pensions!

    The Kline Miller deal was done mainly to save the PBGC and a result of the NCCMP's lobbying efforts on behalf of corporate America, particularly UPS, and Nyhan's $660,000 a year job. Many of us are in agreement that Congress created this pension underfunding mess. By law Congress set the fee rates for both SEPFs and MEPFs and only Congress can raise them.
    The per-participant flat premium rate for plan years beginning in 2015 is $57 for single-employer plans (up from a 2014 rate of $49) and $26 for multiemployer plans (up from a 2014 rate of $12). For information about future rates,
    So up until last year SEPF's were paying $49 and MEPFs were only paying $12. That's less than 1/4 and explains why the PBGC's SEPF reserve is in so much better shape and why they get roughly 85% compared to our 35% if the pension fund should default. From what I understand the reason for the Lower MEPF premiums is because Congress, in it's infinite wisdom, decided that the MEPFs were more secure and less likely to fail than the SEPFs.

    I'm not sure on the exact date but I remember reading a few years back where congress had denied a request from the head of the PBGC to raise the per-capita fee for the MEPFs because it was in danger of going bankrupt within 10 to 20 years.
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    Default Re: Rally to Save Our Pensions!

    Pension Advocates Call for Hearings on Pension Cuts

    I know I have a couple of different threads going on about these pensions cuts. Instead of trying to merge all of them, I am going to sticky this thread and make it the official Central States Pension Fund Cuts thread. This particular news is a day late because I spent the day at the emergency room.

    April 29, 2015: Today the Pension Rights Center presented a call for action to the US House Subcommittee on Health, Employment, Labor and Pensions, calling for hearings on the devastating impact of pension cutbacks authorized by December 2014 changes in pension law.
    Teamsters for a Democratic Union and the pension protection movement support this call, and will work to advance legislation to correct the injustices of the Multiemployer Pension Reform Act (MPRA) passed in December.

    The Subcommittee held a hearing on other aspects of pension law.
    Pension Advocates Call for Hearings on Pension Cuts | Teamsters for a Democratic Union
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    Default Re: Rally to Save Our Pensions!

    Sign the Petition for Independent Audit of Pension Fund Please sign.

    April 29, 2015. Teamsters and retirees have launched a petition campaign calling on the Central States Trustees and IBT President James Hoffa to support an independent actuarial audit of the Central States Pension Fund to determine the extent and necessity of pending benefit cuts
    .

    Sign the Petition for Independent Audit of Pension Fund | Teamsters for a Democratic Union

  10. #10
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    Default Re: Rally to Save Our Pensions!

    Quote Originally Posted by ABFwife View Post
    Central States Director Thomas Nyhan pitched his plan in a letter and national conference call, calling for deep cuts on a fast track with no amendments permitted.
    Why the need to "fast track" with no amendments? Why is Nyhan in such a big rush to start cutting pensions? Is he worried that the congressional subcommittee may actually take the time to listen and explore other options? Does he think that if the planned "deep cuts" have already started then his flawed plan can't be repealed? Or is he worried that UPS's exemption could be amended?
    loa24y and ABFwife like this.

 

 
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