Page 1 of 3 123 LastLast
Results 1 to 10 of 25
Like Tree44Likes

Thread: Future pension Cuts..

  1. #1
    Super Moderator

    Join Date
    Jan 2008
    Local Union
    641
    Employer
    new penn
    Location
    Northeastern PA
    Posts
    18,530
    Rep Power
    813

    Default Future pension Cuts..

    For those that have the "pleasure" of possibly having your pension cut here is a little explanation..

    https://www.cheiron.us/articles/Chei...ing%202015.pdf
    2631 likes this.

  2. #2
    I Am Rocking Now

    Join Date
    Mar 2008
    Local Union
    560
    Employer
    Retired ABF/Red Star
    Location
    S. Carolina
    Posts
    4,227
    Rep Power
    725

    Default Re: Future pension Cuts..

    systematically???????????? I looked the word up in the dictionary but I still can't figure out what this actually means in reference to overruling a no vote.

    Within 14 days of a vote by participants and beneficiaries rejecting the
    proposed suspension of benefits, the Secretary of the Treasury determines
    if the plan is a systematically important plan, i.e., the present
    value of PBGC financial assistance to the plan as a result of its insolvency
    will equal or exceed $1 billion.
    I'm probably looking at this wrong but how can they project a plan as being a "systematically" important plan to the PBGC? This sounds like a republican loophole included just to weaken Miller's insistence that we have the right to vote on any reduction in benefits. A loophole that could be applied to just about every pension fund if the members should vote down the proposed cuts. It seems to me that at some point in maybe 20, 30, 40, 50 years all funds could be projected to cost the PBGC a billion dollars. Does "present value of PBGC financial assistance" include all the present assets of the funds the PBGC will receive?

    The more I read about the MEPR Act of 2014 the more it looks as thought it was written by republicans specifically to bail out the PBGC at the union workers and retirees expense. While Congress has no problem bailing out Wall St. it won't bail out the PBGC mess it created.

    You gotta love this exemption for UPS
    There is a special provision that applies only to benefits attributable to service with an employer that withdrew before the Act was passed, paid its withdrawal liability, and set up a single-employer plan that would make up any benefits lost due to plan insolvency, which seems to apply to only one plan and one employer.
    crazy, fxstc07, ABFwife and 1 others like this.

  3. #3
    I Am Rocking Now

    Join Date
    Mar 2008
    Local Union
    560
    Employer
    Retired ABF/Red Star
    Location
    S. Carolina
    Posts
    4,227
    Rep Power
    725

    Default Re: Future pension Cuts..

    While this was fresh on my mind here is the email I just sent to my Senator

    Senator Scott,I am writing in objection to the way the Multiemployer Pension Reform Act of 2014 was quietly passed attached to the Omnibus Funding bill without any hearings or research to discuss and debate other options.

    Organizations like AARP and the Pension Rights Center have said that cutting retiree pensions should have been the last resort and not the first. This bill will cut the hard earned pensions of hundreds of thousands of retired workers like myself. Many of us rely on our pensions and Social Security as our only source of income.

    It appears to me that the Kline Miller Amendment was designed to bail out the PBGC at the expense of us retirees who can least afford it. And the exemption for UPS is absolutely disgraceful. Retirees in the Central States funds will have to suffer even bigger cuts to make up for the UPS retirees exemption.

    Congress has billions to bail out the big banks, Wall St. and corporate America but no money to correct the funding mess it created with the PBGC. It was Congress that set the PBGC per capita pension funding rates. Our MEPFs were only required to pay 1/4 of what the Single Employer Pension Funds paid. Now those PBGC SEPFs are in good shape and while the PBGC MEPF is nearly bankrupt.

    I am appealing to you to look into this situation and see if Congress can do something to repeal the changes in ERISA that protected us retirees from the reductions in our pensions projected to be anywhere up to 60%. A cut as little as 30% will not be enough to rehabilitate my pension fund. But I will have to sell my house if my pension is cut by only 30%. I drove a truck for 41 years to earn my pension. We passed on raises so that the pension plans could be fully funded. Now that we are too old or healthy enough to return to work the cutting of our pensions is a cruel thing to do.

    Thank you for your time and I hope you can do something about this sneak attack on our pensions.
    crazy, Quad Box, wildcat2 and 4 others like this.

  4. #4
    Scab Hating Union Thug

    Join Date
    Aug 2009
    Local Union
    222
    Employer
    YRC
    Location
    Utah
    Posts
    21,479
    Rep Power
    1089

    Default Re: Future pension Cuts..

    Quote Originally Posted by 2631 View Post
    While this was fresh on my mind here is the email I just sent to my Senator
    Well written brother. I hope your pleas don't fall on deaf ears.

    Sent from my SGH-T399 using Tapatalk
    slavenomore likes this.

  5. #5
    Taking A Stand!!!

    Join Date
    Jul 2009
    Local Union
    492
    Employer
    ABF
    Location
    Albuquerque, NM
    Posts
    34,969
    Rep Power
    831

    Default Re: Future pension Cuts..

    Quote Originally Posted by 2631 View Post
    While this was fresh on my mind here is the email I just sent to my Senator
    Excellent letter 2631!

  6. #6
    I Am Rocking Now

    Join Date
    Mar 2008
    Local Union
    560
    Employer
    Retired ABF/Red Star
    Location
    S. Carolina
    Posts
    4,227
    Rep Power
    725

    Default Re: Future pension Cuts..

    I'm on a roll now. Here is the email I just sent to the White House

    President Obama, I am disgusted with the way Congress quietly attached the Multiemployer Pension Reform Act of 2014 on to the Omnibus Funding bill. It took away 40 years of ERISA protection for retirees like myself and allows pension funds to cut our hard earned benefits by over 60%.

    It appears that Congress passed this bill as a way to bail out the nearly bankrupt PBGC. Cutting retiree pensions should have been the last resort not the first. The Kline Miller committee had other options offered by the AARP and the Pension Rights Center.

    Hundreds of thousands of retirees like myself who depend on our pensions and Social Security as our only source of income will now be hurt by these cuts. Many of us who are too old or not healthy enough to return to work will be unable to keep our homes.

    Congress can find billions to bail out Wall St and corporate America. Why can't they find the needed money to correct the PBGC mess which it created?

    I know that President Obama didn't have a line item veto power but what if anything does he plan on doing to correct this poorly designed bill? Why is it that ERISA was amended without it at least being offered as a stand alone bill and researched discussed and debated by the full Congress? Why is it that members of Congress were required to vote on a bill of this much importance with even have the time to read the actual Kline Miller amendment? Why is it that I haven't heard a single word from the White House about this sneak attack on our pensions?

    Thank you for your time and I look forward to your reply
    crazy, fxstc07, ABFwife and 4 others like this.

  7. #7
    I Am Rocking Now

    Join Date
    Mar 2008
    Local Union
    560
    Employer
    Retired ABF/Red Star
    Location
    S. Carolina
    Posts
    4,227
    Rep Power
    725

    Default Re: Future pension Cuts..

    Here is part of Senator Graham's reply to the email I sent to him and Senator Scott. It doesn't state his opinion on it or directly address my concerns. But then I didn't expect much from a Republican who is running for president. I didn't bother including the rest of his email because it was just political rhetoric.

    Thank you for contacting me regarding changes to the Employee Retirement Income Security Act (ERISA). As the Senate considers ways to protect employee benefit plans, I will keep your thoughts in mind.



    My job as your United States Senator is to represent your interests. While I cannot guarantee we will see eye-to-eye on every issue, I can guarantee you I will give your thoughts and opinions the consideration they deserve. Hearing directly from you about the problems facing our nation helps me better serve constituents like you, and the people of South Carolina as a whole. I hope you will always feel free to pick up the phone, write, or email about this, or any other issue, that comes before the Senate

  8. #8
    Taking A Stand!!!

    Join Date
    Jul 2009
    Local Union
    492
    Employer
    ABF
    Location
    Albuquerque, NM
    Posts
    34,969
    Rep Power
    831

    Default Re: Future pension Cuts..

    Quote Originally Posted by 2631 View Post
    Here is part of Senator Graham's reply to the email I sent to him and Senator Scott. It doesn't state his opinion on it or directly address my concerns. But then I didn't expect much from a Republican who is running for president. I didn't bother including the rest of his email because it was just political rhetoric.
    Sounds like many of the responses I have gotten from Heinrich and Udall but as I said in my previous post, they did vote against it.

  9. #9
    I Am Rocking Now

    Join Date
    Mar 2008
    Local Union
    560
    Employer
    Retired ABF/Red Star
    Location
    S. Carolina
    Posts
    4,227
    Rep Power
    725

    Default Re: Future pension Cuts..

    Quote Originally Posted by ABFwife View Post
    Sounds like many of the responses I have gotten from Heinrich and Udall but as I said in my previous post, they did vote against it.
    Yes he voted against President Obama's Omnibus Funding Bill. But I wanted to know his opinion on the changing of ERISA and the way in which the Kline Miller amendment was passed. I suspect that if the Multiemployer Pension Reform Act of 2014 had been up as a stand alone bill then Republican Senator Graham would have voted yes.

  10. #10
    Scab Hating Union Thug

    Join Date
    Aug 2009
    Local Union
    222
    Employer
    YRC
    Location
    Utah
    Posts
    21,479
    Rep Power
    1089

    Default Re: Future pension Cuts..

    Quote Originally Posted by 2631 View Post
    Here is part of Senator Graham's reply to the email I sent to him and Senator Scott. It doesn't state his opinion on it or directly address my concerns. But then I didn't expect much from a Republican who is running for president. I didn't bother including the rest of his email because it was just political rhetoric.
    What a complete waste of a response to you. Just a "strokin'" hoping for a vote.

    Sent from my SGH-T399 using Tapatalk

 

 
Page 1 of 3 123 LastLast

LinkBacks (?)

  1. 05-26-2015, 10:38 AM
  2. 05-25-2015, 05:18 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318